Business
We’re Repositioning NPA For Efficiency, Safety – MD
The Acting Managing Director of the Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, has assured manag-ement’s determination to reposition the nation’s seaports for greater efficiency, safety and accountability.
Bello-Koko made the pledge in a statement signed by the General Manager, Corporate and Strategic Communications, Mr Olaseni Alakija on Monday in Lagos.
The Acting Managing Director while speaking at the just-concluded strategic retreat organised for NPA top management, staff said that the organisation was currently poised to creating and sustaining competitive advantage by offering its best in port operations.
The statement said that the retreat was designed to allow management staff to strategise and come up with “smart actionable steps”.
This, according to Bello-Koko, is with the view to ensuring growth, competitiveness and future readiness of the nation’s seaport systems.
“As part of efforts to position the agency towards greater efficiency, safety and accountability, the management has outlined factors that will enhance such prospects, as well as the capacity to garner greater market share.
“This will include infrastructural renewal and expansion, the introduction of barge operations, automation of truck transit through the electronic call up system and improvement in the sources of revenue and collection.
“Others include plugging income leakages and reducing overhead costs, elimination of monopolistic conduct, formulation and implementation of policies aimed to incentivise patronage of the Eastern Ports and encouraging competition,” he said.
Bello-Koko said that management was also keeping up with the dictates of Consolidated Revenue Fund and Fiscal Responsibility Act, compliance with international best practices, elimination of red tape, boosting workers’ morale and capacity building, among others.
He disclosed that these initiatives had laid the groundwork for some milestones with great potential for more, as some of the reforms continue to transform into success evidenced by improved cargo throughput and revenue growth.
“Because excellence is a moving target, we cannot afford to rest on our laurels, we must redouble our commitment to continuous improvement as an organisational culture.
“Surpassing internal and external stakeholders’ expectations, which constitute a cardinal objective of this management, will require your unalloyed support as heads of directorates, divisions, locations, departments, port sections and units”, he said.
Bello-Koko said he expected that the retreat would churn out specific, realistic, measurable, achievable and time-bound goals and objectives by which NPA would be benchmarking itself in the next five years.
He said that the last time an event of this magnitude was held to chart a new direction for NPA was over a decade ago where the organisation’s present vision, mission and core values were crafted.
“We must, therefore, go beyond rhetoric to churn out implementable strategies aimed at making us equal to the exigencies of the very competitive edge and sector that we operate in,” he said.
Business
FIRS Clarifies New Tax Laws, Debunks Levy Misconceptions
Business
CBN Revises Cash Withdrawal Rules January 2026, Ends Special Authorisation
The Central Bank of Nigeria (CBN) has revised its cash withdrawal rules, discontinuing the special authorisation previously permitting individuals to withdraw N5 million and corporates N10 million once monthly, with effect from January 2026.
In a circular released Tuesday, December 2, 2025, and signed by the Director, Financial Policy & Regulation Department, FIRS, Dr. Rita I. Sike, the apex bank explained that previous cash policies had been introduced over the years in response to evolving circumstances.
However, with time, the need has arisen to streamline these provisions to reflect present-day realities.
“These policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.
“Effective January 1, 2026, individuals will be allowed to withdraw up to N500,000 weekly across all channels, while corporate entities will be limited to N5 million”, it said.
According to the statement, withdrawals above these thresholds would attract excess withdrawal fees of three percent for individuals and five percent for corporates, with the charges shared between the CBN and the financial institutions.
Deposit Money Banks are required to submit monthly reports on cash withdrawals above the specified limits, as well as on cash deposits, to the relevant supervisory departments.
They must also create separate accounts to warehouse processing charges collected on excess withdrawals.
Exemptions and superseding provisions
Revenue-generating accounts of federal, state, and local governments, along with accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks, are exempted from the new withdrawal limits and excess withdrawal fees.
However, exemptions previously granted to embassies, diplomatic missions, and aid-donor agencies have been withdrawn.
The CBN clarified that the circular is without prejudice to the provisions of certain earlier directives but supersedes others, as detailed in its appendices.
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