Politics
Senate Wants CBN’s Cash Withdrawal Limits Reviewed
Senators were Wednesday divided over plans by the Central Bank of Nigeria (CBN) to limit cash withdrawal by any individual to N100,000 and Corporate bodies to N500,000 per week from January 9, 2023.
The senators who kicked against the proposed policy, said that Nigeria was not ripe for it as the rural people would suffer, describing it as nonsensical, vague, nebulous and anti- people, just as they warned that it may lead to mass revolt in the rural areas across the country.
Consequently, the Senate issued a fresh order to the CBN over the cash withdrawal policy as it called on the apex bank to make upward adjustment of the proposed N100, 000 per week for individual and N500, 000 per week for Corporate bodies in response to public outcry.
The Upper Chamber, accordingly, mandated its Committee on Banking, Insurance and other Financial Institutions led by Uba Sani (APC Kaduna Central) to embark on aggressive oversight of the Bank on its commitment to flexible adjustment of the withdrawal limit and periodically report outcome to the Senate.
The Senate however supported the CBN in the continuous implementation of transformational payments and financial industry initiatives in line with its mandate in accordance with the CBN Act.
Resolutions of the Senate on Wednesday were sequel to the adoption of the report of Banking, Insurance and other Financial Institutions after heated debate by Senators on the proposed policy following the presentation by the Chairman.
While presenting the report, Senator Sani argued that the planned Cash Withdrawal Limits was well conceived by the CBN for transformation of the nation’s economy and that the action falls within the mandate of the apex bank as provided for in section 2(d) and 47 of its extant Act.
According to him, the implementation of the Cashless policy in 6 states resulted in reduction in the cost of currency management by 15.20% from N36 97 billion to N31.35 billion between 2013 and 2014.
The trend however reversed in 2014 following the suspension of cash deposit charges in the six states, causing currency handling cost to increase by 17.20% between 2014 and 2015. The cost of currency management has been on the increase since then. Total cost of currency management for 10 months to end October 2022 was N47.25 billion.
During debate on the report and recommendations that were later adopted as resolutions, Senator Ajibola Basiru, APC Osun Central, who said that the proposed threshold of N100,000 and N500, 000 withdrawal per week for individuals and corporate bodies respectively was unrealistic, adding that “Laws are made for people and not people made or created for law . If CBN is acting under section 2(d) and 47 of its extant Act to make life difficult for Nigerians through a policy , as representatives of the people, we need to intervene”.
Politics
Alleged Coup: Protests Rock N’Assembly As Detained Officers’ Children, Wives Demand Justice
Scores of children and wives of military officers detained over an alleged coup plot yesterday staged a peaceful protest at the National Assembly, demanding a speedy trial and the release of the accused officials.
The protesters who gathered at the entrance of the National Assembly complex, moved in a slow procession while clutching placards with inscriptions such as “Don’t Kill Our Daddies,” “Detention Without Trial is Injustice,” and “Six Months of Torture: Enough Is Enough.”
Amid tears and trembling voices, the children appealed for justice and access to their detained fathers, many of whom they said they had not seen for months.
The appeal was made during a press briefing in Abuja attended by no fewer than 20 wives and several children of the detained officers, including a two-month-old baby.
The families were accompanied by human rights lawyer, Deji Adeyanju and activist Omoyele Sowore.
At the briefing, the families lamented that the officers had been held for over 160 days without trial or contact with their relatives, describing the situation as a violation of their fundamental rights.
Speaking on behalf of the families, Memuna Bashiru said the prolonged detention had thrown their households into uncertainty and emotional distress, noting that while allegations had been widely publicised, families remained in the dark about the fate of their loved ones.
The arrest of the indicted officers was first announced on October 4, 2025, by the then Director of Defense Information, Brigadier General Tukur Gusau, who disclosed that 16 officers were taken into custody for alleged breaches of military regulations and acts of indiscipline.
However, an interim investigation later suggested the existence of a clandestine network of officers, allegedly coordinated by a senior Army officer, which had begun preliminary planning for a coup.
According to the report, the alleged plot involved surveillance of key national assets, including the Presidential Villa, Armed Forces Complex, Niger Barracks in Abuja, and major international airports, with October 25, 2025, cited as the planned date for the operation.
Those reportedly in custody include Brig Gen M. A. Sadiq, Col M. A. Maaji, Lt Col S. Bappah, Lt Col A. A. Hayatu, Lt Col P. Dangnap, Lt Col M. Almakura, Maj A. J. Ibrahim, Maj M. M. Jiddah, Maj M. A. Usman, Maj D. Yusuf, Capt I. Bello, Capt A. A. Yusuf, Lt S. S. Felix, Lt Cdr D. B. Abdullahi, Sqn Ldr S. B. Adamu and Maj I. Dauda.
The alleged plot, according to findings, targeted senior government officials, including President Tinubu and Vice President Kashim Shettima.
In a statement issued yesterday, the party’s National Publicity Secretary, Mr Felix Morka, said the exercise would take place in all wards and designated centres nationwide.
He called on existing members to update their records, while encouraging new entrants to join the party through the digital platform.
“As the electronic membership registration exercise resumes in all wards and designated locations nationwide, we urge existing members to validate their membership while new members are encouraged to register and join the progressive family,” Mr Morka said.
According to him, eligibility for registration is limited to individuals aged 18 and above who possess a valid National Identification Number (NIN).
The party said the initiative is part of efforts to modernise its operations by transitioning to a digital database that would enhance record accuracy and accessibility.
Mr Morka noted that the e-registration would “digitise the party’s membership register, ensure the integrity of records, and enhance efficient access to membership data for planning and management decisions.”
He added that the move is also aimed at promoting internal democracy within the party and strengthening its commitment to democratic innovation.
The APC had previously introduced electronic registration as part of broader reforms to streamline its membership system and improve organisational efficiency.