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Cash limits: PoS operators give CBN ultimatum to revise policy
The Association of Mobile Money and Bank Agents in Nigeria has expressed optimism that the Central Bank of Nigeria will reverse its cash withdrawal limits policy before the new year.
The AMMBAN National President, Victor Olojo, disclosed to The PUNCH on Sunday that the National Assembly has promised to prevail on the CBN Governor, Godwin Emefiele, to revise the policy.
The new policy by the CBN fixed weekly cash withdrawals for individuals at N100, 000 and corporate bodies at N500,000 weekly.
A Point of Sales (POS)
The directive further said withdrawals above the thresholds would attract processing fees of five per cent and 10 per cent respectively, for individuals and corporate entities effective January 9.
In addition, third-party cheques above N50,000 shall not be eligible for over-the-counter payment while extant limits of N10 million on clearing cheques still remain.
The PoS operators had in a petition dated December 16, 2022 called on the CBN to review its policy and save 1.4m bank agents from losing their means of livelihood.
But giving an update on the issue, Olojo explained that the assurances given by the CBN and National assembly that POS operators would not be affected by the policy has made the group soft-pedal on its planned legal action.
He, however, warned that if the policy was not reversed before the end of the year, its members would take to the streets to demand its reversal and also drag the apex bank to court.
The PoS operators’ union president said, “We have not gone to court yet because we have gotten assurances and we are waiting for a formal response from the CBN. We have visited the National Assembly and we have also explored other tools at our disposal at this time.
“They have given words of assurance that mobile money and POS operators would not be affected. So, we are waiting for an official statement from the CBN. However, if anything doesn’t change by the end of the year, we will go to the streets to protest and go to court.
‘’Remember that the Director of Banking Supervision, Mustafa Haruna, was quoted on a television station to have categorically stated that mobile money and bank agents would not be affected, so we just want to take that as an assurance while waiting for a formal report. We have written to the CBN but we are yet to get a response.’’
Olojo further hinged his hopes on the assurances by the CBN governor that the policy would be flexible.
“The CBN governor also said they will be flexible, so we are waiting for a revised policy that shows the flexibility. The national assembly also said they will prevail on the governor as they are opposed to the new CBN policy,’’ he noted.
Also commenting on the policy, the Chairman, Nigerian Association of Small and Medium Enterprises, Lagos State chapter, Dr Adams Adebayo confirmed to our correspondent that the association met with the Senate Committee on Banking, Insurance And Other Financial Institutions on the matter last week.
“The Senate committee has assured the Council of MSMEs that the CBN Governor will review it, especially for PoS and small business owners,’’ Adebayo explained.
The CBN spokesman, Osita Nwanisobi, could not be reached for comments Sunday on when the apex bank would announce the review of the policy as calls to his phone indicated he was unavailable.
Commenting on the policy, the President, National Union of Banks, Insurance and Financial Institutions, Abakpa Anthony said it was too harsh, adding that the CBN should have run a pilot system and see the level of compliance before introducing it.
He also argued that as much as the cashless policy would help Nigerians, the nation has not developed to the extent of implementing a full-blown cash limits policy.
The NUBIFI boss said, “The people in the rural areas do not have phones that support online transactions, and in most cases there won’t be a network to consummate transactions.”
He further stated that the ATM and PoS withdrawal limits may throw many Nigerians into poverty and render the POS operators jobless.
”Some cattle dealers who buy and sell in large numbers in the rural areas where there is no network; what will happen to them? When Nigeria is ripe for such policy, Nigerian workers will know.”
Meanwhile, the Special Adviser to Gombe State Governor on Strategy and Information Management, Ahmed Gombe, has said the state government was also opposed to the CBN policy on the grounds that the amount stipulated by the CBN was inadequate.
Gombe was reacting to a report that the NGF was opposed to the cash withdrawal policy and that the 36 state governors planned to meet with the Presidency on the matter.
Speaking in a chat with one of our correspondents, the media aide stated, “The governor of Gombe state supports any Federal Government policy provided it is in the interest of the Nigerian people , especially in Gombe state. At the same time, he also supports any collective decision taken by his colleagues in the best interest of the Governors Forum.’’
A cleric, Chibuzor Gift Chinyere, has raised alarm after another child was reportedly abandoned at his residence on April 23, 2026.
According to him, the incident occurred earlier in the day when the young boy was discovered at his gate. He stated that he has immediately notified the police and is making arrangements to hand the child over to the appropriate authorities.
The cleric explained that he is unable to take in new children at the moment due to ongoing registration processes with the Ministry of Social Welfare. He stressed that accepting the child would violate existing legal requirements guiding child care and protection.
He further disclosed that his facility is already accommodating over 500 children, making it necessary to strictly adhere to regulations before admitting more.
Chinyere also expressed appreciation to the Federation of International Women Lawyers and the Ministry of Social Welfare for educating him on proper legal procedures.
He reiterated that the child would be transferred to the custody of the Ministry, emphasizing that compliance with the law remains his top priority.
Adewole Emmanuel, a 400-level medical student of Obafemi Awolowo University (OAU), Ile-Ife, Osun State, has died after reportedly collapsing moments before his final session examination.
Emmanuel’s death was announced on Thursday in a statement by the Ife University Medical Students Association.
The association lamented the sudden departure, describing Emmanuel as a solid pillar of his class.
The statement read in part, “Under the cover of dark clouds, we write to you with the heaviest of hearts to inform you of the passing of one of our own, an integral part of the association and a solid pillar of his class.
While describing the deceased as “a colleague, friend, roommate, and a Part 4 medical student with an undeniably bright future until the time of his passing”, the association added that “This incident is not only sad, but crucially painful as we lost a rising star and a loving member of the IFUMSA family.”
“In honoring his dearest memories, we kindly ask the general public to do without speculations and respect the privacy of the family during this vulnerable period.”
Speaking under condition of anonymity, a senior member of the association said the student died on Wednesday without an underlying ailment.
“He died yesterday. But he hadn’t been sick. He just collapsed and couldn’t be resuscitated,” the source said.
“We were about to write our final exam for the session. And during the process of waiting for the exam, he suddenly collapsed in the college and died.
“It’s just unfortunate as he didn’t have any underlying medical condition. We have contacted his family already.”
..As court srikes out charges against CEO, Energy FM Enugu, Pastor Ogbuanu, 3 others, Awards N1m cost against her
An Enugu State Magistrate Court has struck out a four-count criminal charge brought against a Lagos-based cleric and Chief Executive Officer, Energy FM Enugu, Pastor Basil Ogbuanu, and three of his workers.
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The court also awarded a N1m cost against Mrs. Patricia Nwobodo, the wife of a former governor of Old Anambra State, Chief Jim Ifeanyichukwu Nwobodo, for her failure to prosecute the case.
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The ruling, delivered by His Worship D.K. Ekoh at the Enugu South Magisterial District, followed the persistent absence of the complainants since the inception of the matter in January 2026.
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The defendants, Ezeh Patrick Muoneke, 46; Arinze Onoja, 26; Sedro Theodore, 28; and Basil Ogbuanu, 56, were arraigned on January 20, 2026, on charges bordering on conspiracy, deprivation of liberty, and assault.
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The four- count charge levelled against them read:
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“That you Eze Patrick Muoneke ‘m’, Arinze Only a ‘m’, on the 16th day of January, 2026 at about 1300hours at Patin-Son Estate, Ozubulu Street, Independence Layout, Enugu within Enugu Magisterial District did conspire among themselves to commit misdemeanor to wit: Deprivation of Liberty and thereby committed an offence punishable under section 496(a) of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State, 2004.
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Count 11: That you Ede Patrick Muoneke ‘m’, Arinze Onoja ‘m’, Sedro Theodore ‘m’ and Ogbuanu Basil ‘m’ on the same date, time and place in the aforementioned Magisterial District did unlawfully confine the movement and detain Mrs Patricia M. Nwobodo ‘f’ against her will from 11hours to 13hours and thereby committed an offence punishable under section 316 of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State 2004.
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Count 111: That you Ede Patrick Muoneke ‘m’, Arinze Onoja ‘m’, Sedro Theodore ‘m’ and Ogbuanu Basil ‘m’ on the same date, time and place in the aforementioned Magisterial District did unlawfully confine the movement and detain Police Constable Ugwu Emmanuel ‘m’ against his will from 1100hours to 1300hours and thereby committed an offence punishable under section 316 of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State, 2004.
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Count IV: That you Ede Patrick Muoneke ‘m’ Arinze Onoja ‘m’, Sedro Theodore and Ogbuanu Basil ‘m’ on the same date, time and place in the aforementioned Magisterial District did unlawfully assault Police Constable Ugwu Emmanuel ‘m’ by beating him all over his body and thereby committed an offence punishable under section 252 of the Criminal Code, Cap 30, Vol. 11 the Revise Laws of Enugu State, 2004.
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However, during the proceedings on April 15, 2026, the police prosecutor, B.C. Nnadozie, admitted that he had not seen the complainants since the matter started.
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Nnadozie told the court that he could not “manufacture oath” or serve witness statements on the defence as he had no contact with the nominal complainants.
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Counsel for the defendants, Emeka Oko, urged the court to dismiss the charge, noting that his clients, who are busy artisans and a Lagos resident, had suffered by traveling to Enugu for a case the complainants were not interested in pursuing.
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Delivering his ruling, Magistrate Ekoh lambasted the conduct of the complainants, describing it as a clear indication of their lack of desire to prosecute the matter.
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“A complainant whose complaint was investigated and to her knowledge is aware of the charge proffered against the defendants decides to stay in her luxury home without prosecuting her complaint, should as well pay damages to the person(s) she wrongfully complained against”, he said
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The court subsequently struck out the charge and ordered that the defendants must not be re-arrested on the strength of the same complaint.
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The trial Magistrate also granted the application for N1m cost against the complainant to be paid to the defendants.
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