
News
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.’’
News
UBA Commences Contempt Proceedings Against WEMPCO Directors over Alleged Disobidence of Court Order
The Federal High Court, presided over by Honourable Justice Aluko, has granted an application by United Bank for Africa (UBA) Plc for substituted service of Form 49 on directors of Wempco named as alleged contemnors in the case of UBA v. Wempco.
The application forms part of proceedings seeking to determine whether the named individuals disobeyed an order of the court and whether they should be committed to prison for contempt.
The directors named as alleged contemnors are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.
In advancing the application, counsel to UBA argued that service of Form 49 on the alleged contemnors was necessary to enable them to appear before the court and show cause why an order of committal should not be made against them.
He also argued that the Directors of Wempco and some members of staff took illegal steps in an attempt to disobey the Order of Court.

The court’s decision to grant substituted service provides a procedural step towards bringing the notice to the attention of the individuals concerned in accordance with the court’s directions.
Form 49 is a notice requiring an alleged contemnor to show cause why an order of committal to prison should not be made against them for alleged disobedience of a court order.
The Federal High Court had earlier made an Order of Mareva Injunction and appointed a Receiver/Manager over some of the Assets of Wempco following the indebtedness of Wempco to UBA in the sum of N61,445,695,993.76 (Sixty One Billion FourHundred and Forty-Five Million Six Hundred and Ninety Five Thousand, Nine Hundred and Ninety Three Naira, Seventy Six Kobo).
News
$242m Petroleum Products Diversion Claim: UBA Secures Court Order Against Vitol, Four Others
A Lagos State High Court has granted interim preservative orders, including a Mareva injunction, in favour of United Bank for Africa (UBA) Plc in a dispute involving the alleged diversion of petroleum products valued at $242 million.
The orders, granted last Thursday by Justice K. A. Jose, followed allegations by UBA that Vitol SA, a Switzerland-based energy trading company, wrongfully released cargoes of petroleum products consigned to the bank in the bills of lading.
UBA’s lead counsel, Bode Olanipekun, SAN, urged the court to grant the interim orders to preserve assets and prevent the dissipation of funds pending the determination of the substantive dispute.
In her ruling, Justice Jose granted three of the prayers sought by the bank, including requests to restrain dealings with assets and funds up to the disputed amount.
“Prayers 1–3 are granted as prayed against the 2nd Respondent only,” the judge ruled.

The application was brought pursuant to Order 43 Rule 1 of the High Court of Lagos State (Civil Procedure) Rules 2019 and the Lagos State High Court Practice Direction No. 2 of 2019.
In the substantive proceedings, UBA is seeking to establish the liability of Vitol SA and the owners of the vessels over alleged conversion, misrepresentation and negligence arising from the non-delivery of the petroleum products.
The bank also cited 34 financial institutions and public agencies, including commercial banks, merchant banks, microfinance banks, the Nigerian Ports Authority and the Nigeria Customs Service, in connection with the application.
In an affidavit supporting the application, UBA’s Group Head of Recoveries and Remedial Management, Anthony Chilaka, stated that the bank had issued a letter of credit in favour of Vitol SA to facilitate petroleum products transactions.
According to the affidavit, the cargoes were transported to Nigeria, and the masters of the vessels issued several bills of lading.
UBA alleged that Vitol subsequently endorsed the bills of lading “to the order of” the bank and handed over the original documents to it.
The bank maintained that the endorsement entitled it to take possession of the cargoes upon completion of the voyages.
However, Chilaka stated that UBA had not received the gasoil despite the completion of the voyages.
“The applicant has not been given possession of the gasoil despite completion of the voyage,” the affidavit stated.
UBA alleged that the cargoes were instead diverted for the use of another party, arguing that the failure to deliver the products amounted to conversion and negligence.
The bank further contended that the respondents had obligations arising from the transactions and the endorsement of the shipping documents but failed to fulfil them.
UBA also alleged that cargoes linked to the transactions were diverted to other parties after the completion of their voyages rather than delivered to the bank as stipulated in the shipping documents.
The allegations are expected to be determined in the substantive proceedings.
News
Enugu CP Warns Officers Against Extortion, Degrading Treatment of Citizens
The Commissioner of Police in Enugu State, Mr Mamman Giwa, has warned police officers against degrading treatment of citizens, extortion and other forms of unprofessional conduct.
Giwa gave the warning on Wednesday during an emergency conference with senior officers at the Senior Police Officers’ Mess, Agbani Road, Enugu.

He also directed senior and supervisory officers to strengthen oversight of personnel and improve security management for political and election-related activities ahead of the 2027 General Elections.
The commissioner said the conference followed directives issued by the Inspector-General of Police, Mr Olatunji Disu, during a virtual strategic meeting with senior officers on October 20.

According to him, the I-G emphasised professionalism, compliance with the Nigeria Police Force’s social media policies, adapting policing to contemporary realities, respectful treatment of citizens, and effective management of political activities and election security.
“It is clear that officers cannot effectively discharge their policing responsibilities without treating citizens with respect and conducting their duties in accordance with extant laws and established professional standards,” Giwa said.
He charged senior officers to take responsibility for the conduct of personnel under their supervision, warning that any officer found engaging in misconduct would face the consequences.
The conference also featured a health talk on the Ebola virus, focusing on its symptoms and preventive measures.
Those in attendance included Deputy and Assistant Commissioners of Police, Area Commanders, Divisional Police Officers, heads of formations, tactical and operational units, and heads of various sections of the Enugu State Police Command.
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