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Reps order CBN to stay action on cash withdrawal policy

Published

4 years ago

December 21, 2022

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House of Representatives on Tuesday insisted that the Central Bank of Nigeria must not proceed with its cash withdrawal policy.

Although the CBN Governor, Godwin Emefiele, for the second time, failed to appear before the House, the lawmakers said their December 8 directive to the apex bank to put the policy on hold had not changed.

Amid protests and condemnation, the lawmakers rescheduled the CBN governor’s appearance for Thursday.

Checks however indicated that the apex bank had not circulated any counter directive to banks and other financial institutions stopping the policy despite the resolution of the lawmakers.

The House at its plenary on December 8 summoned Emefiele to appear before it on Thursday last week to explain the latest policy by the CBN which, among others, sets limits to cash withdrawals at the Deposit Money Banks and other financial institutions.

Among others, the CBN, in a statement on December 6, indicated that beginning from January 9, 2023, the amounts individuals and corporate organisations could withdraw per week would not exceed N100,000 and N500,000, respectively.

The lawmakers wanted to grill Emefiele on the policy on Thursday last week but he failed to appear at the green chamber.

The Deputy Governor, Corporate Services, CBN, Edward Adamu, in a communication to the House told the lawmakers that Emefiele was part of the entourage of the President, Major General Muhammadu Buhari (retd.), on an official trip to the United States.

Deputy Speaker of the House, Ahmed Wase, who read out the letter at the opening of plenary said Gbajabiamila had rescheduled Emefiele’s appearance to Tuesday (yesterday).

At the opening of plenary on Tuesday, the Speaker of the House, Femi Gbajabiamila, notified members that Emefiele would not be appearing before them.

Gbajabiamila said, “First, I think it is important that I communicate back to the House because a couple of weeks ago, the House resolved to, and in compliance with the Central Bank Act and the Constitution of the Federal Republic of Nigeria; we invited the Central Bank governor to brief us last Thursday on policies and what was going on; to brief the House on both the redesigning of the naira and, more importantly, the new cash policy.

“The Central Bank governor was supposed to come in last Thursday but he wrote to the House stating that he was unavoidably absent as he was in the United States on an official visit with Mr President. The House did write back to give him another date since he was officially out with Mr President, and that other date was for today, Tuesday, 10 am.

“Just yesterday, I received a letter from the Central Bank…rather, the Clerk (to the House) received a letter which I have with me. It was not addressed to me, but to the Clerk, since he was the one that wrote the invitation letter in the first place.”

The Speaker went on to read out the latest letter from the Deputy Governor, Corporate Services, CBN, Edward Adamu, titled ‘Re-Invitation for Briefing.’

It read in part, “We refer to your letter of December 15, 2022, inviting the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, to appear before the House of Representatives on a rescheduled date of Tuesday, December 20, 2022.

“Regrettably, the governor is unavailable to brief the House of Representatives at this time because he has other pre-scheduled official engagements he is currently addressing abroad.

“Accordingly, he has requested that we respectfully convey his inability to honour the invitation on the rescheduled date. The governor regrets this and will contact the House of Representatives as soon as he returns to the country from his official assignment.”

Gbajabiamila then sought the opinion of members on the next line of action.

A member of the House, Yusuf Gagdi, said he was not going to comment on the policy “but about your powers and our powers, and the need to respect the Nigerian people.”

He stated that the crafters of the Constitution did not err by creating the House to call public office holders to account for their activities on behalf of Nigerians.

Gagdi said, “I think at this point in time, it is quite important for us to let such public office holders know that it is not Right Honourable Femi Gbajabiamila that is summoning the CBN governor or Honourable Yusuf Gagdi or the Deputy Speaker or any member; it is the collective whims of the Nigerian people that are inviting the CBN governor to come and explain some of the policies that Nigerian people needs explanation for.

“I am not against any policy but I am against disrespect to you and to the Nigerian people. The Speaker is a symbol of this House and Nigerian people. So, if you disrespect Mr Speaker, you are disrespecting Nigerian people; you are disrespecting the House.”

The Speaker interjected to say that he wanted to put the matter in the proper context.

Gbajabiamila said, “The invitation was not from the Speaker, the invitation was from the House; that is one. Two, in fairness, at the time the invitation went out, he was already out of the country officially. So, I don’t want to see it as disrespect, as such.

‘’He was already out of the country. I get your point…once, twice and there cannot be a third time. And I don’t think he can be out of the country for so long. I am just thinking that we can give another date on Thursday.”

Dissatisfied, Gagdi stated, “Mr Speaker, we have names to protect. As much as I agree with you 100 per cent and I am guided, I wish to equally say that we should be mindful of the impression the House is giving out there.

“I have to commend the House for even inviting him in the first instance. But Mr Speaker, you are coming together for a policy that is commencing in the next few weeks. I believe coming back to address some of these daunting challenges is quite imperative than any other thing they are doing.

“It is important for the CBN governor to know that we will not tolerate further excuses in terms of non-appearance before the House to explain to Nigerian people some of these policies.”

In his submission, Femi Bamisile said he agreed with Gbajabiamila, urging other lawmakers to be patient with the CBN governor.

Also, Abdulganiyu Olododo-Cook asked if the House was sure that Emefiele would appear on Thursday, being the last plenary for the year.

Gbajabiamila noted that the most important thing was for the House to get “a proper, full briefing and it behoves the CBN governor, in accordance with the law, to brief this House.”

He said Olododo-Cook raised a valid point as to Emefiele staying outside the country beyond Thursday.

The speaker said, “At this point, we will be requesting to find out what that official assignment is that will keep the CBN governor away for almost two weeks. I would like to know that official assignment at this critical point in Nigeria that will keep him away for two weeks.’’

“In my humble opinion, because this House will also more than likely close on Thursday for the Christmas break, I think we should resolve to invite the CBN governor to brief this House on Thursday morning. And if for any reason it is verified that he is unavoidably out of the country on Thursday and he has a deputy governor or anyone who is well equipped to fully brief this House, so that we do not carry this unto next year. So, the CBN governor for Thursday or his deputy who is fully equipped with all the facts.” he said.

However, the Minority Leader, Ndudi Elumelu, however, reminded members that the resolution suspending the policy was still in force, whether Emefiele appeared or not.

Elumelu argued, “Mr Speaker, I think we are missing something here. The House, in the interim, has taken a position. The issue of him coming was just to fulfil all righteousness, in compliance with the law. We have already passed a resolution asking him to suspend the implementation of that policy. And the Senate has equally concurred with the resolution we passed.

“So, whether he comes or he doesn’t come, we have passed a resolution asking him to suspend, and the Senate has concurred. So, what we should be looking at is whether he will disregard the concurrent resolution of both chambers. I think we should work towards and reinforce that, pending when he appears before us to brief the House.”

Gbajabiamila agreed with the minority leader that both resolutions still stand.

In his contribution, the Majority Leader, Alhassan Ado-Doguwa, urged the lawmakers to give Emefiele another opportunity on Thursday.

Asked if banks would continue with their preparations for the commencement of the new cash withdrawal limits on January 9, 2023, the President, Association of Corporate Affairs Managers of Banks, the umbrella body for banks’ spokespersons, Mr Rasheed Bolarinwa, said, “Yes, Deposit Money Banks have prepared for the implementation of the policy effective Jan 9, 2023 up till this moment, except otherwise advised by the CBN.”

Efforts to get comments from the Director of Corporate Communications of the CBN, Mr Osita Nwanisobi, were futile as he did not respond to a text message sent to him on the directive from the House of Representatives, and calls did not go through.

Meanwhile, northern youths under the umbrella of Arewa Youth Assembly on Tuesday stated that criminally-minded politicians against the cash withdrawal limits policy masterminded the alleged failed arrest of the CBN governor by the Department of State Services.

The youths said the World Bank, Internal Monetary Funds, African Development and other development partners should “intervene to save Nigeria and pay special attention to what is happening in CBN and its governor, to ensure that his tenure is not truncated on false charges.”

The Publicity Secretary of the AYA, Alhaji Ali Muhammad, during a press conference in Abuja, described those against the new policies by the CBN as enemies of the country.

He, therefore, called on the President to sack the Director-General of the DSS, Yusuf Magaji Bichi, without further delay.

The Arewa youths maintained that politicians who had stockpiled funds to rig the 2023 poll were behind the move to remove the CBN governor.

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IBB, Nwachukwu, Osoba, others pay tributes to Sam Amuka at Vanguard 40th anniversary book launch

Published

1 hour ago

August 19, 2026

Advocate News Nigeria

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Former military Head of State, Ibrahim Babangida, and former Ogun State Governor, Olusegun Osoba, have paid glowing tributes to veteran journalist and Vanguard founder, Sam Amuka-Pemu, as Vanguard Newspapers marked its 40th anniversary book launch.

The event was held on Wednesday at the Civic Centre, Victoria Island, Lagos, bringing together prominent personalities from the political, business, diplomatic, security and media sectors, as well as former and current members of the Vanguard family.

The anniversary featured the launch of The Vanguard Chronology: 40 Years of Nigeria’s Leading Tabloid, a publication documenting major events, personalities and defining moments in Nigeria’s history through Vanguard’s coverage over four decades.

Babangida hails Amuka

Babangida described Amuka as a national icon and praised Vanguard for its contribution to journalism, democracy and the documentation of Nigeria’s history.

“I salute a national icon. We are not marking another year but celebrating a monumental year,” Babangida said.

According to the former Head of State, who was represented by Professor Mohammed Yahaya, the 40th anniversary is a testament to Vanguard’s commitment to principled journalism and its influence on journalists and editors across generations.

He described Amuka as “a custodian of our collective conscience and a cornerstone of our democracy.”

Babangida said the anniversary publication was more than a book, describing it as a documentation of Vanguard’s contribution to Nigeria’s development over four decades.

“This work is far more than a book. For 40 years, Vanguard has shaped Nigeria’s history, a defender of democratic ideals. This publication is a tribute to that legacy that I am honoured to be associated with,” he said.

He also commended the Vanguard Media Alumni Association for producing the publication, saying the book provides an opportunity to understand Nigeria’s past while drawing lessons for the future.

Babangida said the Vanguard Chronology captures the principles and values that have guided the newspaper, particularly the courage and determination demonstrated by Amuka throughout his career.

“It is our sincere hope that this publication will serve as a historic document for unborn generations,” he said.

He urged Nigerians and members of the media to emulate Amuka’s exemplary life and values, while expressing gratitude to the Vanguard Media Alumni Association for the honour.

Osoba celebrates Amuka’s journalism legacy

Also speaking at the event, Osoba described the occasion as historic, saying it was an opportunity to celebrate Amuka and his contribution to Nigerian journalism.

“It’s a historic occasion. Today, we are celebrating a person,” Osoba said.

The former governor recalled Amuka’s early days in journalism and described him as a risk-taker who played a major role in the establishment of The PUNCH before founding Vanguard in 1984.

Osoba also praised Amuka’s personality, describing him as a “jolly fellow” who conducted interviews without taking notes.

He further commended Amuka for creating an environment where columnists at Vanguard could freely express their views.

“Today, we are talking about a man who is as free as Uncle Sam. He allows his columnists to express themselves,” Osoba said.

In a lighter moment, Osoba spoke about Amuka’s love for food, joking about his regular visits to his favourite amala group despite having what he described as “the best cook in the world”.

Osoba thanked the chairman of the anniversary committee, members of the organising team and all those who attended to honour Amuka.

He described the 91-year-old journalist as “a great Nigerian journalist” who remains active in the profession.

Nwachukwu calls for renewed media campaign for Nigeria

Former Minister of Foreign Affairs, Ike Nwachukwu also commended Vanguard Newspapers for its contributions to Nigeria over the past four decades.

Sam Amuka and Gen Ike Nwachukwu rtd at the Vanguard’s 40th Anniversary Celebration

“Vanguard Newspaper has done so much for our country,” Nwachukwu said.

While noting that the African continent continues to face challenges, he called on Nigerian media organisations to take the lead in projecting the country positively and promoting national pride.

“Even though the African continent is still suffering, I am asking the Nigerian media to lead the charge one more time, to lead the media to sell the Nigerian pride,” he said.

Nwachukwu urged the Nigerian media to use its influence to tell the country’s story, highlight its achievements and promote a stronger sense of national identity.

Obaigbena salutes Amuka

Chairman and Chief Executive Officer of ThisDay Arise Group, Nduka Obaigbena, described Amuka as an icon and a colossus in Nigerian journalism.

Obaigbena urged Nigerians to recognise and celebrate Amuka’s contributions to the media industry and his enduring influence on journalism in the country.

“He is an icon and a colossus. I urge the people of Nigeria to salute a man of the people,” Obaigbena said.

The 40th anniversary book launch and reunion provided an opportunity for readers, partners and other stakeholders, alongside former and current members of the Vanguard family, to reflect on the newspaper’s four-decade journey and its enduring place in Nigeria’s media landscape. (Vanguard)

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Police arrest unconscious transformer vandal in Enugu

Published

2 hours ago

August 19, 2026

Advocate News Nigeria

The suspected vandal

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Enugu State Police Command, has arrested a 23-year-old suspected transformer vandal, identified as Nnaji Chidiebere, after he was found unconscious with various degrees of burns he sustained while allegedly vandalising a transformer along Ogbaike Road, Obollo-Afor, Udenu Local Government Area of Enugu state

This was contained in a statement issued in Enugu by the Police public relations officer of the state Police Command, SP Daniel Ndukwe on Tuesday.

According to him, “His arrest followed credible information from community members that he had been discovered at about 2:20 p.m., trapped inside the transformer while allegedly attempting to vandalise it.

“Upon receiving the information, operatives of the Command attached to Udenu Police Division promptly mobilised to the scene, found the suspect unconscious with various degrees of burns. He was immediately evacuated to a nearby hospital, where he was resuscitated and subsequently referred to a specialist hospital for further treatment.

“Upon regaining consciousness, the suspect identified himself as Nnaji Chidiebere and stated that he had been alone at the scene. Preliminary investigation, however, has linked him to transformer vandalism in the area. Further investigation is ongoing to determine the full extent of his activities, identify possible accomplices, and facilitate his prosecution.

*The Commissioner of Police, CP Mamman Bitrus Giwa, psc, mspsp, smicm, commended the community members for their prompt intervention and information, which enabled the Police to respond swiftly, rescue and arrest the suspect.

“He reiterated the Command’s firm commitment to protecting critical public infrastructure and urged residents to continue providing timely and credible information on suspicious activities.”

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Access Bank asks court to recover N1.3bn stolen by Yahoo Boys

Published

5 hours ago

August 19, 2026

Advocate News Nigeria

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• Funds stolen from customers’ corporate accounts, transferred to over 70 accounts in different banks

Access Bank Plc has approached the Federal High Court in Lagos seeking to recover ₦1.34 billion allegedly siphoned from the accounts of four corporate customers through unauthorised transactions on its Access SME internet banking platform.

The bank’s legal action followed the discovery on August 12, 2026, of suspicious transfers involving the accounts of MIB TXN Bullion, Aba Branch; AIICO General Insurance Company Limited; Apogee Engineering Limited; and SIMS Nigeria Limited.

Court documents showed that a total of ₦1,340,425,393 was allegedly transferred from the four accounts and subsequently distributed to accounts domiciled with Access Bank and 71 other financial institutions.

The affected amounts were ₦590,975,889 from MIB TXN Bullion, ₦420,449,504 from AIICO General Insurance Company Limited, ₦136 million from Apogee Engineering Limited and ₦193 million from SIMS Nigeria Limited.

In an ex-parte application marked FHC/LAG/MISC/1168/2026, Access Bank asked the court to preserve the funds and prevent their further movement pending the determination of its substantive suit.

The bank listed 71 financial institutions as respondents and sought orders directing them to place post-no-debit restrictions on accounts and Bank Verification Numbers (BVNs) linked to the alleged fraudulent transfers.

It also asked the court to compel the affected banks to disclose the amounts remaining in the beneficiary accounts and watchlist the BVNs associated with accounts that received the funds.

Access Bank further sought an order directing the reversal of any recovered funds into its account, but the court declined to grant the request at the preliminary stage.

In its affidavit, the bank said its internal investigation established that the funds had been transferred without the authorisation of the affected customers and subsequently distributed among several accounts.

The bank said it immediately contacted the affected financial institutions, notified them of the suspected fraud and requested that the funds be preserved while investigations continued.

It argued that urgent court intervention was necessary to prevent the suspected proceeds from being withdrawn, transferred or otherwise dissipated.

Access Bank also maintained that preserving the funds was necessary to protect its customers and prevent cybercrime capable of causing significant financial and economic damage.

Justice Akintayo Aluko, after considering submissions by Access Bank’s counsel, Ifeoma E. Enyinnaya, granted three of the reliefs sought by the bank.

The judge held that the essence of the application was to preserve the funds from further dissipation and that the court had a duty to protect the subject matter of the case.

However, Justice Aluko declined to grant the relief seeking immediate reversal of the recovered funds, holding that such an order would amount to a final determination of part of the case at the preliminary stage.

The court subsequently adjourned the matter until August 31, 2026, for further proceedings.

Justice Aluko also directed Access Bank’s counsel to file an undertaking as to damages in the event that the orders granted by the court are later found to have been unwarranted.