
News
CBN increases cash withdrawal limit to N500,000 weekly
The Central Bank of Nigeria has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.
The directive is contained in a circular issued by the bank on Wednesday and signed by the director of banking supervision department, Haruna Mustafa.
The development is coming two weeks after the CBN reduced the weekly over-the-counter cash withdrawal limit for individuals to N100,000 and that of corporate organisations to N500,000.
The apex bank also reduced withdrawals at Automated Teller Machines and point-of-sale terminals to N20,000 daily.
The policy had generated mixed reactions among Nigerians, with the House of Representatives also wading into the matter.
In the Wednesday circular, the apex bank said it made the upward review based on feedback received from stakeholders.

“The CBN hereby makes the following reviews: (1) the maximum weekly limit for cash withdrawal across all channels by individuals and corporate organisations shall be N500,000.00 and N5,000,000.00 respectively.
“2. In compelling circumstances where cash withdrawal above the limits in (1) is required for legitimate purposes, such requests shall be subject to a processing fee of three per cent and five per cent for individuals and corporate organisations, respectively.
“Further to (2) above, the financial institution shall obtain the following information from the customer, at the minimum, and upload same on the CBN portal created for the purpose: valid means of identification of the payee (national ID, international passport, or driver’s license), bank verification number of the payee, tax identification number of both the payee and the payer, and an approval in writing by the MD/CEO of the financial institution authorising the withdrawal.
“Third party cheques above N100,000 shall not be eligible for payment over-the-counter, while the extant limit of N10 million on clearing cheques still subsist.”
The CBN also said monthly returns on cash withdrawal transactions above the specified limits should be rendered to the banking supervision department, other financial institutions supervision and payments system management departments.
It added, “Compliance with extant AML/CFT regulations relating to the KYC, ongoing customer due diligence and suspicious transaction reporting etc. is required in all circumstances.
“Customers should be encouraged to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.
The apex bank noted that it recognised the vital role that cash played in supporting underserved and rural communities and would ensure an inclusive approach as it implemented the transition to a more cashless society.
“All banks and OFls are to note that aiding and abetting the circumvention of this policy will attract severe sanctions,” CBN said.
“The above directives supersede that of December 6, 2022 and take effect nationwide from January 9, 2023,” the CBN said.
News
Security guard kidnaps employer’s two children, demands ransom
A private security guard has escaped with two kids from his employer in Minna, with the police suspecting abduction.
The security guard, named Sani Abdulrahaman, a Fulani by tribe, on Sunday, reportedly took Umaru and Anas, both six years old, on Sallah picnic without the knowledge of their father, Alhaji Danjuma, a businessman, and failed to bring them back home.
The father of the children raised the alarm asking the public and security agencies to help him locate the fleeing security guard and his children.
Danjuma said someone called him on Sunday evening and said he was in Erena forest in Shiroro Local Government Area with the children.
According to him, the caller asked for undisclosed ransom before his children who were in their custody would be released.
When contacted, Niger State Command Police Public Relations Officer, SP Wasiu Abiodun, confirmed the incident, which he said occurred about one o’clock on Sunday, May 31.

Abiodun explained that the security man pretended that he was taking the children for Sallah celebration in the town, but did not return.
He said the police suspected abduction but disclosed that “investigation has commenced and efforts to locate the children are ongoing.”
News
Police arrest suspect behind AI-generated Tinubu voice note
The Nigerian Police Force has arrested Ifechukwu Dennis, the man identified as the originator of an AI-generated voice note that was widely circulated online as a leaked recording of President Bola Tinubu.
Presidential Special Adviser on Information and Strategy, Bayo Onanuga, announced the arrest on Thursday in a post on his official X account.
“The IGP crack team has arrested Ifechukwu Dennis who originated the fake voice that he passed on to his gullible targets as President Tinubu’s voice,” he said.
The arrest closes a week-long controversy that began on May 27, 2026, when a video of social media activist Martins Vincent Otse, popularly known as VeryDarkMan, went viral.
In the clip, an AI-generated voice resembling Tinubu’s was heard making inflammatory statements — including that insecurity in the South-East was deliberate, that he had pressured Peter Obi to step down ahead of the 2023 election, and that he was indifferent to Nigerians’ suffering.
Investigations by multiple news organisations, however, established that VDM had not posted the doctored audio.

An unidentified individual had extracted footage from VDM’s original Instagram video and superimposed the AI-generated voice notes before recirculating the manipulated version online.
Despite this, the Presidency had initially called for VDM’s prosecution.
Onanuga had described the incident as “a clear case of egregious abuse of the social media platform,” drawing criticism after fact-checkers confirmed VDM’s original video contained none of the fabricated audio.
Further details on the circumstances of Dennis’s arrest and the charges he may face were not immediately available at the time of filing this report.
News
Five abducted Kwara worshippers killed, one escapes, others still held
Terrorists have killed five out of the eight worshippers abducted at ECWA Church Omugo in Ifelodun local government area of Kwara state, says one escaped abductees.
Rev Sunday Omole had urged federal government to expedite action on the release of the abductees from the captivity of the terrorists.
The clergyman said government intervention had become necessary after the community paid the terrorists N20 million and provided additional items worth more than N300,000, yet the abductors refused to release the worshippers and instead demanded an additional N300 million ransom.
He added that from the action of the terrorists it was clear that they just wanted to be exploiting the community.
Recall that eight of the worshippers including the Pastor’s wife were kidnapped in the morning of March 22,2026 during a Sunday service.
The death of the five worshippers including the Pastor’s wife was disclosed in a statement issued by the Pastor of the church, Rev Sunday Omole, Wednesday evening.

The statement reads:
“It is with deep pain in my heart that I inform the church, families and individual concerned in regard to the 8 people that were abducted from ECWA OMUGO on 22nd of March, 2026.
“We received one of our son’s, Mr Sunday Bakare also abducted over a month ago, he escaped and brought the following news that only 3 out of 8 of our people are remaining with the kidnappers. The remaining 5 have gone to be with the Lord.
“They are; Elder Chief David Omopariola,
Chief Joseph Ibitoye Afariogun,
Mrs Iyabo Aniyi,
Elder Joshua Akanbi Adeyemi and
Mrs. Rachel Oluwaremilekun Omole(his wife).
“Brethren, let’s know that God knows why He allows this to happen. The great comforter will comfort us in Jesus name, amen.
“The prayers of the saints in the beginning of the church also worked and answered still they had martyrs. John 16:33 says (NIV) “I have told you these things, so that in me you may have peace . In this world you will have trouble . But take heart! I have overcome the world.”
Heaven is our home and Gain. Let’s reason as child of God as we navigate this moment. God bless you, and comfort you all in Jesus name, amen.”concluded the statement.
It was also gathered that the three remaining worshipers are in terrible health condition, while a member of church who escaped from the terrorists captivity is currently receiving an urgent medical attention in a private hospital in OmuAran.
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