
News
Business boom for naira traders as bankers collusion worsens scarcity
There is a surge in the hawking of naira notes at exorbitant charges in different parts of the country, as Nigerians continue to struggle with limited access to cash in banking halls despite threats by the Central Bank of Nigeria.
The CBN had warned that it would penalise Deposit Money Banks found supporting the hawking of naira notes.
In a circular dated November 13, 2024, signed by the acting Director of Currency Operations, Muhammad Olayemi, and released to the public on Friday, November 15, the CBN warned DMBs against cash hoarding and diversion, emphasising that such actions would attract stiff penalties.
However, our correspondents who monitored the situation in some major cities between Thursday and Friday, reported that while many Nigerians still struggled to access cash in banking halls, hawkers had cash in abundance, selling at exorbitant rates despite the CBN’s month-long threats.
Cash hawking spree

A mint note seller in the Agege area of Lagos, who identified herself as Adebimpe, revealed that she charges N7,000 for N20,000 new notes.
“It is difficult to get cash these days because the bankers have increased their charges. Sometimes, they take as high as N3,000 on N10,000 new notes. We have to add our gains too. It’s business,” she said.
When this correspondent approached a banker in the state, pretending to need new mint naira notes, the bank worker disclosed that she often sold N200,000 mint notes for N230,000, making a gain of N30,000.
When asked why some bankers sold naira notes, the worker said, “It is not that you can’t get this cash for free. But the process of getting it inside the bank is not easy. That is why even we, bank workers, have to settle some people to bring the cash notes out for us.”
Another bank worker in Abeokuta, the Ogun State capital, who spoke on condition of anonymity, stated that “cash dealers” who resold at parties and social gatherings boughtN20,000 for N25,000 and N100,000 for N120,000.
He disclosed that freshly minted naira notes were not usually available to bank customers over the counter, “but we have special arrangements for cash dealers who specialise in reselling at parties and social gatherings.”
A cash dealer, who identified herself as Rafiu, told one of our correspondents that there was a high demand for fresh naira notes at weddings and burials.
“The business is lucrative. For instance, we make N8,000 on N20,000, while N100,000 attracts a gain of N25,000 to N30,000. We have arrangements with bank officials who sell naira notes to us at agreed rates,” Rafiu said.
Bank officials and private deals
In Osogbo, the Osun State capital, Saturday PUNCH found that cash trading also thrived, with some hawkers revealing that they bought and sold the mint meant for bank customers.
Investigations revealed that some bank officials prioritised selling mint to high-end clients at agreed prices.
The officials, often from new-generation banks, collaborated with cash dealers to profit from the notes.
A mint seller said, “We always meet outside the bank premises whenever they want to give me the money. Bank officials sell N20,000 worth of mint in N200 denominations to me at N5,000, while I pay between N8,000 and N10,000 for N50,000 worth of mint.”
She added that she resold N20,000 mint at N28,000 and N50,000 mint at N65,000 to customers.
At clubs, she charges N30,000 for N20,000 mint and N70,000 for N50,000 mint.
In Ibadan, Oyo State, a similar trend was observed on Iwo Road, where traders sold cash at increased rates.
Akeem, a trader, disclosed that N10,000 in minted notes now costs N2,000, while N50,000 is sold for N5,000.
Another trader, Ibrahim Bako, attributed the rising rates to the prevailing economic situation.
“Everything has increased. We used to sell N5,000 for N1,000, but now it is N2,000. The difference is small, but it has gone up because of the situation in the country,” he said.
Shops hawk in Imo
Given the scarcity of money in Imo State, especially for Point of Sale operators, big shops, supermarkets and filling stations have resorted to making extra gain by hawking their cash.
A PoS operator, who gave his name as Emeka, said, “We buy the money from big shops, supermarkets and even filling stations depending on your contacts.”
The owner of a big shop in Ekeonunwa market, who spoke on condition of anonymity, said, “We want to ensure the scarcity of money is addressed.
“Instead of going to the bank to deposit the money and the same bank will collect interest rates and give you less than N20,000 across the counter, it’s better we hawk it to the PoS operators and make extra gain. We don’t sell anything less than N100,000.”
When contacted on Thursday and Friday regarding actions taken by the apex bank weeks after issuing the threat, and how many banks had been sanctioned for disobeying its order, the CBN acting Director of Corporate Communications, Mrs Hakama Ali, did not respond to calls or messages.
Bank directors react
Speaking to Saturday PUNCH, the Chairman of the Bank Directors Association of Nigeria and Fidelity Bank Plc, Mr Mustafa Chike-Obi, condemned the practice of cash hawking and called for the arrest and prosecution of any bank worker found culpable.
He said, “In every business, you will find individuals who try to break the rules. However, banks have no interest in selling mint notes. Anyone engaging in such practices is acting outside the guidelines of the bank.
“If you know of any such persons, please, expose them because these actions occur without the knowledge or approval of the banking system. We are 100 per cent against it. It does not benefit us in any way. Any staff involved in this should be apprehended and punished.
“As the chairman of Fidelity Bank, if any of our staff engage in such activities, we will report them to the police. They will be arrested and dismissed.
“The banking system does not condone such behaviour. Therefore, people should not label this as a systemic issue. It is a highly unusual occurrence. While one or two individuals may be involved, as a banking system, we are 100 per cent against it.”
He attributed the troubling trend to the insufficient cash supply in banks, saying, “We will file the appropriate reports with the CBN to request more cash because it does not help us when our customers come looking for cash and we do not have it.
“Like I have said, the root cause of this problem is the insufficient supply of cash, and this is being addressed by both the banks and the CBN. However, let me add this: the CBN’s current monetary policy aims to reduce inflation and stabilize the exchange rate.
“To achieve this, they must mop up excess liquidity in the system. So, some of what you are observing may be a consequence of the CBN’s efforts to reduce liquidity in the economy.”
In his reaction, a human rights lawyer, Festus Ogun, called on the security agencies, especially the police and men of the Economic and Financial Crimes Commission to join the CBN in waging war against the cash hawkers.
The Force Public Relations Officers, ACP Olumuyiwa Adejobi, did not respond to calls and messages made to his telephone lines by one of our correspondents on Friday morning and have not returned the call as of the time of filing this report. (PUNCH)
News
Mbah, Tinubu Get 2027 Re-election Endorsement from Non-Indigenes, Support Group
• Arthur Eze, non-indigenes back APC candidates from top to bottom
• Group donates N50m towards reelection bid
A political support group, Nwanne Di Na Mba Grand Assembly, on Friday endorsed Enugu State Governor, Dr. Peter Mbah, and President Bola Ahmed Tinubu for re-election in 2027, pledging to mobilise support for all candidates of the All Progressives Congress (APC) in the forthcoming general elections.
The group, which has Anambra-born billionaire businessman, Prince Arthur Eze, as its Grand Patron, made the declaration during a rally held at Okpara Square, Enugu, attended by supporters drawn from different ethnic and religious backgrounds.
Speaking at the event, Governor Mbah described the massive turnout as an expression of democracy in action, thanking the group for what he called an open demonstration of love, solidarity and confidence in his administration and the Federal Government.

Governor Peter Mbah of Enugu State
He said the gathering reflected the willingness of people from different parts of the country to unite in support of President Tinubu’s re-election and the continuation of his administration’s development programmes in Enugu State.

Mbah, who attributed some of the state’s development strides to the economic reforms of the Tinubu administration, said increased financial resources available to subnational governments had enabled his administration to implement projects across critical sectors.
“Because you believe in what you can see, what you can touch and what you can feel. Can you see the Type-2 Primary Healthcare Centres? Can you see the good roads? Do you drive on them? Now you can drive on smooth roads, send your children to high-quality schools and access affordable healthcare,” he said.
The governor listed the 260 Type-2 Primary Healthcare Centres and 268 Smart Green Schools among the projects through which his administration was translating the opportunities created by the Federal Government’s reforms into tangible development outcomes.

He maintained that Enugu’s progress was linked to the policies of the Tinubu administration, urging residents to support the President’s re-election to enable both governments to consolidate their achievements.
According to him, the state was also benefiting from improved connectivity and emerging regional economic opportunities, including the establishment of the South East Development Commission, the proposed gas pipeline network across the South-East and the concessioning of the Akanu Ibiam International Airport.
He said the proposed developments would facilitate industrialisation, trade, cargo operations and international connectivity, adding that the ongoing transformation of the state and region should be sustained.
“Enugu means home to all of us. We all have a stake in Enugu, and that is why you have come out in your numbers to say that the good work and hard work must continue,” he said.

Mbah urged eligible residents to obtain their Permanent Voter Cards (PVCs) and participate in the 2027 elections, calling for support for Tinubu and all APC candidates contesting for elective positions.
He also assured the people that his administration would build on the progress recorded so far, saying, “With the strength I see here today, with the energy and resolve you have demonstrated, we are committing to do more. What you should expect is more.”
In his remarks, Grand Patron of the group, Prince Arthur Eze, described Mbah as a leader who related positively with people and maintained good relationships across political and social divides.
He said the governor’s support for President Tinubu and the confidence the President had in him were reasons the group was backing both leaders.
“Peter Mbah is supporting Tinubu very well, and we will support him because he will bring a lot to Ndi Igbo through Tinubu, because Tinubu trusts him very well. We cannot abandon him because he never abandoned anyone,” Eze said.
He urged the people of Enugu to support both leaders in the forthcoming elections, expressing confidence that their administrations would create more opportunities for the people.
Also speaking, the Sarkin Hausawa, Alhaji Abubakar Yusuf Sambo, who is also the Senior Special Assistant to the Governor on Special Duties, said the rally was organised to appreciate Mbah’s administration for its inclusive governance and the opportunities extended to non-indigenes living in the state.
Sambo, who spoke on behalf of Yoruba, Tiv and other ethnic communities, said members of the different communities had benefited from the administration’s programmes, particularly in education, healthcare, infrastructure and political appointments.
He said children from non-indigene communities had access to Smart Green Schools, while their mothers benefited from the Type-2 Primary Healthcare Centres. He also commended the administration’s road infrastructure projects.
“We are happy with your governance and the way you have been carrying us along in Enugu State. We are part of all the programmes going on in the state,” he said.
Sambo pledged the group’s support for Mbah and Tinubu, declaring that its members would vote for APC candidates across all elective positions, from the presidency to the State House of Assembly.
He added that the rally was a preliminary demonstration of the group’s mobilisation capacity ahead of the planned visit of President Tinubu to the state.
Earlier, the Convener of the group and Executive Chairman of the Enugu Capital Territory Development Authority, Barr. Uche Anya, said the rally was only the beginning of a broader mobilisation effort by non-indigenes and residents of the state’s urban centres in support of the governor’s second-term ambition.
Anya said the people appreciated Mbah’s development initiatives and would resist any attempt to undermine or reverse the administration’s achievements.
He disclosed that non-indigenes in the municipality had mandated him to communicate their resolve to support the governor and President Tinubu in 2027.
According to him, the communities were also committed to voting for all APC candidates, citing the Federal Government’s support for Enugu State and Tinubu’s role in integrating the state into the mainstream of national politics.
“The non-indigenes in the municipality promise that the mistakes of 2023 will never happen again. They will vote President Tinubu for his good works, for integrating Enugu into the mainstream of Nigerian politics and for believing in you,” Anya said.
He added that the group’s message was one of appreciation for both the state and Federal Government, reaffirming its commitment to the APC’s candidates in the 2027 general elections.
The highpoint of the event was the endorsement and the presentation of a cheque for N50M million to Governor Mbah.
The rally attracted several dignitaries, including the Speaker of the Enugu State House of Assembly, Rt. Hon. Uche Ugwu; Deputy National Chairman (South) of the APC, Dr. Ben Nwoye; Enugu State APC Chairman, Dr. Martin Chukwunwike; Minister of Innovation, Science and Technology, Dr. Kingsley Udeh (SAN); members of the National and State Assemblies; members of the State Executive Council; other government appointees and party faithful.
News
Tenant Allegedly Smashes Landlord’s Head Over Rent Increase from ₦300,000 to ₦1m in Edo
A tenant has reportedly smashed his landlord’s head during a violent altercation in Benin City, Edo State, following a disagreement over an alleged rent increase from ₦300,000 to ₦1 million.
In a video shared online by Edo TV on Friday, October 30, 2026, the tenant narrated how the disagreement began and escalated into a physical confrontation.
According to the tenant, the incident occurred in the morning when his landlord confronted him over tiling work he had carried out in the apartment using his personal funds to improve the property for his business.
He alleged that the landlord demanded additional payment for the renovation before subsequently increasing his rent from ₦300,000 to ₦1 million.
The tenant further claimed that the situation turned violent after the landlord slapped him during their confrontation, prompting him to retaliate by hitting the landlord on the head.

Narrating his side of the incident, the tenant said, “He slapped me first and out of my defence, I smashed his head. It wasn’t intentional.”
The altercation reportedly left the landlord with serious head injuries.
However, further details about the landlord’s condition and whether the police had intervened were not immediately available as of the time of filing this report.
News
Sowore Hospitalised After Ekiti Incident, Disputes Police Account of Attack
The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has been hospitalised after sustaining injuries during an incident involving some individuals at a restaurant in Ado-Ekiti, Ekiti State.
The Ekiti State Police Command confirmed the incident on Friday, saying Sowore was receiving treatment at the Police Hospital in Ado-Ekiti. However, the activist and his associates have disputed the police account, insisting that they were attacked rather than involved in an altercation.
The incident followed a message posted on Sowore’s X handle alleging that he had been kidnapped by armed thugs in Ado-Ekiti and that his whereabouts were unknown.
The post also alleged that the attackers were government-sponsored and accused the Department of State Services (DSS) of providing them with the group’s location. The allegations have not been independently verified.
“We have been brutally attacked and injured by armed government-sponsored thugs in Ado Ekiti, Ekiti State,” the post stated, adding that the group would not back down.

However, the police dismissed reports that Sowore had been kidnapped, explaining that officers received an alert about an incident involving him and some individuals at a restaurant and moved in to intervene.
The Police Public Relations Officer in Ekiti State, Sunday Abutu, said preliminary information indicated that Sowore had an altercation with the individuals before the police were alerted.
According to Abutu, Sowore was subsequently taken to the Police Hospital, where he was receiving treatment for what the command described as a minor injury.
“The command wishes to categorically clarify that Mr Omoyele Sowore was not kidnapped. Rather, preliminary information indicates that he had an altercation with some individuals at a restaurant in Ado Ekiti, following which the police were immediately alerted,” Abutu said.
The police spokesperson added that the Commissioner of Police, Michael Falade, had ordered a discreet investigation into the incident.
“The Commissioner of Police, Michael Falade, has ordered a discreet investigation into the incident to establish the full circumstances surrounding the altercation, identify all individuals involved and ensure that anyone found culpable is brought to justice,” he stated.
However, Sowore subsequently challenged the police description of the incident, rejecting the suggestion that it was an altercation.
In a post on his X handle on Friday, the AAC presidential candidate insisted that he and his associates were attacked.
“There was no altercation! We were attacked!” he declared.
Sowore also accused the police command of downplaying the seriousness of the incident, alleging that the commissioner visited the scene and saw the injuries sustained by those involved.
He questioned why the command would describe the injuries as minor despite what he characterised as the severity of the violence.
Sowore further alleged that suggestions had emerged linking the police commissioner to the incident, describing the development as unacceptable. However, the allegation has not been independently established.
He also shared a video purportedly showing the commissioner leaving an emergency room after observing the injuries sustained by those affected.
The police have yet to establish publicly the full circumstances surrounding the incident, while Sowore’s account differs from the command’s preliminary description of what happened.
The investigation ordered by the commissioner is expected to determine the circumstances leading to the confrontation, identify those involved and establish whether any offences were committed.
As of Friday, the police maintained that Sowore was not kidnapped and was receiving medical treatment, while the AAC presidential candidate continued to insist that he and his associates were victims of a violent attack.
The circumstances surrounding the incident, including the identities of those involved and the allegations of political involvement, remain subject to investigation.
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