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Business boom for naira traders as bankers collusion worsens scarcity

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Cash crunch: CBN probe reveals VIPs, banks as main culprits
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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

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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)

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‘Fake agency’ boss, Nwabueze, fights back with appointment letter

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ICPC chairman, Dr Musa Aliyu
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The National Coordinator and Executive Director of the National Brands Development and Made in Nigeria Special Project Office, George Nwabueze, has denied the allegation of running a “fake agency” in the country.

Nwabueze, who spoke  on Saturday, noted that he oversaw an office which was under the supervision of the Office of the Secretary to the Government of the Federation.

He noted that the office had been in existence for 16 years.

The Independent Corrupt Practices and other related offences Commission had on Friday said the President had ordered Nwabueze’s arrest for leading and promoting the outfit, which it tagged as a fake federal agency.

The ICPC said the accused was running it with the collaboration of senior public servants in the Office of the Secretary to the Government of the Federation.

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But responding to our correspondent, the embattled executive director said, “Made in Nigeria Special Project Office is a project office in the OSGF. We don’t know where fake agency comes from. A programme that has been in the SGF’s office since 16 July 2010 was just discovered yesterday (Friday). After 16 years; Nigeria is a funny country.”

Nwabueze spoke while responding to our correspondent’s enquiries on LinkedIn, where he had earlier posted his appointment letter to rebuff ICPC’s claim of illegality.

The letter, dated October 3, 2025, was purportedly issued by the Office of the Secretary to the Government of the Federation.

It was referenced OSGF/MIN/59310/11/205 and signed by the Permanent Secretary, Political and Economic Affairs Office, Nadungu Gagare.

The letter, addressed to “Hon. George Buchi Nwabueze, National Coordinator, Made in Nigeria Project Office, OSGF, Three Arms Zone, Abuja,” conveyed the approval of his appointment as National Coordinator/Executive Director of the Made in Nigeria Project Office under the OSGF.

According to the document, the appointment was for a five-year tenure beginning from July 2025 and was renewable.

“I am directed to formally convey the approval of your appointment as National Coordinator/Executive Director of the Made in Nigeria Project Office under the Office of the Secretary to the Government of the Federation,” the letter stated.

It added that the appointment followed “a careful evaluation of your commitment, contribution, and capacity in delivering on the mandate of the Special Project Office.”

The document listed Nwabueze’s responsibilities to include the supervision and development of programmes, projects and policies; supervision of regional and state coordinators across the 36 states; and organisation of exhibitions, trade expos, economic summits and other promotional initiatives aimed at promoting indigenous products and services.

It further stated that the project was to operate temporarily from Room B53, Ground Floor, within the OSGF complex.

“Please note that this appointment is at the pleasure of the Secretary to the Government of the Federation, and in line with the objectives of the Made in Nigeria initiative under the Renewed Hope Agenda,” the letter said.

Efforts  to engage Nwabueze further on the matter proved abortive as he declined response.

Special status request

Also, another document shared on Saturday on Linkedin by Nwabueze showed that his office sought to be granted the status of a Special Project.

The document, dated April 17, 2025, was signed by the Permanent Secretary, Political and Economic Affairs Office, Gagare, and addressed to the Secretary to the Government of the Federation.

It was referenced PS-PEAO/2025/008/4.

The document, titled, ‘A proposal for the Made-in-Nigeria Project to be granted Special Project status’, stated that the initiative had been operating for about five years and had promoted Nigerian-made products and services locally and internationally.

It claimed that the project had organised economic forums and trade exhibitions in several parts of the world and contributed positively to the Nigerian economy, particularly in the area of foreign direct investment.

The document listed increased employment opportunities, economic growth and poverty reduction among the expected benefits of granting the project special status.

According to the proposal, the initiative would also contribute to Gross Domestic Product growth by supporting local industries and encouraging domestic production.

It further stated that the project would reduce importation by encouraging Nigerians to consume locally made products, thereby reducing dependence on imported goods, conserving foreign exchange and improving the country’s trade balance.

The document added that the initiative aligned with the Federal Government’s efforts to diversify the economy, reduce dependence on crude oil and promote the non-oil sector.

The Permanent Secretary subsequently invited the SGF to note that granting the project special status would enhance its credibility and performance and enable it to meet its mandate and responsibilities.

However, the proposal made clear that the activities of the project were to be reviewed and operational modalities developed.

A fake agency?

The ICPC chairman, Dr Musa Aliyu, SAN, had identified the National Brands Development and Made-in-Nigeria Special Project Office as one of the outfits uncovered during the commission’s investigation into the alleged fictitious Presidential Foreign Intervention Promotion Council.

Aliyu, while briefing State House correspondents in Abuja, said investigators discovered the office while probing the PFIPC and what he described as procedural weaknesses within the public service.

According to him, the office had been allocated space within the OSGF premises without presidential authorisation.

He identified the promoter of the outfit as Prince George Buchi Nwabueze, alleging that he operated under different variations of his name and had the backing of some senior public servants in the OSGF.

The ICPC had described the outfit as part of the structures uncovered during its investigation into the alleged PFIPC.

However, documents released by Nwabueze appear intended to challenge the allegation that the project office had no official backing.

One of the reports shared on the LinkedIn page of the organisation documented a stakeholders’ engagement in Nasarawa State involving Governor Abdullahi Sule.

In the report, the governor was heard saying the state had domesticated the Federal Government’s Made-in-Nigeria initiative and captured it in its 2026 budget.

“For us in Nasarawa State, we have since domesticated this initiative of the Federal Government in our solemn commitment to promote local contents and have value for resources abound in our dear state,” Sule was quoted as saying.

“I’m happy to inform you that we did not only domesticate this project, but we also accord special attention to its operationalisation by including it in our 2026 budget,” he added.

The report also quoted the National Coordinator of the Made in Nigeria Project as saying the initiative was domiciled in the OSGF and was responsible for promoting the national brand.

Nwabueze was further heard saying the decision had been taken to locate a National Brand Processing and Packaging Centre in Nasarawa State.

The organisation’s website also identified “Nwabueze George” as “Executive Director, National Coordinator,” linking the position to the person named in the ICPC investigation.

Checks on the organisation’s website showed a structure featuring national, zonal and state coordinators.

At the national level, the organisation listed Dr Bassey B. Unaowo as Special Assistant to the Permanent Secretary on Political and Economic Affairs in the OSGF, while Dr Hajara Njidda Amoni was listed as Director, National Administration.

The organisation also listed zonal directors and coordinators across several states.

It maintained social media accounts on platforms including Instagram, Facebook, X and LinkedIn under the handle “@pmainpro.”

Office shut for months, says OSGF official

However, a staff member of the OSGF told Sunday PUNCH that the office had been shut for months.

“It was not operating as an agency but I know was under investigation… The office was shut months ago,” the source said.

The development leaves questions over the status of the project office, particularly the conflicting claims over its authorisation and relationship with the OSGF.

While the ICPC maintains that the office was illegally allocated space within the OSGF without presidential authorisation, documents released by Nwabueze show an appointment letter purportedly issued by the OSGF formally appointing him to head the project office.

The OSGF spokesman, Christopher Ugwuegbulam, when contacted, asked our correspondent to write a letter to his office before a response could be obtained.

Efforts to reach the ICPC spokesman, John Odey, proved abortive as of the time of filing the report, as calls to his number indicated that it was not reachable.

Sunday PUNCH gathered that the police had yet to be officially briefed about the suspect.

Credible sources in the police force told our correspondent that a manhunt would only be launched after a formal briefing on the matter. (Sunday PUNCH)

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‘How fake federal agency tricked us’ – Anambra govt

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Anambra Governor, Chukwuma Soludo
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Details have emerged on how the Anambra State government got involved with the fake federal agency domiciled in the office of the Secretary to the Government of the Federation, SGF.

The agency was said to be planning to organize a Made in Nigeria fair in the state after the Secretary to the State Government, SSG, Mrs Chiamaka Nnake, was made the focal person for Anambra State.

However, following the discovery by the ICPC that the agency is fake, the Anambra SSG lamented that the agency tricked the state government into hosting its maiden Made in Nigeria fair in Anambra in December.

In a statement titled, ‘CLARIFICATION ON THE “MADE-IN-NIGERIA AGENCY AND MY ROLE AS STATE FOCAL PERSON, Nnake said: “I wish to clarify the circumstances surrounding the trending news concerning the purported “Made-in-Nigeria Agency,” in which my photograph has been displayed and I have been identified as one of the state coordinators.

“In January 2026, the Governor received a letter from the Made-in-Nigeria Office, said to be under the Office of the Secretary to the Government of the Federation, requesting the nomination of a State Focal Person. In response, the Governor, in February 2026, nominated me as the State Focal Person for Anambra State.

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“Following the nominations, Focal Persons from the 36 states have been in a WhatsApp group engaging on issues relating to the activities of the office.

“More recently, the same office wrote to the State requesting that Anambra host the South East Made-in-Nigeria Fair. The request was approved, and an inaugural meeting was held about two weeks ago, with the National Coordinator in attendance.

“Since then, the State Committee has been working on preparations for the Fair, which is scheduled to take place from 2nd – 5th December 2026.

“Beyond these official interactions and engagements, I have no knowledge of, involvement in, or connection with any other activities, claims, or developments attributed to the said office.

“I therefore wish to make it clear that anything beyond the above-mentioned official interactions is entirely outside my knowledge and involvement”.

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Atiku breaks silence on FBI’s refusal to make Tinubu records public

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‘Who is in charge of Nigeria presently?’, Atiku queries Tinubu, Shettima’s absence
Atiku and Tinubu
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Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has reacted to the United States Federal Bureau of Investigation’s refusal to publicly release certain records relating to President Bola Tinubu, arguing that citing “danger to lives” cannot justify withholding potentially disclosable information from public scrutiny.

The FBI had filed a motion seeking permission to submit ex parte and in camera declarations explaining why it withheld some investigative records concerning allegations of drug trafficking involving Tinubu.

In an application dated August 20, the agency told the US District Court for the District of Columbia that it could not publicly disclose all the reasons for withholding certain records, hence its request to make the declarations privately before the court.

Reacting in a statement issued on Saturday in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned the FBI’s justification for secrecy, arguing that Nigerians were already bearing the consequences of the government’s economic policies.

“The FBI says disclosure could endanger lives. Which lives? Nigerians are already dying,” he said.

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Atiku linked the hardship to the removal of fuel subsidy, arguing that the policy had triggered increases in transportation costs, food prices and production expenses while putting pressure on jobs and household incomes.

“Fuel affects transportation. Transportation affects food prices. Energy affects production. Production affects jobs. All of them determine whether an ordinary Nigerian family can survive until the end of the month,” he said.

The former Vice President also reiterated his pledge to reverse the fuel subsidy removal if elected, describing his proposed approach as one that would be accountable and protected against abuse.

On the FBI records, Atiku said he was not demanding the release of sensitive information that could compromise investigations, including the identities of undercover agents, confidential sources or investigative techniques.

“Protect your agents. Protect your sources. Protect legitimate investigative methods. Redact whatever American law genuinely requires you to redact. But do not stretch those protections until they become a bulletproof vest for Tinubu,” he said.

Atiku described his position as a democratic appeal rather than an attempt to interfere in Nigeria’s internal affairs, insisting that Nigerians had a right to know the background and character of the person leading the country. (Saturday Tribune)

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