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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

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.

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“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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Protests rock Oyo over abduction of students, teachers by terrorists

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Members of the Take-It-Back Movement on Monday staged a protest at Mokola Roundabout in Ibadan, Oyo State, over the kidnapping of students and teachers by terrorists in the Oriire Local Government Area.

Some of the protesters were seen carrying placards with different inscriptions while expressing outrage at the worsening insecurity in the state which they said is affecting residents, farmers, traders and students.

Some of the placards read, “Security for all, not for a few,” “Government must end kidnapping in Oyo State,” “We demand safer roads and communities,” “Protect farmers, traders and students,” and “Peace, security and justice.”

Speaking during the protest, one of the protesters said Nigerians were becoming increasingly frustrated by the persistent security challenges confronting the country.

“Let them know that the people of Nigeria are not at peace. Let them know that the people of Oyo State are not smiling. Let them know that the Nigerian people are fed up with insecurity,” the protester said.

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The protest comes amid the growing outrage over the continued stay of the victims in the terrorists camp two weeks after they were kidnapped from their schools in the Ahoro-Esiele community of Oriire Local Government Area.

The protesters, who converged on the busy junction in the state capital, called on the government and security agencies to intensify efforts to secure the release of the victims and address the rising cases of kidnapping across Oyo State.

Governor Seyi Makinde had visited the community on Saturday assuring the families of the victims that his administration will take all the necessary steps within the law to secure their release from the terrorists’ den.

Makinde gave the assurance during a visit to Ahoro-Esiele community, where he met with affected families, community leaders, and residents at the open field of L.A. Basic School.

Speaking at the meeting, the governor said the state government shared the pain and concerns of the families and remained fully committed to ensuring the victims’ safe return.

“I understand the pain and anxiety that many of you are experiencing at this moment. As your government, we share your concerns, and we are fully committed to securing the safe return of our children and their teachers,” he said.

On Sunday, a delegation of the federal government of Nigerian led by the Chief of Staff to the president, Femi Gbajabiamila visited the community to assess the situation and speak with families and community members.

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Faleke hosts Yahaya Bello in Lagos, throws support for former Governor’s Senatorial ambition

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Member representing Ikeja Federal Constituency in the House of Representatives, Rt. Hon. James Abiodun Faleke, on Sunday hosted former Kogi State Governor, Alhaji Yahaya Bello, CON, at his residence in Ikeja, Lagos, where both leaders emphasized political unity, reconciliation, and continued development.

Bello, accompanied by members of his entourage, was warmly received by Faleke and his family during the courtesy visit, which provided an opportunity for both politicians to reflect on leadership, governance, and the future of Kogi State.

Speaking during the visit, Faleke expressed appreciation to the former governor for the gesture, describing it as a demonstration of brotherhood and mutual respect.

He recalled that Bello had previously paid him a similar visit in Abuja, noting that such engagements help strengthen political relationships and foster unity among leaders.

“I want to thank you for finding time to visit us, rejoice with us, and dine with my family. This is not the first time you have shown such goodwill. Your visits demonstrate the importance of maintaining strong bonds of friendship and mutual respect,” Faleke said.

The lawmaker commended Bello’s record as governor of Kogi State, expressing confidence that his achievements in office would serve as a strong foundation for his senatorial ambition.

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“As we prepare for the campaign season, I want to wish you success. Your achievements will continue to speak for you. The people can see the impact of your leadership and the difference you made while serving as governor,” he said.

Faleke added that Bello’s performance in office had earned him substantial goodwill among the electorate and expressed optimism about his prospects in the forthcoming election.

He also praised Kogi State Governor, Alhaji Ahmed Usman Ododo, for sustaining governance and development initiatives in the state.

“I have commended Governor Ododo both privately and publicly. He is doing very well, and I wish him continued success in serving the people of Kogi State,” Faleke stated.

Reflecting on political reconciliation, the lawmaker stressed that politics should not be treated as a do-or-die affair, noting that former rivals often find common ground in the interest of peace and development.

“In politics, the impossible can become possible. People who were once perceived as opponents can become allies. Life is too short for unnecessary political divisions. We should focus on unity and collective progress,” he said.

Faleke also described Lagos as a welcoming and accommodating state where individuals are judged by their contributions rather than their ethnic or regional backgrounds.

“Lagos appreciates people who mean well. The state welcomes everyone and rewards hard work, dedication, and good intentions regardless of where they come from,” he added.

Responding, Bello thanked Faleke and his family for the warm reception and hospitality extended to him and his entourage.

The former governor commended Faleke’s leadership qualities and contributions to public service, describing him as one of the political leaders who embody the values and leadership philosophy of President Bola Ahmed Tinubu.

“I am proud of you and your accomplishments. Through the mentorship and teachings of President Bola Ahmed Tinubu, we have leaders like you who continue to make meaningful contributions to governance and nation-building,” Bello said.

He emphasized the importance of unity in advancing development, stressing that political leaders must continue working together in the interest of their people.

“Whatever we seek to achieve for our state and our people becomes easier when we are united. We must continue to work together for progress, development, and the overall good of our communities,” he said.

Bello also expressed appreciation to Faleke’s family for the hospitality shown during the visit, describing the engagement as an opportunity to further strengthen ties among political leaders committed to national development.

The meeting comes amid increasing political consultations ahead of the 2027 general elections, with both leaders reaffirming the importance of unity, reconciliation, and service to the people.

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Nigerian Catholic priest convicted in US for sexually assaulting women under spiritual care

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Anthony Odiong
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A jury in Texas, United States, has convicted Nigerian-born Roman Catholic priest, Anthony Odiong, of sexually assaulting women who were under his spiritual care.

Odiong, 57, was found guilty of one count of first-degree sexual assault and two counts of second-degree sexual assault following a trial in Waco, Texas.

The verdict was delivered on Friday after approximately two hours of deliberation by a jury comprising eight women and four men.

During the trial, two women testified that the priest exploited his position as a spiritual leader to manipulate and pressure them into sexual relationships.

Prosecutors argued that Odiong abused the trust placed in him by women who sought spiritual guidance during emotionally difficult periods of their lives.

One of the complainants, identified in court documents as Mary Doe, told the court that Odiong initiated a sexual relationship with her while counselling her through a divorce. She further testified that her son once discovered them during a sexual encounter at her residence.

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Another woman, identified as Jane Doe, alleged that the priest pressured her into sexual acts under the guise of providing spiritual direction.

The case gained wider attention following a 2024 investigation by The Guardian, which detailed allegations of sexual misconduct and coercion against Odiong during his ministry in Texas and Louisiana.

Prosecutors said the report encouraged one of the victims to approach law enforcement authorities with additional allegations.

Investigators later gathered further evidence, including DNA evidence linked to a child reportedly fathered by the priest during his time in Louisiana.

Odiong, a naturalised U.S. citizen ordained in Nigeria in 1993, served in several Catholic parishes across Texas and Louisiana.

Authorities noted that he was suspended from active ministry in 2019 following earlier misconduct allegations.

Although the priest pleaded not guilty and his legal team maintained that the relationships were consensual, prosecutors successfully argued that he had abused his clerical authority and influence over vulnerable women.

Sentencing is scheduled to begin on Monday, with Odiong facing the possibility of life imprisonment on the first-degree sexual assault conviction.

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