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Banks supplying currency hawkers mint naira notes will pay N150m fine – CBN warns

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The Central Bank of Nigeria (CBN) has issued a strong warning to banks involved in the illegal circulation of newly minted naira notes.

The apex bank stated that any financial institution found facilitating the illicit flow of mint naira notes will face a hefty fine of N150 million per branch.

In a circular signed by Solaja Olayemi, the acting director of the CBN’s Currency Operations Department, the regulator expressed deep concern over the diversion of freshly minted banknotes to currency hawkers and other unscrupulous economic agents.

This illegal practice, according to the CBN, disrupts the effective distribution of cash to bank customers and the public at large.

The CBN outlined measures to combat this issue, including intensifying spot checks at banking halls, automated teller machines (ATMs), and mystery shopping across identified currency hawking locations. These efforts aim to monitor and ensure that banks are not disbursing new naira notes to unauthorized individuals.

The circular made it clear that any deposit money bank or financial institution involved in facilitating the illicit flow of mint naira notes would face a fine of N150 million per erring branch. In cases of repeat offenses, the CBN will apply the full extent of the relevant provisions under the Banking and Other Financial Institutions Act (BOFIA) 2020.

“In this regard, any erring deposit money banks or financial institutions that is culpable of facilitating, aiding or abetting, by direct actions or inactions, illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes, shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch and at later instances apply the full weight of relevant provisions of BOFIA 2020,” the circular reads.

Additionally, the CBN urged banks to enhance their internal controls, particularly regarding their cash management systems at branches and during teller operations. The bank also reiterated its call for improved efficiency in cash disbursement, reminding financial institutions of its earlier directive on November 15, which prioritizes ATM cash withdrawals.

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Furthermore, the CBN warned that banks engaging in cash hoarding, diversion, or any other actions that impede the proper distribution of currency, including violations of the Clean Note Policy, will face severe penalties.

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70-yr-old man, his daughter beheaded over land dispute in Delta

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Tragedy struck in the Amai community, Ukwuani Local Government Area of Delta State, as a 70-year-old man, Mr Aghanti, and his 50-year-old daughter, Mrs Atagoshi, were reportedly beheaded over a land dispute.

The gruesome incident occurred after the suspect allegedly lured the victims into the bush under the pretext of discussing the land issue.

Their headless bodies were later discovered in the bush.

Reports said the woman, a secondary school teacher, had earlier purchased a piece of land in the community, which some individuals subsequently claimed.

Confirming the incident, the Police Public Relations Officer in the state, DSP Bright Edafe, revealed that the assailant invited the victims to the bush, where the heinous crime was committed.

Edafe said, “The suspect called the woman, saying he wanted to discuss the land issue. He then took her and her father into the bush, killed them, and beheaded them.

“On the same day, vigilantes apprehended one Emeke with two human heads. He was mobbed and set ablaze by angry residents. Upon inspection, it was discovered that the human heads belonged to the father and daughter.

“Their headless bodies were found in the bush.”

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Edafe added that the main suspect is currently on the run, while efforts are ongoing to apprehend him.

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Petrol tanker explosion claims 50 lives in Niger

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No fewer than 50 persons lost their lives in a petrol tanker explosion on Saturday.

The incident happened on the Dikko-Maje road opposite Badeggi fuelling station in Suleja Local Government Area of Niger.

Federal Road Safety Commander (FRSC) in Niger State, Mr Kumar Tsukwam, confirmed this to the News Agency of Nigeria (NAN) in Minna.

He said a loaded petrol tanker fell at the scene of the incident with people scooping the spilling fuel, unaware of the impending danger.

Tsukwam said those who went to scoop fuel were engulfed by the flames just as those who went to rescue them were also affected.

He said more than 50 people lost their lives in the tragic incident.

Tsukwam, however, gave an assurance that personnel of the corps and other sister agencies were on ground for the rescue mission.

Tsukwam confirmed that his men were on the scene, working tirelessly to rescue those trapped.

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Similarly, Alhaji Abdullahi Baba-Arah, Director General of the Niger State Emergency Management Agency (NSEMA), said the explosion occurred at about 9.am on Saturday.

He said the incident happened when a tanker loaded with Premium Motor Spirit (PMS) crashed, and an attempt was made to transfer its contents to another tanker.

In the process, the PMS came into contact with a generator used to effect the transfer, triggering an explosion that claimed more than 50 lives.

He added that many other persons were injured, while properties worth millions of Naira were destroyed.

Baba-Arah said NSEMA, in collaboration with the National Emergency Management Agency (NEMA), Suleja LGA Emergency Committee and volunteers, were carrying out search, rescue and recovery operations.

He said the injured have been moved to the hospital for treatment while efforts eere being made to recover the corpses of the deceased.

NAN reports that more details are expected as the response operation is still ongoing.

He urged residents of the area to remain calm and cooperate with emergency responders as they work to mitigate the effects of the disaster.

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Former Miss Nigeria dies in London

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Former Miss Nigeria, Edna Ibru
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Ex-Miss Nigeria and former First Lady of Delta State, Mrs Edna Ibru (nee Park) is dead.

Edna Ibru, wife of Olorogun Felix Ibru, the first civilian Governor of Delta State between 1991 and 1992, died in her 80s on Wednesday, in a London hospital after a brief illness.

The deceased, who was Miss Nigeria 1964, and the first Nigerian/African to represent Nigeria at Miss Universe, had two children for Ibru.

The Ibru family of Agbarha-Otor Kingdom in Delta State confirmed the death of the former first lady in a statement issued by her son, Dr Paul Ibru, copies of which were made available to journalists in Warri on Saturday.

“Our amazing mother passed onto glory on Wednesday 15, January 2025 after a brief illness”, the statement partly read.

It continued, “Until her death, she was full of life and we never expected her to leave us so soon but we cannot question the will of God in her precious life.

“She was a lover of people, a mediator, a mother to many, outrageously humorous, deeply caring, down to earth, full of stories all of the time, and we will miss her very dearly.”

Paul added that arrangements for her burial would be announced by the family later.

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