Headlines
CBN may ‘tweak’ new cash withdrawal limits, says Emefiele

ABUJA-Central Bank of Nigeria, CBN, Governor, Mr. Godwin Emefiele, yesterday, said that the apex bank would consider tweaking the new weekly cash withdrawal limits of N100,000 and N500,000 for individuals and corporate bank customers.
Emefiele, who addressed State House correspondents after meeting behind closed-doors with President Muhammadu Buhari in Daura, Katsina State, assured that the apex bank would not be rigid on the policy as it was not meant to hurt anybody but to strengthen the nation’s economy.
Emefiele also hinted that over N1 trillion worth of old notes had been deposited by bank customers, adding that the CBN has distributed the new N200, N500, and N1,000 notes to banks for disbursement to their customers, ahead of the December 15, earlier scheduled for circulation of the new notes.
New Cash Withdrawal Limits
Recall that CBN had on Tuesday unveiled a revised cash withdrawal limit with a maximum of N100,000 cash withdrawal per week for individuals and N500,000 cash per week for corporate bodies.
Responding to the reactions to the new limits, Emefiele explained that more and more countries embracing digitization have gone cashless and that the policy was not targeted at anybody,
Emefiele, who said he visited Daura to greet Mr. President and brief him on what was happening in the CBN and the economy, revealed that President Buhari “Was happy and said, we should carry on with our work, no need to fear, no need to bother about anybody.”
He said that the new policy of the apex bank was for the good and development of the Nigerian economy, adding, “We can only continue to appeal to Nigerians to please see this policy the way we have presented it.”
On the pushback from the Senate, he said, “Well, the Senate is the National Assembly, they are the legislative arm of the government and from time to time, we brief them about what is happening and about our policies and I’m aware that they have asked for some briefings and we will brief them.
“But I think it’s important for me to say that the cashless policy started in 2012. But on almost three to four occasions, we had to step down the policy because we felt that there was need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.
“Between 2012 and now 2022, that is almost about 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria.
Agent Banks
“We heard people talk about some of the people in the rural areas and the truth is that even online banking, as I was coming out to Daura, I saw a kiosk that had a super agent today. It’s because of the way we felt that there was a need for us to deepen the payment system infrastructure. We have 1.4 million super agents that are all over different parts of the country, all local governments, and all villages in this country.
“And I have told my colleagues, some of their names are already on the CBN website and we will publish all the names of all the super agents. And super agents are different from the banks and microfinance banks, which is different from other financial institutions. Having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services.
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“We think, Nigeria as a big country, the biggest economy in Africa that we need to leapfrog into the cashless economy. We cannot continue to allow a situation where over 85 per cent of the cash that is in circulation is outside the bank. More and more countries that are embracing digitization have gone cashless.
“I said it at different fora, that this is not targeted at anybody, it is meant for the good and development of the Nigerian economy and we can only continue to appeal to Nigerians to please see this policy the way we have presented it.
“We will be reviewing from time to time, how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse it, it is not to say that we will change the timing, but whether it is about tweaking some amount to be a little bit higher or a little bit lower, and all the rest of them.
“We will do so because we are humans, we want to make sure that we are making life good for our people. We do not want to make life difficult for them. So, there is no need for anybody to worry. The CBN is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.”
New Naira notes distribution
On distribution of the redesigned naira notes, Emefiele said: “There are so many things happening, issues bordering on the new currency and the fact that only on Wednesday, the new currency has now reached the banks and we expect that the banks will now begin to distribute those currencies to their customers.
“I can only assure you that it will go round, let us just be calm, luckily the old currency continued to be legal tender till January 31, 2023. So, I want to crack a joke, both the painted (new notes) and unpainted (old notes) will operate concurrently as a legal tender. But by January 31, the unpainted one will not be useful to you again, so please take it to your bank as quickly as possible,” he added.
N1trn old notes deposited
On the amount of the old notes, the CBN has been able to get back to the vaults, he said: “At the Central Bank, we have taken in over half a trillion and with the banks, we also have close to half a trillion. But what we have done in the Central Bank is to move more people from different departments into currency processing, so that they can process this cash as quickly as possible and from there, banks can now move what they have with them.”
Headlines
NNPC Foundation Trains Over 3,000 Southwest Farmers in Climate-Smart Agriculture

In a bid to promote food security and sustainable agricultural practices, the NNPC Foundation has successfully trained more than 3,000 farmers in the South-West geopolitical zone on climate-smart and modern farming techniques.
The training, which concluded on Friday in Ikorodu, Lagos, marked the end of the Southwest phase of the foundation’s pilot programme aimed at empowering local farmers and boosting agro-productivity.
Speaking at the closing ceremony, Managing Director of the NNPC Foundation, Mrs. Emmanuella Arukwe, described the initiative as a milestone in the lives of thousands of farmers.
“Today marks the formal conclusion of the first phase of a national journey that speaks to resilience, food security, and economic empowerment,” Arukwe said.
“What began as a bold decision to support small holder farmers has translated into tangible action across three geopolitical zones (South-East, South-South, and South-West) in Southern Nigeria.”
She disclosed that a total of 3,860 vulnerable farmers across 10 locations in the three regions were trained in sustainable farming practices that improve productivity and market access.
“This achievement is not just a number, but a milestone in the lives of real people and real communities. We were able to strengthen farmers’ capacity to adapt to climate change,” she added.
“Through the training, we were able to improve access to markets, promote inclusive agriculture and especially gender representation. We also trained them on enhancing food production through sustainable techniques.”
Arukwe noted that the programme would now move to the North-West, North-Central, and North-East zones as part of its next phase, saying the foundation is committed to supporting livelihoods nationwide.
“This is only Phase One. We will now turn our focus to the North-West, North-Central, and North-East zones. What we have achieved in the South will inform and strengthen our next steps,” she said.
“The NNPC Foundation will continue this mission, to support livelihoods, build resilience, and empower the hands that feed our families and beyond.
We have decided that most times you get a lot of requests from people asking us to give them palliatives and all kinds of things to help them.
But we think it is much better to teach people to fish than just give them fish so they can continue,” Arukwe explained.
Chairman of Ikorodu Local Government, Mr. Wasiu Adesina, while commending the initiative, urged the beneficiaries to apply the knowledge gained to boost productivity and profitability.
“As we all know, agriculture is the bedrock of any nation. Without agriculture, there will not be a nation, because there will be no food to eat,” Adesina stated.
“It is the farmers that produce our food, and it is important that we train our farmers with new techniques in agriculture, and that is exactly what the NNPC Foundation is doing.
“To the farmers, you have to take advantage of this training and face the farming squarely. In some great countries like the United States and the United Kingdom, farmers are the most richest people in those countries.
“This is because they make a lot of money from farming. We need to inculcate that habit in Nigeria and develop ideas in farming. Even after my tenure, I am going back to farming, so, maybe I will ask the NNPC Foundation to train me so that I also join you to be a farmer.”
He appealed to the foundation to provide further empowerment for the trained farmers to help them kickstart their agricultural ventures.
“If the farmers have land for farming, I believe the foundation will provide financial aid to keep their farms running,” Adesina added.
Also speaking at the event, the Lagos State Commissioner for Agriculture and Food Systems, Ms. Abisola Olusanya, represented by the Director of Fisheries, Mrs. Osunkoya Daisi, lauded the Foundation’s efforts in bolstering the state’s food security.
“On behalf of the Lagos State Government, we would like to express our sincere appreciation to NNPC Foundation for training our farmers and for training all the farmers all over the country,” she said.
“Definitely, the training will help improve food production. We can see the impact of climate change effects in agriculture. I am sure farmers have been equipped with climate-smart agriculture techniques to improve production.”
The NNPC Foundation Ltd/Gte is the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company (NNPC) Limited. It was incorporated in February 2023 to manage the company’s CSR initiatives and enhance Nigeria’s socio-economic development.
Education
NUC grants ESUT full accreditation for Law, 7 other programmes

The National Universities Commission, (NUC), has given full accreditation to the Enugu State University of Science and Technology (ESUT), for her Law programme.
According to the Public Relations Officer of ESUT, Mr Ikechukwu Ani, this is contained in a letter addressed to the institution’s Vice Chancellor, Prof. Aloysius Okolie, on Wednesday in Enugu by the NUC.
Ani said that in the letter, the Executive Secretary of NUC, Prof. Abdullahi Ribadu said the report was contained in the result of the October/November 2024 accreditation of academic programmes in Nigerian universities.
Ani disclosed that other programmes in the institution accredited by the NUC include Master of Science in Business Management; Education Computer Science; Education Physics and Agricultural Engineering.
Other accredited programmes he said were Quantity Surveying; Urban and Regional Planning; and Applied Microbiology.
He said that the letter quoted Section 10 (1) of the Education National Minimum Standard and Establishment of Institutions, Act CAP E3, Laws of the Federation of Nigeria 2004 as empowering the NUC to lay down minimum academic standards for all academic programmes taught in Nigerian universities.
He said the session also empowers the NUC to accredit such programmes.
Crime
Court remands 2 over alleged attempted murder

An Ikeja Magistrates’ Court, Lagos, on Wednesday, remanded two persons, Olaitan Fasasi and Kehinde Tobiloba in a correctional facility over alleged attempted murder.
Fasasi, 40, and Tobiloba, 26, whose addresses were not provided, are being charged with conspiracy, attempted murder and membership of a secret society.
The Magistrate, Mr L.A Owolabi, did not take the plea of the defendants for want of jurisdiction.
Owolabi directed the police to forward the case file to the Director of Public Prosecution for legal advice.
He thereafter adjourned the case until May 31 for mention.
The Prosecutor, Josephine Ikhayere, told the court that the defendants committed the offences at about 5.02p.m on Feb. 15, at Mushin, Lagos.
She said that Fasasi, Tobiloba and others now at large, attempted to commit murder by shooting at a resident, Alfred Ademola.
“They armed themselves with a locally made gun. They belong to Eiye Confraternity, a group proscribed by law,”, she said.
Ikhayere said that the offences contravened Sections 230(1) and 411 of the Criminal Law of Lagos State, 2012.
He said that the actions of the defendants also contravened Section 2(3)(a)(b)(c)(d) of the unlawful societies and Cultism Law of Lagos State Law.
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