Facts

Micro Finance banks in Nigeria have been called upon to put mechanisms in place to protect customers from negative tendencies by credit officers. This call was made by some customers in Ibadan, Oyo state, Nigeria, while recounting their experiences in recent times. ''These credit officers have for long engaged in unethical practices, such as collecting daily contributions and not remitting the same to their employers. We want to be sure that our daily contributions arrive safely at the vaults of our micro-finance banks. Most of us you see here have gone through harrowing experiences with those who collect our daily contributions. The management of the bank should put measures in place to ensure our daily contributions get to them and ensure the safety of our deposits, ''they advised. However, the Head of Credit of Apex Trust Micro-Finance Bank in Ibadan, Mr. Kunle Olagunju advised customers of the micro-finance bank who have complaints to visit its offices to lodge ...

Banks in Nigeria have now opted for electricity/DSTV bills, community security payment receipts and building plans as means of identification of their customers rather than the National Identification Number(NIN). Customers argue that this has defeated the Federal Government's original purpose of introducing the NIN, while the Central Bank of Nigeria(CBN) seems to have lost a firm grip on the banks. This action of the banks coupled with a number of unwholesome practices have made it impossible for Nigerians to salvage their money from the affected banks. Just last week, a customer with Access bank account No.-9993577288 was shocked when he was told by the customer service officers in the three branches of the bank he visited-Agodi/UCH 1 AND 2, Challenge, Ibadan, Nigeria, that he would need to present the latest electricity or DSTV bill or community security payment receipt for documentation for him to withdraw money from his account. As a result of this development and the issue...

The hitches trailing the introduction of the new Naira notes in Nigeria has exposed the lack of devotion to duty by certain government officials and the dubious attitude of staff of some banks. This assertion was made on Monday by a former chairman of the Oyo state council of the Trade Union Congress(TUC), Comrade Andrew Emelieze. ''The Naira redesign is an indictment on certain officials of government who have not been diligent in their duties and a number of staff in banks who are duboius and questionable. As a matter of fact, Nigerians are now in great doubt of the real motive behind the Naira redesign. The apex bank should not be used to achieve sinister motives, it could be counter productive'', Comrade Emelieze stated.

The Central Bank of Nigeria(CBN) has insisted that the January 31st deadline for the invalidation of the old naria notes remains unchanged. However, the Federal House of Representatives and the Senate want the apex bank to extend the deadline to 30th June, for the benefit of millions of Nigerians. Interestingly, a sizable number of Nigerians who have handled the new notes have expressed disappointment and dissatisfaction with the quality of the new notes compared to the old ones. In his reaction, the Founder, Spiritual Head and Grand Imam of Shafasudeen-in-Islam worldwide, Prof. Sabitu OlagokeJP, opines that the deadline for the withdrawal of the 200, 500 and 1,000 Naira notes is in order, but warns that this could result in negative consequences. Excerpts: What is your reaction to the insistence of the CBN that the January 31st deadline remains unchanged for the invalidation of the old naira notes? First and foremost, we should not lose sight of the purpose of the introduction of the...

The Central Bank of Nigeria(CBN) is set to change the design of the 200, 500, and 1,00 Naira notes, months before the 2023 general elections. Interestingly, those who call the shots insist that the change is long overdue, although the Minister of Finance, Zainab Ahmed argues that the government of the day was not carried along. The question now is, Why did it take so long for this change since 2015? So far, the CBN has destroyed 6 Trillion Naira-bank notes- this dispensation. Indeed, a lot is wrong about national security, the economy, and socio-political space; while abnormalities persist. The suggestion is that the government of the day is pushing forward face-saving strategies to becloud the sensibilities of worried Nigerians who are conscious of the nightmarish journey presently. Of worry, is the uncertainty that trails the statement of Those-in-Charge, with particular reference to the transition of the government of the day in 2023, although the action and inaction of the po...

Mixed feelings have continued to trail the announcement by the Governor of the Central Bank of Nigeria(CBN) Mr. Godwin Emefiele that the 200, 500 and 1, 000 Naira notes would be redesigned. A sizable number of Nigerians believe that the action of the apex bank has a hidden motive, considering the fact that the head was once a presidential aspirant of the ruling party. Others however argue that the action would sanitize the monetary system in the country. In this piece, Prof. Olagoke warns of the consequences. Excerpt : To start with, the reasons given by the Governor of the Central Bank of Nigeria for the redesigning of the 200, 500, and 1,000 Naira notes must be assessed and evaluated based on present realities. The word redesign becomes an issue because it would involve changes that may not likely go down well with our ethnic, tribal, and religious persuasions. Since it had the approval of the presidency various considerations must have been put in place to allay the fears o...