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The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.
The development comes six days before the suspension date initially fixed, expires.
On May 1, banks resumed the collection of processing fees on cash deposits.
Six days later, CBN suspended charges on the deposits until September 30.
However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.
“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.
“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”
CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.
The Lagos State Police Command has summoned four of its officers to account for their alleged involvement in the extortion of N1 million from some National Youth Service Corps members.
In a Twitter post shared late Thursday, a user tweeting as #YemieFash, identified as Olúyẹmí Fásípè, revealed the incident.
Fásípè stated that the corps members were threatened by the officers and later taken to the Kafaru Oluwole Tinubu House, Area C Police Command, where they were “robbed.”
He added that one of the corps members had failed to present a hard copy of his driver’s licence, which allegedly prompted the extortion.
In a video seen by PUNCH Online, the driver is shown presenting some vehicle documents to one of the officers, who asked, “What of your driver’s licence?” The driver responded, “I’m renewing it.”
The officer then requested the renewal papers, which the driver could not present in hard copy. Subsequently, a man dressed in plain clothes, not immediately identifiable as a police officer, was seen removing the vehicle’s number plate, after which an argument ensued.
The corps members were then led to the police station, during which an accompanying officer ordered them not to use their mobile phones, warning that they would be required to write statements at the station if they did.
One of the officers informed the corps members that it was an offence of “impersonation” to wear only the NYSC cap without the full uniform.
Fásípè’s tweet read: “Dear #BenHundeyin, your officers today in Surulere extorted one million naira from three corps members. They were threatened with firearms, kidnapped, and taken to the Kafaru Oluwole Tinubu House, Area C Police Command of the #LagosPoliceNG, where they were robbed. Their offence was not having a physical copy of a driver’s licence. This is evil!
“According to the victims, the officer in mufti is the one who collected the money (their boss).
“Ben, #BenHundeyin, here are the transaction receipts and a voice note of one of the victims explaining how the rogue officers extorted money from the three corps members.”
In response, the spokesperson for the state command, Benjamin Hundeyin, tweeting as #BenHundeyin, wrote on Friday: “The men have been summoned, and their trial has commenced. We urge the complainants to visit the Complaint Response Unit at the state headquarters to testify at the ongoing trial.”
The actions of the police officers have drawn widespread condemnation from netizens.
[Punch]
The Federal High Court sitting in Abuja, on Friday, okayed a suit seeking to compel the Federal Government to investigate alleged link between the Minister of State for Defence, Alhaji Bello Matawalle and the operation of bandits in Zamfara State.
Cited as 1st to 3rd defendants in the suit marked: FHC/ABJ/CS/1434/2024, which was brought before the court by a Zamfara state-based human rights activist, Abubakar Dahiru, are; President Bola Tinubu, the Attorney General of the Federation and Minister of Justice, as well as the Inspector General of Police.
Specifically, the plaintiff, through his counsel, Mr. Ojonimi Apeh, is praying the court to declare that “it is imperative for the 1st Defendant (Tinubu) herein to give directions to the 3rd Defendant (IGP) to investigate the activities of bandits and kidnappers in Zamfara state and in particular the allegations surrounding the Minister of State for Defence, Hon. Bello Matawalle in relation to banditry and kidnapping in Zamfara state with a view to securing and/or restoring public safety in Zamfara state.”
He further applied for, “an order of court mandating the 1st Defendant herein to direct the 3rd Defendant herein to investigate the activities of bandits and kidnappers in Zamfara State, and in particular the allegations surrounding the Minister of State, Defence Hon. Bello Matawalle in relation to banditry and kidnapping in Zamfara State with a view to securing and/or restoring public safety in Zamfara State.”
As well as, “a declaration that by the provisions of Section 215(3) and (4) of the Constitution of the Federal Republic of Nigeria 1999 as amended, and other relevant laws, the 1st Defendant herein either by himself or through such other Minister of the government of the Federation as he may authorize can give directions to the 3rd Defendant herein with respect to the maintenance and securing of public safety and public order in any part of the federation.”
The plaintiff, in a 22-paragraphed statement of claim he filed before the court, said there is presently high wave of armed banditry and kidnapping in Zamfara state, insisting that activities of hoodlums, “which started like a mustard seed in Zamfara state grew to an alarming and unprecedented proportion during the period between 2019 and 2023 when Hon. Bello Matawalle was the Governor of Zamfara state.”
“The Plaintiff avers that armed banditry and kidnapping have rendered thousands of the people of Zamfara orphans, widows, widowers, homeless, hungry, etc due to the activities of criminals who maim people, extort their monies, kill their loved ones and subject them to all manner of physical and emotional torture.
“The Plaintiff avers that he recently listened to the interview of Governor Dauda Lawal on TVC Television on 18th September 2024, wherein he publicly accused Hon. Bello Matawalle of involvement with kidnappers and bandits in Zamfara State.
“The Plaintiff avers that he has also read an online publication by Umoru Faruk Salifu in the 21st Century Chronicles online Newspaper of 22nd September 2024, where he accused Hon. Bello Matawalle of sponsoring bandits, buying vehicles for bandits, sabotaging efforts of law enforcement agents to curb banditry and kidnapping in North Western Nigeria, granting amnesty to terrorists, etc.
“The Plaintiff avers that he also read an article by Professor Abdussamad Umar Jibia wherein he chronicled series of allegations of Hon. Bello Matawalle’s involvement with banditry and kidnappings in Zamfara state.”
Among other claims, the Plaintiff, “avers that despite the open allegations as to the involvement of Hon. Bello Matawalle with banditry and kidnapping in Zamfara State, no efforts have been made by government to investigate him with a view to coming out with the truth or falsity of these allegations while the spate of banditry and kidnapping continue to reign in Zamfara State to the detriment of citizens.”
Meanwhile, the court is yet to fix a date for the matter to be heard.
The organizers of the scheduled October 1st nationwide protest have written to the Nigerian Police to seek for adequate security for their members.
This is contained in a statement jointly signed by the Education Rights Campaign (ERC), Movement for Fundamental Change (MFC), Youth Rights Campaign (YRC), Joint Action Front (JAF), and Pan-African Consciousness Renaissance (PACOR-Nigeria).
In a press briefing on Thursday, Hassan Soweto, national coordinator of the Education Rights Campaign (ERC), called on Nigerians to engage in peaceful protests against “anti-poor policies”.
The organizers noted that in Lagos, the protest will commence at Ikeja under bridge at 7:30am, with participants marching through various streets to raise awareness.
They also asked Olanrewaju Ishola, Lagos state commissioner of police, to provide adequate security for participants in line with the Police Establishment Act 2020.
“By this announcement, we inform the Commissioner of Police of our planned October action and remind the Police of their obligation under Section 83 (4) of the Police Establishment Act 2020 to provide adequate security for citizens participating in public meetings, rallies, and protests,” they said.
“This action serves as a warning and urgent cry for the Tinubu administration to address our demands immediately. If our demands are not met, more protests will follow the National Day of Survival.”
Giving reasons the protest must hold, the organizers opined: “We invite you on another journey to redeem our nation as we continue to stand against the anti-poor policies of this regime,” the statement reads.
“As is obvious to everyone, none of the demands of our ten days of rage in August has been met.
“Rather, President Bola Ahmed Tinubu simply went ahead to use our national treasury to procure luxury cars, aircraft, and other luxuries for himself and the first family without caring a hoot about the plea of hungry Nigerians.
“To show the absolute disdain that the Federal Government holds for the people, Tinubu has gone ahead to now unleash on the Nigerian another round of hike in fuel price earlier this month.
“As we speak, the price of fuel hovers between N900 per litre to N1900 per litre depending on which parts of the country you are.
“Meanwhile, less than two years ago, a liter of fuel did not cost more than N200 per litre. This is outrageous. This is intolerable. As a direct consequence of this increment, life has become unbearable for many Nigerian people.
“Many are starving as the increase in fuel price has also impacted food prices. Inflation has rendered the N70,000 new National Minimum Wage irrelevant and incapable of bringing any relief to Nigerian workers.
“At the same time, the sharp rise in the cost of imported goods has rendered traders and shopkeepers redundant as shops are overflowing with goods that no one is ready to buy.
“The situation has also affected businesses and industries. Nothing less than ten multinational firms have left the shores of Nigeria between May last year, leading to even more job losses.
“Based on the foregoing, we of the #EndBadGovernance Movement have decided to declare October 1st, 2024, as ‘National Day of Survival.
“On this day, we call on the Nigerian people, workers, students, youth, the unemployed, traders, and the poor to come out in peaceful protest and demonstrations against the excruciating condition of hardship, poverty, and hunger imposed on us by President Tinubu’s decision to implement IMF/World Bank-inspired anti-poor capitalist policies of fuel price hike, electricity tariff hike, school fees hike, and naira devaluation.
“We also call on the Nigerian people to utilize this day to demand with one voice the immediate and unconditional release of all #EndSARS and #EndBadGovernance protesters in police and prison custody, as well as freedom for detained journalists, whistleblowers, activists, and all victims of state repression.”
[STATE HOUSE PRESS RELEASE] President Tinubu Commiserates With Akwa Ibom Governor Over Passing Of Wife
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Commiserates With Akwa Ibom Governor Over Passing Of Wife](/media/k2/items/cache/622298ac1e588123e1d32d847e0fbab5_M.jpg)
President Bola Tinubu extends his heartfelt condolence to Governor Umo Eno of Akwa Ibom state on the shocking passing of his beloved wife, Pastor Patience Umo Eno.
On behalf of the Federal Government, the President commiserates with the Eno family, the government, and the people of Akwa Ibom state during this grim time.
The President joins them in mourning the painful and profound loss of the state's First Lady, who has supported Governor Eno's administration.
The President affirms that Patience Eno, as the wife to a visionary governor and an ordained gospel minister, embodied humility, resilience, and loyalty.
President Tinubu acknowledges that through her 'Golden Initiative for All,' she demonstrated her passion for serving the people and residents of Akwa Ibom state with love, honesty, and dedication, leaving a positive impact that will continue to inspire future generations.
He trusts that her selfless service to improve the lives of women, children, and the vulnerable will forever remain an important part of Akwa Ibom’s history, a legacy that will continue to inspire and be appreciated by future generations.
President Tinubu commits the grieving family, friends, and relatives to the comfort of the eternal God, who is the source of life and holds the future of all creation in his hands. He expresses his trust in their resilience and strength during this challenging time, offering reassurance and support.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
The Media Office of Yahaya Bello, former Governor of Kogi State, has launched a scathing critique of the Economic and Financial Crimes Commission (EFCC), accusing the agency of conducting a politically motivated “hatchet job” against the ex-governor.
The statement, signed by Ohiare Michael, claims that the EFCC’s recent actions and press statements are biased and influenced by personal interests rather than a genuine commitment to combating corruption.
The EFCC had previously declared Bello wanted, stirring significant media attention.
Reports indicated that he had voluntarily appeared at the agency’s headquarters but was subsequently allowed to leave without any charges being filed against him.
This has raised questions about the EFCC’s intentions and the integrity of its actions.
“If the EFCC was truly interested in prosecution, would the agency not have taken him in on that day?” the statement rhetorically asked, suggesting ulterior motives behind the agency’s operations.
The media office further urged President Bola Ahmed Tinubu to intervene in the ongoing dispute between Bello and the EFCC, emphasizing that the fight against corruption must be equitable and inclusive.
“Nigeria belongs to all Nigerians,” the statement concluded, calling for a fair approach to governance and accountability.
Japan is urging its citizens to leave Lebanon and has decided to prepare military flights for their possible evacuation, the government said Friday.
Israeli bombing has killed hundreds of people this week in Lebanon, particularly in Hezbollah strongholds while the militant group has retaliated with rocket barrages.
“We’re currently checking the safety of Japanese citizens living in Lebanon, as well as urging them to leave the country while regular commercial flights remain in operation”, chief cabinet secretary Yoshimasa Hayashi said Friday morning.
Hours later, the defence ministry said air force planes had been ordered to go to Jordan and Greece to be on stand-by in case Japanese nationals need to be transported out of the region.
The C-2 transport aircraft would be used to evacuate around 50 Japanese citizens currently in Lebanon, media outlets including Kyodo News said, citing unnamed government sources.
Yoko Kamikawa, Japan’s foreign minister, said Wednesday that Tokyo is “strongly concerned about the escalation of tensions between Israel and Hezbollah”.
Japan, she added, “strongly urges” all parties to “exercise the utmost restraint to avoid further escalation”.
Israel has rejected a push by allies for a 21-day ceasefire in Lebanon and has vowed to keep fighting Hezbollah militants.
AFP
Minister of Works, Dave Umahi has revealed plans by the federal government to toll all major roads in the country.
The tolling will commence upon completion of construction and renovation.
“We have the Lagos-Ibadan (Expressway), we are completing it and we are tolling it,” Umahi said on Thursday in Abuja at an Inter-Ministerial Press Briefing, part of activities to mark Nigeria’s 64th independence anniversary.
He listed some of the roads as Lagos-Ibadan Expressway, Second Niger Bridge, Abuja-Kano Road, and Makurdi-9th Mile, among others.
The former Ebonyi State governor said the tolling of federal roads “is going to bring a lot of money to the Federal Government”.
Umahi said private sector members have been engaged “to bring in funds, construct these roads, work with the Infrastructure Concession Regulatory Commission and the Ministry of Works to toll these roads”.
The minister said the government would start with the Keffi-Makurdi Road that has been completed, stating that his ministry has been engaging with the Ministry of Finance for a paperless mode of payment.
He said, “For example, we are completing the Lagos-Ibadan, we are working on Makurdi to 9th Mile in Enugu State, we are working from Abuja to Lagos. These roads are going to be tolled. But we are not just tolling them, we are bringing confidence in the use of these roads.
“If people can travel at night because we are bringing security, where the response time will be 10 minutes on the entire corridor, where you have solar light permanently there and then reduce travel time, and through the tolling, the roads are maintained, then, there will be confidence because Nigerians will pay if the roads are good.”
He said before now, road developments have not been handled as investments but the administration of President Bola Tinubu has been handling road developments more professionally.
He said the present administration inherited a total of 300 damaged roads and bridges, adding that more road constructions would commence from October 1, 2024, across the six geopolitical zones of the country.
The phone line of the Minister of Education, Prof Tahir Mamman, has been hacked, according to a disclaimer issued on his official X account on Thursday.
In the post, Mamman warned the public to avoid communicating through the affected number.
“My phone line has been compromised. Please refrain from calling the number and ignore any messages requesting assistance until the issue is resolved.
“Thank you for your understanding,” he wrote on X.com.
The Ministry of Education has also confirmed the breach.
In a statement issued Friday by the Director of Press and Public Relations, Boriowo Folasade, the ministry disclosed that the compromised line is being used by unauthorised individuals.
The statement read, “The Office of the Honourable Minister of Education, Professor Tahir Mamman, wishes to inform the general public that the Minister’s WhatsApp number has been hacked and is currently being used by unauthorised individuals.
“We deeply regret any inconvenience this may cause and urge everyone to disregard any message of request received from the said number until further notice.
“The matter has been reported to the relevant authorities and is under investigation. We advise all members of the public to remain vigilant and report any suspicious activity.”
The Tinubu Youth Network (TYN), a group in the All Progressives Congress (APC), has asked President Bola Tinubu to suspend Bello Matawalle, minister of state for defence.
The group also implored the president to order a probe into Matawalle’s alleged links with bandits — a claim the minister has repeatedly denied.
Ali Gusau, a retired general, had accused Matawalle of working in cahoots with bandits for initiating dialogue with terrorists.
Last week, Dauda Lawal, governor of Zamfara, said if he were Matawalle, he would resign and work towards clearing his name.
Lawal detailed how the government house was allegedly used to pay ransom for abducted permanent secretary’s children under Matawalle’s administration.
However, Matawalle dismissed the allegation, saying that the dialogues initiated with bandits freed abducted victims, including Lawal’s brother, without ransom payment.
The ex- governor defended his anti-banditry measures, citing “success” from “dialogues with bandits” during his tenure.
Speaking at a press conference in Kaduna on Thursday, Yusuf Muhammad, TYN secretary general, said the allegations leveled against Matawalle demand urgent investigation.
The group demanded the minister’s resignation for a “thorough” probe, adding that ignoring the allegations would harm the party long-term.
“These issues include the accusation of sponsoring bandits and misappropriation of state funds by his predecessor and the junior Defence Minister, Bello Matawalle,” the group said.
“These are serious matters that strike at the heart of governance, security, and the welfare of the people of Zamfara State and should not be handled lightly.
“We consider it our responsibility as youths to seek a thorough investigation into these serious claims to uphold the integrity of our party and our esteemed leader, the President.
“Failing to address these issues could hurt our party in the future. We want to emphasize that the issues at stake here are not just political problems.
“They encompass matters of life and death, economic survival, and the fundamental human rights of the citizens of Zamfara state, the Northwest, and Nigeria as a whole.”
Speaking further, Muhammad urged Tinubu not to ignore the claims made against his minister, adding that these allegations could tarnish his administration.
“The investigation we want the President to conduct is not to castigate the minister, but to safeguard the integrity of the APC and the President’s good image,” he said.
“It is imperative that Bello Matawalle be removed from his position for a panel to be set up to investigate the allegations against him”.
“The minister should clarify his connections with dangerous individuals like Bello Tagoji, Musa Kamarawa, and Ardon Zuru.
“The Tinubu Youth Network believes that where there is smoke, there is fire.
“In the interest of upholding transparency and fairness, we strongly urge Bello Matawalle to step down from his position and subject himself to a thorough investigation.”
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The Nigeria Extractive Industries Transparency Initiative (NEITI) says outstanding revenues due to the federal government in the oil and gas industry rose to $6.071 billion and N66.4 billion, respectively, as of June 2024.
NEITI disclosed the outstanding in its ‘2022/2023 Independent Oil and Gas Industry Report’ unveiled in Abuja on Thursday.
Breaking down the debt, NEITI said outstanding liabilities were $6.049 billion and N65.9 billion in unpaid royalties and gas flare penalties, due to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as of August 31.
Also, outstanding petroleum profit taxes, company income taxes, withholding taxes, and value-added tax (VAT) amounting to $21.9 million and N492.8 million were due to the Federal Inland Revenue Service (FIRS) as of June 2024.
NEITI said among other key findings in the report, is a significant reduction in petrol importation — which fell from 23.54 billion litres in 2022 to 20.28 billion litres in 2023.
Also, NEITI said N15.87 trillion was claimed as under-recovery or price differentials between 2006 and 2023, with the highest amount, N4.71 trillion, recorded in 2022.
“On crude production, fiscalized crude production in 2022 stood at 490.945 million barrels, compared to 556.130 million barrels produced in 2021, representing an 11% decline,” the agency said.
“However, in 2023, NEITI’s independent report revealed total fiscalised production of 537.571 million barrels, a 46.626 million-barrel or 9.5 percent increase from total production recorded in 2022.
“A 10-year trend (2014–2023) of fiscalised crude oil production in Nigeria shows the highest production volume of 798.542 million barrels was recorded in 2014, while the lowest, 490.945 million barrels, was recorded in 2022.”
According to NEITI’s data on crude lifting, in 2023, 534.159 million barrels were lifted, compared to 482.07 million barrels in 2022 and 551 million barrels in 2021.
“On oil theft and crude losses, a total of 7.68 million barrels of crude were either stolen or lost in 2023, representing a significant drop of 79% (29.02 million barrels) compared to 36.69 million barrels either stolen or lost in 2022,” the report said.
“On overall revenue generation in the oil and gas industry, the report showed that material companies accounted for US$15.549 billion (96%) and non-material companies for US$695.604 million (4%) in revenues generated in 2022.
“In 2023, material companies accounted for US$21.415 billion (95%), and non-material companies accounted for US$1.238 billion (5%). The revenues came from 17 identified revenue streams, including proceeds from taxes, oil and gas sales, dividends from NLNG, royalty payments, signature bonuses, gas flare penalties, and concessions.”
‘NEITI REPORT PROVIDES VALUABLE INSIGHTS TO GUIDE POLICY’
Speaking at the public presentation of the reports in Abuja, Ogbonnaya Orji, NEITI’s executive secretary, said the report provides valuable insights to guide policy, encourage public debate, and improve governance in managing Nigeria’s natural resources.
“The report remains a vital tool for identifying leakages, improving revenue collection, and promoting resource management reforms,” Orji said.
“It serves as an authoritative document that provides comprehensive data and information on revenues, governance structures, operations, and compliance within the oil and gas sector for the 2022/2023 period.”
In his remarks, George Akume, secretary to the government of the federation (SGF) and chairman of the NEITI board, reaffirmed the federal government’s commitment to NEITI’s principles.
“We consider the EITI not only as a global standard for promoting transparency in the management of revenues from natural resources but also as a tool to strengthen public trust, accountability, and economic growth,” Akume said.
He assured that the government will thoroughly study the report to ensure effective implementation.
On his part, Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), vowed to investigate and recover debts owed to the government, citing NEITI’s reports as crucial in the fight against corruption.
“Where NEITI’s work stops, EFCC’s begins,” Olukoyede said.
He said the EFCC will probe companies identified in the report.
“This demonstrates the effectiveness of NEITI’s reports in recovering public funds and promoting accountability,” Olukoyede said.
He also said as of Wednesday, over N1 billion has been approved for remittance to the federation account as a result of investigations sparked by NEITI’s previous report.
Olukoyede said additional investigations are ongoing and every recovered funds would be sent to the federation account.
In November 2023, the Extractive Industries Transparency Initiative (EITI) said Nigeria may be suspended if it fails to meet requirements for validation commencing January 1, 2026.
NEITI, on April 24, said it had developed a corrective action plan to address issues identified in its validation report by the EITI.
Edo Election: ‘I Have A Lot Of Evidence To Win The Case At Tribunal’ – PDP’s Ighodalo Declares
AFOLABI
The candidate for the Peoples Democratic Party (PDP) in the recently concluded governorship election in Edo State, Asue Ighodalo, has expressed strong confidence that he will reclaim his supposedly ‘stolen’ mandate at the Edo State Election Petitions Tribunal.
Recall that in the closely contested governorship election held on September 21, Ighodalo faced defeat against Monday Okpebholo of the All Progressives Congress (APC), with a significant vote difference of 44,393.
According to the Independent National Electoral Commission (INEC), Ighodalo won 247,274 votes, while Okpebholo secured 291,667 votes. Olumide Akpata, representing the Labour Party (LP), finished in third place with 22,763 votes.
However, while appearing on Channels Television’s Politics Today, Ighodalo asserted that the election resulting in Okpebholo’s election as governor was neither free nor fair.
He further noted that his legal team has pinpointed over 150 polling units where the Bimodal Voter Accreditation System (BVAS) was not utilized.
“There is a lot of data, information, evidence that we have. We are fully confident that we will win the case going through the tribunal.
“We will regain our mandate and we are clear without any doubt that we are the winners of the election last Saturday,” Ighodalo stated.
During the broadcast, the PDP candidate charged the Independent National Electoral Commission (INEC) and law enforcement officials with undermining the desires of the people of Edo.
Ighodalo asserted that the citizens of Edo had decisively cast their votes in favour of him and his party in the previous Saturday’s election.
He claimed, without providing any supporting evidence, that the APC manipulated the election in conjunction with electoral authorities.
“We didn’t rig. When APC and INEC saw that APC was losing woefully, they then subverted the electoral laws and the guidelines.
“Collations are done at the polling units and then you go to the ward and then the local government collation centre and then the state. There was a jump, from ward straight to the state,” Ighodalo maintained.
The Nigerian Government has disbursed N24.78 billion to 991,261 poor households as part of efforts to tackle economic hardship.
The initiative, themed: ‘the National Cash Transfer Program’ is spearheaded by the National Social Investment Programme Agency with beneficiaries across all 36 states and the Federal Capital Territory.
In a statement on Thursday, NSIPA National Coordinator and Chief Executive Officer, Badamasi Lawal, said the disbursement was in line with President Bola Tinubu’s Renewed Hope Agenda aimed at cushioning the impact of high prices of goods and services as inflation stood at 32.15 percent in August.
He explained that the Federal Government had in August 2024 paid N3.83 billion to 153,038 households.
Lawal stated that in September 2024, the agency shared N20.96 billion among 838,223 households and each beneficiary household received N25,000 through their designated Financial Service Providers.
“The Renewed Hope Conditional Cash Transfer is aimed to cushion the economic shocks of the beneficiaries who are mostly the poor and vulnerable Nigerian households,” the statement added.
The development comes as the government said it made the second tranche of payments to approximately one million beneficiaries of its cash-based Social Investment Programme.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this during a meeting with the Presidential Panel on the Social Investment Programme.
This comes months after a scandal rocked the Humanitarian Affairs and Poverty Alleviation Ministry.
Consequently, in January 2024, President Tinubu suspended the Minister, Dr Betta Edu and Halima Shehu, the then National Coordinator of NSIPA over alleged financial misappropriation.
Femi Otedola, the chairman of First Bank of Nigeria (FBN) Holdings and majority shareholder, has further increased his stake in the company to 13.15 percent.
According to a statement signed by the Acting Secretary, FBNH, Adewale Arogundare released by the Nigerian Exchange, NGX on Thursday, Otedola increased his stake after purchasing 534,094,407 shares at N30.00 per share between September 23 and 25.
The acquisition raised his interest in FBN Holdings from 11.67 percent (4,187,602,704 shares) to 13.15 percent (4,721,697,111 shares), worth N136.9 billion as of Wednesday.
It also expands the gap between Otedola and Barbican Capital Limited, FBN Holdings’ second majority investor with an 8.67 percent stake, which represents 3,110,400,619 shares, valued at N90.2 billion as of Wednesday.
Meanwhile, there has been contention over the exact shares Barbican Capital holds in FBN Holdings.
In a lawsuit (no. FHC/L/CS/1172/24) against FBN Holdings, Barbican Capital, owned by Oba Otudeko, claimed that about 5,386,397,202 units of shares representing 15.1 percent of FBN Holdings were acquired over the years and at different times.
Barbican Capital said its shares purchases and dates of issue, were adequately captured by Meristem Registrar and Probate Service Ltd, the financial institution’s appointed registrars, and further acknowledged in the Central Securities Clearing System (CSCS), which contained its value of shares with the bank.
In response, FBN Holdings said Barbican Capital only notified the financial institution on July 7, 2023, that about 4,770.269,843 units of shares were acquired.
FBN Holdings told the court that the Central Bank of Nigeria (CBN) was only able to verify 3,110,400.619 units of shares out of the 4,770,269,843 shares Barbican Capital claimed it acquired.