The Central Bank of Nigeria, CBN, has imposed a fine of N150 million on Deposit Money Banks found culpable of issuing illegal flow of mint naira notes to currency hawkers across the country.

This was contained in a statement by the acting Director of Corporate Communications of the apex bank, Sidi Ali Hakama in Abuja.

The move was after the apex bank addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation.

The statement reaffirmed that the denominations remained valid legal tender in line with a Supreme Court ruling issued on November 29, 2023, and warned against hoarding.

Following the clarification, CBN in a circular signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi on Friday, said it was concerned about the increasing prevalence of mint naira notes being traded by hawkers.

The apex bank described the practice as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted CBN’s determination to address the commodification of the naira.

According to the directive, any branch of a financial institution found guilty will face a penalty of N150m for the first violation.

The apex bank warned that any subsequent infractions would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act, BOFIA, 2020.

To ensure compliance, the apex bank stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.

“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.

“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the 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 statement read.

Justice Rahman Oshodi of the Ikeja Special Offences Court has January 7, 2025, to rule on an application filed by Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), challenging the court’s jurisdiction over his case.

Emefiele, facing a 26-count charge filed by the Economic and Financial Crimes Commission (EFCC), is accused of misusing his office, resulting in a loss of $4.5 billion and N2.8 billion.

His co-defendant, Henry Omoile, is also on trial for related charges, including the unlawful acceptance of gifts.

During yesterday’s proceedings, Emefiele’s counsel, Olalekan Ojo SAN, argued that the court lacked jurisdiction to hear the case in Lagos.

He contended that the alleged offences, including abuse of office, fell outside the territorial reach of the Ikeja Special Offences Court.

Ojo further argued that the charges violated Section 36(12) of the Constitution, asserting that the actions Emefiele is accused of were not legally recognized offences.

Ojo emphasized that since the Lagos State House of Assembly does not have legislative authority over matters on the Exclusive Legislative List, Section 73 of the Criminal Law of Lagos State 2011 under which Counts 1 to 4 were filed, cannot apply extraterritorially to any alleged abuse of office by Emefiele.

He argued that a court’s territorial jurisdiction refers to the geographical area within which its authority can be exercised, and outside of this area, the court cannot act.

Ojo also urged the court to strike out Counts 1 to 4 of the 18 amended information filed on April 4, 2024, on the grounds that the offences occurred outside the court’s jurisdiction.

In response, EFCC counsel Rotimi Oyedepo SAN maintained that the court had the authority to hear the case.

He argued that the alleged crimes were economic and financial in nature, within the EFCC’s jurisdiction, and that evidence supported Lagos as the appropriate venue for the trial.

Oyedepo further asserted that the subject matter of the charges fell squarely within the court’s jurisdiction, as the offences were committed within the court’s territorial reach.

He argued that the evidence and witness testimonies pointed to Lagos as the proper location for the trial and that the objections raised by Emefiele’s legal team were not substantiated by the facts or evidence.

After hearing arguments from both parties, Justice Oshodi adjourned the matter and fixed January 7, 2025, for ruling.

Daily Sun

inDrive, a global mobility and urban services platform, has emerged the most outstanding brand in urban service in Nigeria at the maiden edition of Iconic Brands and Legends of Media and Marketing Communications Award held in Lagos on Tuesday, December 10, 2024.

inDrive was recognized and celebrated for its transparency, fairness, and affordability in intercity travel and logistics among ride-hailing platforms in Nigeria.

Speaking on the award, Timothy Oladimeji, Country Representative, Nigeria, inDrive, described it as a testament to the ride-hailing platform’s unique contribution and commitment to providing fair and accessible transportation options to its customers.

Oladimeji stated that the award highlights the company’s focus on safety, fairness, affordability, and satisfaction, thereby cementing its reputation as the go-to ride-hailing service in Nigeria.

He noted that the achievement underscores the company’s dedication to delivering the best ride-hailing and logistic experience for customers while continually pushing the envelope for innovation. He explained that the mobility platform remains a game-changer in the ride-hailing business in Nigeria as it empowers both drivers and passengers through its negotiation model.

“This recognition is a huge motivation that would help us expand our footprint and continue to provide exceptional services to all our customers. I can categorically say that the recognition validates the acceptability and rapid adoption of our platform by both drivers and passengers in Nigeria,” he said.

Speaking on the recognition and criteria, the lead convener of the award, Samuel Ajayi, said the award was truly deserving, given that the platform has provided unique, fair, and affordable services to all its users.

Ajayi emphasised the significance of acknowledging the brand’s achievements in Nigeria over the last few years adding that the company has shown exceptional performance by all parameters and standards.

“inDrive has really thrown its weight since joining other ride-hailing platforms in Nigeria. I am happy to say that inDrive has disrupted the Nigerian market with its unique offerings, which has endeared many users to the platform. From our findings, I can say that the brand remains the preferred platform given that it is the only one that provides safe, fair, efficient, and affordable transportation,” he said.

Since launching in Nigeria, inDrive has cemented its status as a market leader through its commitment to enhancing urban mobility and consistently delivering superior customer service.