Economy

Buhari, Osinbajo get asset declaration forms 24hrs to deadline

Published

7 years ago

May 28, 2019

Eric

President Muhammadu Buhari and Vice-President Yemi Osinbajo received their asset declaration forms from the Code of Conduct Bureau on Monday, about 24 hours to the deadline on the submission of their declared assets.

The Chairman of the CCB, Prof. Muhammed Isah, presented the forms to Buhari and Osinbajo at a short ceremony at the Presidential Villa, Abuja.

Isah was at the Villa in company with some board members, including Mr Murtala Kankia and Dr Emmanuel Atta.

Buhari, Osinbajo and all political office holders are required by law to declare their assets prior to assuming office.

The CCB cited the legal requirements on Monday as they presented the forms to them.

The chairman said, “Mr President, as part of the constitutional requirements, there is need for every public officer – President, Vice-President, minister, members of the National Assembly – to swear in his assets declaration and liabilities in compliance with Paragraph 11, sub 1 of Part 1 of Fifth Schedule to the constitution.

“Mr President, it is in view of this that we found it pertinent to present ourselves and also present forms to Mr President and the Vice-President for end of tenure and beginning of new tenure in office.

“The forms are readily here with us for presentation.”

Buhari, in a response, said he would speedily fill his form and submit same to the CCB in record time.

However, he asked the bureau to keep his form safely as he was sure that many people planning to come after him in 2023, would go for the form to use information against him.

Buhari noted that among such persons were those who had been caught by his anti-corruption war.

The President said, “I assure you I will quickly fill this form and dispatch it back to you so that at the end of 2023, I believe there are a lot of people that will like to get back at me.

“So, please, make sure you keep it safely because there are people who believe they shouldn’t be questioned, which they are being questioned and some of them are already in trouble.

“I expect them to fight back and this is one of the instruments. So, I hope you will keep it when I finish.“

He also had kind words for the CCB chairman, whom he said he was meeting for the first time after his appointment.

The Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, and some senior government officials witnessed the event.

Let us recall that Buhari in 2015, through a statement by his Senior Special Assistant on Media and Publicity, Mr Garba Shehu, mentioned the assets he had declared at the CCB before assuming office.

On the list released in September, 2015, Buhari stated that he had N30m in his bank account before he assumed office in May of that year.

In addition to owning 270 cows, 25 sheep, five horses, birds and economic trees, there were five houses in Kaduna, Daura, Kano and Abuja. He said the Daura houses were made of “mud.”

He also owned a plot of land each in Port Harcourt and Kano; farms, an orchard and some cars.

For Osinbajo, the Presidency stated that he had, “A bank balance of about N94m and $900,000 in his bank accounts.”

The houses owned by Osinbajo back then were listed as “4-bedroomed residence at Victoria Garden City, Lagos and a 3-bedroomed flat at 2 Mosley Road, Ikoyi; 2-bedroomed flat at Redemption Camp along Lagos-Ibadan Expressway and a 2-bedroomed mortgaged property in Bedford, England.”

The Presidency stated further, “Apart from his law firm, known as SimmonsCooper, the Vice-President also declared shareholding in six private companies based in Lagos, including Octogenerium Ltd., Windsor Grant Ltd., Tarapolsa, Vistorion Ltd., Aviva Ltd. and MTN Nigeria.”

Economy

CBN Increases ATM Daily Cash Withdrawal Limit to N100k

Published

2 days ago

December 3, 2025

Eric

The Central Bank of Nigeria (CBN) has increased cash withdrawal limits on all channels to N500,000 weekly for individuals and N5 million for corporates.

Announcing the policy revision in a circular on Tuesday, the regulator pegged automated teller machine (ATM) withdrawals at N100,000 daily, with a weekly cumulative withdrawal of N500,000.

The development is a major shift from tighter cash policy measures introduced under the previous administration.

In December 2022, the central bank, under Godwin Emefiele, its former governor, had directed deposit money banks and other financial institutions to limit over-the-counter cash withdrawals by individuals and corporate entities per week N100,000 and N500, 000, respectively.

The CBN’s latest policy reversal, also removed the cumulative deposit limit, saying the fee on excess deposit “shall no longer apply”.

According to the regulator, the policies form part of efforts to moderate the rising cost of cash management, address security concerns, and “reduce the potential for money laundering associated with the economy’s heavy reliance on cash”.

The bank said the policies, issued over the years in response to evolving circumstances in cash management, sought to reduce cash usage and encourage accelerated adoption of other payment options, particularly electronic payment channels.

However, with the “effluxion of time”, the apex bank said the need has arisen to streamline the policies’ provisions to reflect present-day realities.

“Consequently, effective January 1, 2026, the following cash-related policies, which are for mandatory compliance by all deposit-taking financial institutions in Nigeria, shall apply nationwide,” the circular reads.

“The cumulative deposit limit is hereby removed and the fee for excess deposit shall no longer apply.

“The cumulative weekly withdrawal limit across all channels shall be N500,000 for individuals and N5 million for corporates. Cumulative weekly withdrawals above these limits shall attract excess withdrawal fees as indicated in ‘5’ below.

“The special authorisation for withdrawal of N5 million and N10 million once monthly by individuals and corporates, respectively, shall no longer apply.

“Automated Teller Machine (ATM) withdrawal limit shall be N100,000 daily (per customer), subject to a maximum of N500,000 weekly. As indicated in ‘2’ above, cash withdrawals from ATMs and point of sale devices are part of the weekly withdrawal limit indicated therein.

“Excess cash withdrawals (withdrawals above the levels indicated in ‘2’ above) shall attract fees of 3 percent and 5 percent to individual and corporate customers, respectively, on the excess amount withdrawn. The fee shall be shared 40 percent to the CBN and 60 percent to the bank or financial institution.”

According to the circular, signed by Rita Sike, CBN’s director of financial policy and regulation department, said all currency denominations “may be loaded in ATMs”.

However, the CBN retained the limit on over-the-counter encashment of third-party cheques at N100,000.

“Account holders are advised that any withdrawal under this section will form part of the cumulative weekly set in ‘2’ above”.

“Banks shall render the following monthly returns (in a format to be advised) to the respective supervisory departments (Banking Supervision Department, Other Financial Institutions Supervision Department and Payments System Supervision Department) as applicable:

“a . Returns on cash withdrawal transactions above the specified limit;

“b. Returns on Cash Deposits

“Deposit Money Banks (DMBs) shall create separate accounts to warehouse processing charges collected on cash withdrawals above the limits.

“The following accounts/entities are exempted from the application of sections 2 and 5 of this circular:

“i. Revenue generating accounts of federal, state, and local governments; and

ii. Accounts of microfinance banks and primary mortgage banks with commercial and non-interest banks.

The CBN also said the exemption of embassies, diplomatic missions and aid-donor agencies from specific cash policies “shall no longer apply”.

Economy

CBN Retains Interest Rate at 27%

Published

1 week ago

November 25, 2025

Eric

The Monetary Policy Committee of the Central Bank of Nigeria has maintained the benchmark interest rate at 27 per cent, extending its pause on monetary tightening.

The CBN Governor, Olayemi Cardoso, announced the decision on Tuesday at the end of the committee’s 303rd meeting in Abuja.

Cardoso said, “The Committee decided by a majority vote to maintain the monetary policy stance,” indicating that members were not yet convinced that current economic conditions warranted another reduction.

The move follows the 50-basis-point cut implemented in September 2025, the only rate reduction since the tightening cycle began under the current CBN leadership.

It also marks the fourth consecutive hold this year.

The MPC had raised rates six times in 2024 amid surging inflation and currency pressures.

The Punch

Economy

FG Stops Proposed 15% Import Duty on Diesel, Petrol

Published

3 weeks ago

November 13, 2025

Eric

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Thursday, announced discontinuation of the planned 15 per cent duty on imported petroleum products.

NMDPRA’s Director, Public Affairs Department, George Ene-Ita, conveyed the development in a statement while warning the public to shun panic buying.

President Bola Tinubu, on October 29, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.

The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.

Implementation was slated to take effect on November 21, 2025.

The policy aimed to protect and promote local refineries like the Dangote Refinery and modular plants by making imported fuel more expensive.

While intended to boost local production, it is also expected to increase fuel costs, which could lead to higher inflation and transportation prices for consumers.

Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.

In an update, however, NMDPRA said the government was no longer considering going ahead with implementing the petrol import duty.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in View,” the statement read in part.

Meanwhile, the NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.