Economy

Presidential panel okays state police, SERAP, CACOL seek NASS action

Published

7 years ago

June 4, 2019

Eric

President Muhammadu Buhari on Monday gave the Inspector-General of Police, Ministry of Justice and National Human Rights Commission three months to work out the modalities for the implementation of the report of the Presidential Panel on the Reform of the Special Anti-Robbery Squad.

The panel, which was chaired by the Executive Secretary of the NHRC, Mr Tony Ojukwu, had in conjunction with the commission, investigated allegations of human rights violations by SARS.

In the report of the panel submitted to Buhari at the Presidential Villa, Abuja, it recommended among others, the establishment of state/local government police and various reforms to make SARS more citizen-friendly.

Shortly after the panel submitted its report to the President on Monday, some civil and human rights groups called on the National Assembly to take action.

The panel also recommended that SARS should be renamed Anti-Robbery Section and should operate under the Intelligence Unit of the Nigeria Police as it was hitherto.

Panel recommends dismissal of 37 police officers, prosecution of 24 others

The panel recommended the dismissal of 37 police accused of violating the rights of Nigerians from service and the prosecution of 24 others for abuses.

Another recommendation was that the Inspector-General of Police, Mr Mohammed Adamu, should fish out 22 other officers accused of violating the rights of citizens.

It also asked the Nigeria Police to pay compensation to 45 complainants, in addition to tendering public apologies and complying with court orders in 10 separate cases.

President gives three months’ deadline

While receiving the report, the President noted that since the recommendations of the NHRC was actionable in court, he had given a directive for the modalities for the implementation of the report to be worked out within three months.

He stated, “I want to thank the panel once more, and hereby direct that since the recommendations of the commission that constituted the panel are enforceable as decisions of the court, that the Inspector-General of Police and the Solicitor General of the Federation/Permanent Secretary, Federal Ministry of Justice, should meet with the commission to work out the modalities for the implementation of the report within three months from today.”

Buhari, who said he was happy that, finally, a full investigation had been conducted into the alleged abuses by SARS, added that he believed the recommendations would help assuage the pains suffered by the victims and make the police work better.

He added, “I believe that the report of the panel and recommendations contained therein would go a long way in redressing the grievances of the complainants, ensure accountability on the part of the police officers in discharging their responsibilities and facilitate the various police reforms being introduced by this administration.

“I want to assure you and all Nigerians that this administration will continue to fulfil its obligations of promoting and protecting human rights of Nigerians, and will give the National Human Rights Commission all the support required to ensure full implementation of the recommendations contained in its report.

“In addition, we will strengthen the operations of the commission to enhance its effectiveness and capability to resolve cases of human rights violations.

“This administration is conscious of the role the commission plays in ensuring security and stability in the nation through the resolution of complaints of human rights violations, which if neglected, could result into major security challenges.

“As you are aware, I have recently approved the re-constitution of the governing council of the commission. The names of the council members will be submitted to the National Assembly for confirmation before the inauguration of the council in line with NHRC Act, 1995 (as amended).”

Speaking earlier, Ojukwu recalled how the commission acted on Buhari’s directive on August 14, 2018 to set up the panel.

He said the panel began work and received “113 complaints on alleged human rights violations from across the country and 22 memorandums suggesting how to reform and restructure SARS and the Nigeria Police in general.”

He disclosed that the panel held sittings in the six geopolitical zones to give both the complainants and police the opportunity to make presentations.

Ojukwu added, “At the end of its public hearing and having listened to complaints as well as defendants and their counsel, the panel recommended 37 police officers for dismissal from the force.

“Twenty-four were recommended for prosecution. The panel also directed the Inspector-General of Police to unravel the identity of 22 officers involved in the violation of the human rights of innocent citizens.

“The police were directed to pay compensation to various 45 complaints and tender public apologies in five complaints and directed to obey court orders in five matters.

“The police were directed to immediately arrest and prosecute two retired senior officers found to have violated the rights of citizens (one for extrajudicial killing and the other for illegal takeover of property of a suspect). The panel also recovered two vehicles illegally auctioned by SARS and returned them to their owner.”

He added, “Significant improvement in the funding, kitting and facilities of the Nigeria Police Force; strengthening Information and Communication Technology of the force; establishment of state and local government police; and institutionalising a Special Investigation Panel to annually hear and determine complaints on alleged human rights violations against operations of the Nigeria Police Force were also recommended.”

NASS must prepare to act on presidential report on state police – CACOL, SERAP, CDHR

Meanwhile, civil and human rights groups, Centre for Anti-Corruption and Open Leadership, Socio-Economic Rights and Accountability Project, and the Committee for the Defence of Human Rights, said the deadline given to the Inspector-General of Police must be strictly adhered to, especially as it concerned reforms on the Special Anti-Robbery Squad.

CACOL Director, Debo Adeniran, said, “First, it is beyond the President and the IG to carry out full reforms. They can only implement policy statements based on the Police Act. Before they can execute the state and local police which Nigerians are asking for, they need the assent of the National Assembly to implement these actions.

“But in the interim, the IG must operationalise a police structure where certain aspects can be put under the command of the state and local governments. What we need to do on SARS in an overhaul. It is either we end it or the IG renews the operational methodology of the anti-robbery and anti-kidnapping arm of the police.”

Also, the CDHR National President, Malachy Ugwummadu, said, “A decentralised police is not possible without a prior or corresponding amendment of the constitution by the National Assembly. In this regard, I refer to Section 214 of the 1999 Constitution as amended that recognises that there shall be a single Nigerian Police Force. But we have all suffered the weight of this constitutional provision. So, the urgency of a decentralised police force is never in doubt.”

Meanwhile, SERAP Executive Director, Adetokunbo Mumuni, said, “What I see in it is that whatever concerns and affects us as a country must be addressed and treated frontally. We have been having security problems and they seem not to go hastily.

“And that is why I think the directive of the President to the IG to solve the security problems must be taken seriously. What must happen is that the three-month ultimatum given to the IG must be adhered strictly to, for effective results.”

President’s directive not approval of state police – Presidency

Meanwhile, the Presidency in a statement clarified that Buhari’s directive to the aforementioned offices to work the modalities of implementing the report did not imply that he had approved state police.

A statement by the President’s Senior Special Assistant on Media and Publicity, Mr Garba Shehu, said Buhari “requested that the report be studied and a white paper produced within three months.”

It added, “President Buhari’s specific directive is that a three-man panel be set up to produce the white paper.

“The report of the white paper committee will form the basis of the decisions of the government on the many recommendations, including the setting up of state and local government police made by the Ojukwu panel.”

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.