Economy

Dangote Foundation Disburses N4.2bn for Women Empowerment

Published

4 years ago

June 15, 2021

Eric

The Aliko Dangote Foundation (ADF) has doled out a whooping N4.2billion as part of its unconditional Micro Grant Programme for empowering women in the rural areas across the country.

Speaking at the flag-off of its one-off unconditional Micro-grants Programme Tuesday in Bauchi, Chairman of the Aliko Dangote Foundation empowered twenty thousand vulnerable women across the 20 Local Government Areas of the State.

Dangote who was represented by the company’s Group Executive Director Government and Strategic Relations, Mansur Ahmed said so far over four hundred thousand poor women have benefited from the programme in the country.

He said in Bauchi State, N200 million is currently being disbursed to vulnerable women across the 20 Local Government Areas.

According to the Africa’s top philanthropist, the unconditional micro grant is aimed at supporting the government effort’s in empowering poor families in the State.

He said the Foundation had earmarked N10 billion to be disbursed to vulnerable women across the 774 Local Government Areas in the country.

Dangote said states that have also benefitted from the scheme include: Lagos, Kano, Jigawa, Kogi, Adamawa, Borno, Yobe, Niger, Nasarawa, Sokoto, Katsina and Kwara states.

He added that the next states to benefit from the programme are: Osun, Edo, Ogun, Rivers, Anambra and Ebonyi state respectively.

“The Micro-grants programme is one component of the Economic Empowerment pillar of the Aliko Dangote Foundation. It provides disadvantaged and vulnerable women with a one-off, unconditional N10,000.00 cash transfer to boost their household income generation. This we believe will help reduce their vulnerability and meet their livelihood needs,” he added.

He said it is gratifying to note that majority of women who benefitted from the scheme have been able to grow the seed capital.

While thanking Aliko Dangote Foundation to coming to assist the vulnerable women in Bauchi State, Governor Bala Abdulkadir Muhammad said he was very elated with ADF’s intervention across the country and especially in his state.
He expressed optimism that the intervention will support lives and livelihoods of women, children and families in Bauchi State.

According to him: “Aliko Dangote is a beacon of hope for the Bauchi people. He has been creating not only business institutions at the highest levels but also touching lives at the lowest level. He seems to understand Nigeria more than some of us who are politicians. He is supporting our mothers who will help put food on our tables and train their children in schools.

“We have just named the school of nursing and midwifery after him. This is to mark his huge contribution to our societies in Bauchi.

“We are also using this opportunity to inform him that he should come and invest in Bauchi. We have the highest deposit of limestone in the country. We have the largest arable land and the largest forest. Bauchi is also very peaceful and secured.”

The Governor also presented a book to the Aliko Dangote Foundation.
The book was written over a 100 years ago by Sheik Uthman Danfodio, and titled: The Principle of Leadership.

Speaking also the Speaker State House of Assembly Rt Hon Abubakar Y. Suleiman described the intervention as huge saying it would go a long way in supporting the poverty alleviation stride of the state government.

He said the state will continue to collaborate with the state in area of economic empowerment of womenfolk.

Commending the foundation, First Lady and wife to the Governor Mrs Aisha Bala Muhammad said the intervention will help lift families from economic problems, even as she urged the women to invest it wisely.

Speaking, one of the beneficiaries Amina Musa, 50, said she would start micro business and use the profit to support her family.

Another beneficiary Jumai Rabiu, 47, described the intervention as huge and timely, adding that she will use the money judiciously and employ others too.

Economy

CBN Increases ATM Daily Cash Withdrawal Limit to N100k

Published

3 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.