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Senate to Question CBN Chiefs over Cash Withdrawal Limits Friday

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The Senate will on Friday grill two deputy governors of the Central Bank of Nigeria over the cash withdrawal limit policy unveiled by the apex bank on Tuesday.

The red chamber planned to seek clarifications on the new directive which restricts over-the-counter cash withdrawal by individuals and organisations to N100,000 and N500,000, respectively, per week.

It also limits cash withdrawals via point-of-sale machines and automated teller machines to N20,000 daily and N100,000 weekly, respectively.

According to a memo signed Tuesday by the CBN’s Director of Banking Supervision, Haruna Mustafa, withdrawals above the thresholds would attract processing fees of five per cent and 10 per cent, respectively, for individuals and corporate entities going forward.

In addition, third-party cheques above N50,000 shall not be eligible for OTC payment while extant limits of N10m on clearing cheques still remain.

The circular also directed banks to load only N200 and lower denominations into their ATMs and restricted withdrawal to N20, 000 per day from ATMs.

The policy which will become effective on January 9, 2023, had generated criticisms but the CBN clarified on Wednesday that PoS operators could apply for waivers.

Deliberating on the policy on the floor of the Senate on Wednesday, senators said there was a need to debate the policy on the floor of the red chamber.

However, the Senate President, Ahmad Lawan, directed the Senate Committee on Banking to grill the two re-appointed deputy governors of the CBN, Aisha Ahmad, and Edward Adamu, who will be screened on Friday, on the new cash withdrawal policy.

Senators raise motion

The resolution on the new CBN policy followed a move by Senator Philip Aduda (PDP FCT) to move a motion on the development.

Aduda had sought to rally other senators to deliberate on the policy but the Senate President, Lawan, interrupted him, saying it was too early to debate the circular.

Also, Senator Gabriel Suswam (PDP Benue North-East) supporting his colleague and pushed that the motion should be allowed to fly considering the innocent Nigerians that would be affected by the CBN policy.

Addressing Lawan, he said, “I think you should have allowed us to discuss this motion for the sake of Nigerians.”

But Lawan, who appeared not to favour the move, stopped Aduda and Suswam, saying, “No, distinguished (Senators), there is a misunderstanding here. I told you what my personal opinion is. My personal opinion is that this weekend is off. Maybe but we have an opportunity; the Committee on Banking will be screening two deputy governors of the CBN. This is one major issue they should raise with them.

“As good as the cashless policy may be, it shouldn’t be jumped at, at once.  The way the CBN is going about the policy, many Nigerians would be cut off and that won’t be accepted. Motion on the policy will be thoroughly debated in the Senate on Tuesday next week after adequate information has been gotten on it.”

Lawan noted that the newly re-appointed deputy CBN governors would be screened between Thursday and Monday so that by Tuesday, they would have been equipped with enough information to raise a motion in support or shoot down the policy.

He said, “Before Tuesday next week, our committee on Banking, Insurance and other Financial Institutions mandated to screen the re – appointed deputy governors of the Central Bank should focus its questions on the planned policy.

“The CBN deputy governors must be thoroughly grilled on the policy after which extensive debate on it will be made by Senators on Tuesday next week.”

However, the lawmaker representing Kaduna Central and Chairman, Senate Committee on Banking, Insurance and other Financial Instructions, Senator Uba Sani confirmed to The PUNCH that the CBN deputy governors would be screened on Friday.

He said, “We are working on their letters, the letters will be served tomorrow (Today)  and the deputy governors of the CBN will be screened on Friday.’’

The Punch

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2027: Obi Warns Against Rigging, Urges Voters to Be Vigilant

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A former Governor of Anambra State, Peter Obi, has issued a stern warning to election officials and stakeholders, urging Nigerians to ensure that every vote counts in the 2027 general election.

Obi stressed that anyone who attempts to manipulate or obstruct the counting of votes will be held accountable for undermining the country’s democracy.

“Unlike in the past, in 2027 our votes MUST count, and all those who are there not to count the votes will be counted among those destroying Nigeria,” he wrote on X on Monday, February 16, 2026.

Obi, who has declared that he will contest the 2027 presidential election, advised voters to stay at polling units after casting their ballots to observe the counting and transmission of results, emphasising that preventing the proper tallying of votes would attract legal consequences.

The former Labour Party presidential candidate said: “I encourage everyone to remain at the polling units after voting to count and witness the counting and transmission of results. Those who refuse to allow the votes count will be made to count the full weight of the law against rigging.

“Let me reiterate: if you do not count our votes, we will count you among those who destroy our democracy, thereby destroying our future, and you must answer to the law.”

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APC National Secretary Basiru Demands Wike’s Resignation As FCT Minister

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The National Secretary of All Progressives Congress (APC), Senator Ajibola Basiru, has called on the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to resign from President Bola Tinubu’s cabinet, accusing him of undue interference in the ruling party’s internal affairs.

Basiru’s demand followed Wike’s warning earlier on Monday, in which the former Rivers State governor cautioned the APC scribe to “leave Rivers State alone” and refrain from meddling in its politics. Wike, while addressing supporters during a thank-you visit to Oyigbo Local Government Area of Rivers State, described Rivers as a “no-go area,” warning that those who interfere “may burn their hands.”

But, responding to the FCT Minister’s warning in a statement issued from Osogbo, Osun State, Senator Basiru fired back, describing Wike’s remarks as a “tirade” and “uncouth.”

“My attention has been drawn to the tirade of the Minister of the FCT against my person and my office as National Secretary of the APC,” Basiru said. “It is shocking that such an innocuous statement could elicit such uncouth responses from no less than a member of the Federal Executive Council.”

The APC National Secretary defended his earlier remarks, insisting he merely reaffirmed that governors, regardless of political differences, deserve respect as leaders of the party in their respective states.

“For the avoidance of doubt, our records indicate that Minister Nyesom Wike is not a member of our party, the APC. He therefore lacks the locus to dabble into the affairs of our party,” he declared.

“As National Secretary of the APC, I am imbued with the responsibility to protect the interests of the party and all its members. My activities cannot be confined to my home state, Osun State.”

Basiru also dismissed Wike’s allegation that he and other APC leaders were scrambling for a N600 billion “largesse” in Rivers State’s coffers, describing it as “cheap blackmail.”

“My background and track record are of unquestionable integrity,” Basiru stated. “I challenge him to prove his allegations or we may meet in court.”

The APC chieftain further warned Wike against issuing threats, saying he would not be intimidated.

“Wike is not God and may be overplaying his political card,” Basiru cautioned. “My faith is in God, and I will not succumb to cheap threats such as the one from him.”

He maintained that Wike’s support for President Tinubu does not make him an APC member.

“Millions of non-APC Nigerians also support the President, and Wike’s case is no different,” Basiru said. “He cannot bring the spirit of the PDP into the APC or destabilize our structures in Rivers State.”

Concluding his statement, Basiru said Wike must make a choice between serving as a non-party technocrat or interfering in APC matters.

“He cannot be in the Federal Executive Council of an APC government and be causing confusion within our party. The honourable thing to do is to resign his appointment as Minister,” he declared.

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Alleged N432bn Fraud: El-Rufai Spends Monday Night in EFCC Custody

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Former Kaduna State Governor, Nasir El-Rufai, spent Monday night in the custody of the EFCC following hours of interrogation over alleged financial misappropriation amounting to N432 billion.

El-Rufai arrived at the EFCC headquarters in Jabi, Abuja, around 11:00 a.m. on Monday, February 16, 2026, in response to an invitation reportedly issued in December.

Although he presented himself voluntarily, sources within the anti-graft agency disclosed late Monday that he would remain in custody until investigators reached what they described as “advanced stages” of their questioning.

The probe is said to stem from a 2024 report by the Kaduna State House of Assembly, which accused El-Rufai’s administration between 2015 and 2023 of diverting public funds through multiple state channels.

A senior EFCC official confirmed that investigators are reviewing contracts and financial transactions executed during his eight-year tenure.

Tension flared at the EFCC premises as hundreds of supporters and critics gathered shortly after news of his appearance broke.

Supporters accused the Federal Government of political persecution, chanting solidarity slogans, while a group identified as the Mega National Movement for Good Governance demanded accountability, insisting that no public official is above the law.

Security operatives deployed teargas to disperse the crowd after clashes reportedly broke out between the opposing groups.

In a related development, the Department of State Services (DSS) filed a three-count charge against El-Rufai at the Federal High Court in Abuja.

The charges, marked FHC/ABJ/CR/99/2026, reportedly concern the alleged unlawful interception of telephone communications belonging to the National Security Adviser, Nuhu Ribadu.

The filing followed a recent interview in which the former governor claimed he had listened to conversations in which Ribadu allegedly directed security operatives to arrest him upon his return from Egypt last week.

El-Rufai’s legal team, led by Ubong Akpan, has described the investigations as arbitrary and a violation of his constitutional rights.

Meanwhile, indications emerged that the Independent Corrupt Practices Commission (ICPC) has also scheduled him for questioning on Wednesday, February 18.

As of Tuesday morning, it remained unclear whether the EFCC would seek a court order to extend his detention or proceed with formal charges. Several of his former aides are reportedly already in custody as investigations continue.

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