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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.’’

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2027: Tinubu Wants to Contest Against Himself – Dele Momodu

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Former presidential candidate and chieftain of the African Democratic Congress (ADC), Dele Momodu, has accused Nigerian President Bola Tinubu of attempting to weaken opposition politics ahead of the 2027 general elections, reiterating his earlier warning that the country is finally drifting toward a one-party political system.

Momodu made the remarks during an appearance on Sunday Politics on Channels Television, where he delivered a sweeping critique of the current political landscape and the growing wave of defections to the ruling All Progressives Congress (APC).

According to him, democracy thrives on strong opposition parties and competitive elections, but recent political developments suggest the ruling party may be consolidating power in a way that limits meaningful political competition.

“There must be opposition politics. There must be opposition candidates, but Tinubu wants to contest against himself and it doesn’t make sense to me,” Momodu said during the interview.

He argued that the increasing movement of opposition politicians into the ruling party is creating a political environment where viable alternatives to the government are shrinking.

Momodu described the situation as troubling for Nigeria’s democracy, warning that if opposition parties continue to weaken, the country could gradually move toward a one-party system.

“A lot of people are worried that now we have virtually a one-party state. It’s a sad day for democracy in Nigeria,” he said.

The veteran journalist and publisher also suggested that many politicians aligning themselves with the government are motivated more by access to power and resources than genuine political conviction. Addressing the president directly during the interview, Momodu said some of those publicly expressing loyalty to Tinubu may ultimately betray him at the polls.

“A lot of people are deceiving you, Mr President. They are going to collect your money. They know you have a bottomless pit of money. They will collect it, but I doubt if they will vote for you,” he said.

Momodu noted that his criticism of the president was not personal, recalling that he and Tinubu were once allies during Nigeria’s pro-democracy struggle against military rule.

He said both men were active during the campaign to actualise the June 12, 1993 election won by the late businessman and politician Moshood Kashimawo Olawale Abiola.

“We were together in exile. He was very active in the struggle against dictatorship,” Momodu said, adding that his views about Tinubu’s leadership style developed over time.

Despite their shared political history, Momodu said he felt compelled to speak out about what he described as the increasing concentration of power in Nigeria’s political system.

Looking ahead to the next presidential election, Momodu said Tinubu could be defeated if opposition forces unite around a strong coalition candidate. He specifically mentioned former vice-president Atiku Abubakar as a potential contender capable of challenging the ruling party.

According to him, a joint ticket combining Atiku with Peter Obi or Rotimi Amaechi could significantly weaken the ruling party’s chances.

“If we have a combination of Atiku, maybe with Peter Obi, maybe with Rotimi Amaechi, Tinubu will be gone,” he said.

Momodu also insisted that Tinubu is not as politically invincible as many believe, arguing that unpopular incumbents can be defeated through strategic opposition alliances and voter mobilisation.

“It is not that Nigerians are afraid of Tinubu. Tinubu is afraid of Nigerians,” he said.

He further criticised the administration’s performance in several areas, particularly security and economic hardship, noting that many Nigerians are facing difficult living conditions.

“Insecurity is number one. Poverty has quadrupled. The fuel subsidy was removed and the government says more money is coming in, but Nigerians have not seen the effect of it,” he said.

Momodu added that the government should focus on addressing the country’s pressing challenges rather than concentrating on political calculations ahead of the next election.

“The president should focus on solving the problems of Nigerians now instead of thinking about 2027,” he said.

He maintained that Nigeria’s political history shows that governments that concentrate power eventually face resistance from the electorate and insisted that citizens must remain engaged in protecting the country’s democratic system.

“Any citizen who believes that Tinubu does not deserve a second term should come out boldly and oppose him,” Momodu said.

Source: thewhistler.ng

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UK Orders Airspace Restrictions, Road Closures for Tinubu’s State Visit

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Authorities in the United Kingdom (UK) have announced temporary airspace restrictions and road closures in Windsor ahead of President Bola Tinubu’s State visit to the country.

Britain’s monarch, King Charles III, will host Tinubu and First Lady Oluremi Tinubu at Windsor Castle on March 18 and 19, 2026.

State visits represent the highest level of diplomatic engagement hosted by the British monarch.

According to Thames Valley Police, extensive security measures will be implemented in Windsor during Tinubu’s state visit, including an expanded airspace exclusion zone and a large-scale policing operation.

The castle already operates under a permanent airspace restriction, but authorities said the exclusion zone will be extended on March 18 between 07:00 and 23:59 GMT.

Police warned that anyone who breaches the restriction will “likely” face arrest.

Security operations will involve search teams, armed units, mounted officers, and road policing officers. Neighbourhood officers and Project Servator teams will also conduct patrols across the town to deter and detect criminal activity while engaging with the public.

Officials added that Windsor’s extensive CCTV network and hostile vehicle mitigation barriers will also be used as part of security arrangements.

Ch Supt Adrian Hall of the joint operations unit said:

“As a force, we have a vast amount of experience in policing royal events in Windsor, and significant planning and preparation have gone into this event.

“We will ensure everyone attending the state visit, including dignitaries, spectators, and members of the public, are kept safe to enjoy the historic occasion.”

Authorities said several road closures and parking restrictions will begin on March 17 ahead of Tinubu’s State visit, warning that motorists may experience temporary disruption on roads in and around Windsor.

Some footways and pedestrian crossings in the town centre will also close periodically between 09:30 and 12:30 on March 17 and 18 for a ceremonial procession.

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False and Misleading: Senator Ireti Kingibe Not Suspended, Says ADC

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The African Democratic Congress, ADC, has dismissed reports that Senator Ireti Kingibe has been suspended from the party, describing the claims as false and misleading.

Kingibe currently represents the Federal Capital Territory in the Senate.

In a statement issued on Thursday, the party’s National Publicity Secretary, Bolaji Abdullahi, said the ADC is not aware of any decision to suspend the senator and urged the public to ignore the circulating reports.

Abdullahi emphasized that the party has well-defined constitutional procedures for handling allegations involving its members.

“The African Democratic Congress is unaware of any suspension of Senator Ireti Kingibe, the distinguished Senator representing the Federal Capital Territory,” he said.

He added that as a law-abiding political party, the ADC follows established internal mechanisms when dealing with issues concerning its members rather than addressing such matters through media statements.

“As a law-abiding political party, the ADC has clear constitutional procedures for addressing any allegations involving its members. Such matters are handled through established internal mechanisms, not through press statements,” Abdullahi stated.

The party therefore called on the public and media organizations to disregard the reports of Kingibe’s alleged suspension.

“We therefore urge the public and the media to disregard the reports suggesting that Senator Ireti Kingibe has been suspended by the party, as they are false and misleading,” the statement added.

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