AFOLABI
Uncertainty over inflation data as NBS website hack lingers
The National Bureau of Statistics, Nigeria’s key agency for data dissemination, is still reeling from a cyberattack on its official website, which occurred on December 18, 2024.
As of January 14, 2025, the website remains inaccessible, raising doubts over the timely release of its much-anticipated Consumer Price Index and inflation data, typically published on the 15th of each month.
The hack came just days after the NBS released its controversial Crime Experience and Security Perception Survey, which revealed that Nigerians paid an estimated N2.3tn in ransom within a year.
The sensitive nature of the report has fuelled speculation about a possible link between the survey’s release and the cyberattack.
Following the breach, the NBS took to its official X (formerly Twitter) account to confirm the incident, assuring the public that efforts were underway to restore the website.
The agency advised users to disregard any information from the compromised platform until the situation was resolved.
Despite these assurances, the prolonged downtime has disrupted access to critical economic data, sparking concern among policymakers, analysts, and investors who rely heavily on the bureau’s statistics for decision-making.
In a related development, the NBS has announced plans to introduce three new indexes in its monthly CPI.
The new additions are expected to be part of the rebased CPI.
The continued inaccessibility of the NBS website, however, casts doubt on how this critical report will be disseminated.
NBS spokesperson Joel Ichedi did not immediately respond to calls and WhatsApp messages from our correspondent on Tuesday.
However, he earlier told The PUNCH that the delay in restoring its website was due to a thorough investigation of the incident and the extended holiday period, which has hindered timely recovery efforts.
He assured the site will soon be accessible to Nigerians as efforts are ongoing to restore it.
The PUNCH earlier reported that the National Bureau of Statistics has earmarked N35m in its 2025 budget proposal for “Capacity Building on Cybersecurity and Data Centre Management.”
In addition to the cybersecurity allocation, the NBS’s 2025 budget proposal includes several other projects aimed at improving its operational efficiency, modernising infrastructure, and enhancing service delivery.
Meanwhile, the Nigerian Marketing Research Association recently pledged to develop private-sector alternatives to ensure the availability of economic data in situations like this.
The association emphasised the importance of diversified data sources to mitigate the impact of disruptions from official agencies.
As the NBS battles with the attack on its website, The PUNCH observed that the Central Bank of Nigeria has moved its Monetary Policy Committee meeting previously scheduled for January 27 and 28, 2025.
The updated calendar on the apex bank’s website showed that the committee will meet five times this year, with its first meeting slated for February 17 and 18, 2025.
Arabic teacher jailed 21 years for attempted sexual assault of minor
The Ikeja Sexual Offences and Domestic Violence Court on Tuesday convicted and sentenced an Arabic teacher, Oladosu Sakiru, to 21 imprisonment for attempting to sexually assault a 13-year-old female pupil.
The trial judge, Justice Rahman Oshodi, sentenced Sakiru following his guilty plea to the amended two counts of attempted sexual assault by penetration and indecent treatment of a child.
Oshodi, in his judgment, reprimanded the convict for breaching the trust the parents of the survivor had in him for enrolling their children in the Islamic school.
The judge held that the evidence before the court deduced a pattern of predatory behaviour as the convict subjected the survivor to inappropriate touching and forced himself on her.
According to him, when the convict was confronted with his action, he sought refuge in the often-repeated phrase, “It was the work of the devil.”
Oshodi held that religious leaders, and teachers such as the convict, held a sacred place in society and when such individuals broke the trust placed in them by preying upon children, the court must respond with appropriate severity to reflect society’s condemnation and deter others from committing similar acts.
“As an imam and an Arabic school teacher, you occupy a position of significant trust, that trust extended not only to the 13-year-old child, the one you victimised but also to her parents and the entire community who look to you for spiritual and moral guidance.
“You betrayed this trust in the most deplorable manner,” he said.
However, the court sentenced Sakiru to 14 years imprisonment on count one and seven years jail term on count two.
Oshodi held that the jail terms should run consecutively and that the convict’s name should be registered in the Lagos State Sexual Offences Register.
Earlier, the defence counsel, Mr. Nelson Onyejaka, in his allocutus, prayed the court to temper justice with mercy.
Onjejaka told the court that the convict was a first-time offender and that he had two wives to take care of.
He prayed to the court for leniency in sentencing his client.
The state prosecution counsel, Ms Bukola Okeowo, however, prayed the court to sentence the convict accordingly.
Okeowo told the court that the convict committed the offences between February and March 2022, on Odusanmi Street, Mushin, Lagos.
The convict had pleaded not guilty when he was initially arraigned on March 17, 2023.
During the trial, the prosecution called two witnesses (the survivor and her father) through whom compelling evidence was given against the convict.
The prosecution, however, approached the court on September 6, 2024, that the convict had opted for a plea bargain which necessitated the amended charge.
According to the prosecution, the offences committed violated Sections 135 and 262 of the Criminal Laws of Lagos State, 2015.
We must stop celebrating, worshipping unexplained, mysterious wealth — Igbo leaders
…It encourages youths to embrace criminal acts for money
…You’ve role to play in stopping this, Soludo tasks churches
…Parents, traditional rulers, churches are to blame
ENUGU —IGBO is known for hard work and strong entrepreneurial spirit. They work hard for their wealth. They are not lazy and do not encourage laziness, hence they celebrate genuine wealth acquired through hard work and visible means of livelihood.
Celebrating questionable wealth is not an Igbo culture. It is therefore disappointing that today in Igbo land, questionable wealth is celebrated and adored without anybody, including the government, the church, families, and the society at large, raising questions. This, perhaps, is one of the things that fuel the security crisis in Igbo land; the drive for easy money at all costs by the youths. The question is; what has gone wrong?
You have a big role in changing the situation —Soludo tasks churches
Addressing Anglican Bishops last week during their retreat held at the All Saints’ Cathedral Onitsha, Governor Chukwuma Soludo of Anambra State, charged them to include the matter in their agenda as the church can help to find the solution for the problem.
“We now have a society where we celebrate something for nothing; where even in Christianity, we now preach that you can have a crown without a cross. We tell people that you can have wealth without work, that God is a money-doubler, only pay your tithe and you go and lie down and cover yourself with a blanket; God will multiply it 10 times.
“We no longer tell people about responsible Christianity, no, it is the hard one. If you tell them no cross, no crown, you will not be a popular one. It is when we tell a young apprentice ‘you will become a billionaire by the end of the year,’ he will say, ‘I claim it,’ how? All those roadside churches and pastors preaching all these warp theology and Christianity are deceiving the people.
“The youths, by 9:00am, are in the beer parlour drinking beer and they expect to build skyscrapers tomorrow, how? We want to hold people accountable. If you have wealth, like displaying all manner of obscene wealth and nobody asks what you do for a living? “A society where you no longer ask people what they do for a living is a society that has no future. Even the ministers of God do not ask. We celebrate wealth without work and if the church continues to celebrate this, a society gets what it celebrates,” Soludu said and urged the bishops to have the matter as one of the issues for discussion.
Bishop Sunday Onuoha of the Methodist Church and co-chair, of Interfaith Dialogue and Peace Forum expressed worry over this ugly attitude and called on institutions of the ethical compass in Igbo land to stop it. The cleric regrets that even the pulpit managers are involved in this to the surprise of the masses.
“We have a young generation that has been provoked and the moral compass has collapsed. Key institutions of ethical compass must stop celebrating flamboyant life, and arrogant display of wealth.
“Our young people sit back in the church with pain when the pulpit managers promote and celebrate the wealthy people of questionable character. Young ones in the community watch with agony when people of dubious means are given chieftaincy titles; they even watch when men of evil backgrounds get elected into public offices because they can buy their way through.
“The young people are hungry and angry and unfortunately, they resort to unethical ways of life because men who should be the role model are publicly rewarding questionable life-styles,” Onuoha said, noting that integrity is of great value.
We should go back to our customs, traditions —Ebonyi Monarch
The traditional ruler of Nkaliki Echara Unuhu autonomous community, Ebonyi State, Ezeogo Sunday Oketa advocates a return to the original customs and traditions of the Igbo as part of the solution. He blames the get-rich-quick syndrome, ritual killing, kidnapping, armed robbery, Yahoo, and other criminal activities destroying Igbo land on the abandonment of Igbo culture and proliferation of churches as well as exposure to social media.
“Igbo are independent people who struggle hard to feed themselves. Igbo are like the Jews who were created with special intelligence and gifts. They are hard-working people and engage in genuine businesses. That culture followed us until recently when things fell apart and the centre could no longer hold. Our children today indulge in many evils and criminal things just to get quick money.
“The solution is to bring back those cultures destroyed by Western culture. What we are passing through today is our sin of abandoning our original customs and traditions,” the monarch said.
Govt, the church, family and community are responsible —Prelate
The Rector, of Alive Theological Seminary of Nigeria, Owerri, Bishop Emmanuel Uzoma attributes the problem to moral decadence in almost all facets of society and notes that churches, communities, families, and governments share in the blame.
“There is moral decadence in the entire society and this is the fallout. I blame almost all sectors, the church, community, family, and government. Many churches don’t preach the undiluted gospel of morality but dwell on messages of prosperity.
“Communities celebrate wealth by conferring traditional titles on those who acquired money, irrespective of the means. Governments have failed to provide jobs due to corruption in the system. So, everyone is culpable. To retrace our steps, we must redirect our priorities and begin reorientation. The media have a lot to do in this aspect,” he said.
A retired NIPOST staff, a native of Umuodu village, Owerri, Murphy Emeto frowns at the practice, saying it is alien to Igbo culture and tradition.
“What is playing out in our cherished Igbo land is not only most uncomfortable and unfortu-nate but completely alien to Igbo custom and tradition.
“Today, the quest for quick money is in vogue, with the youths committing all types of evils to make money. And the ugly practices have taken a frightening dimension, including human trafficking and kidnapping for ransom. The fear now is that organ harvesting is taking centre stage.
“I must remind us that the famous Otokoto uprising in Owerri was a frontal attack on the nouveau riche with questionable wealth. The protest was spontaneous. Our greedy youths must be very careful. Our leaders should wake up and tackle this ugly trend.””
Parents no longer give attention to their children —Prof. Opata
In his contribution, a professor of African Fiction, Damian Opata said the Igbo society is in a period of moral crisis due to inadequate moral training of children. He further said that the lack of sanction for social deviants further propels more youths into a get-rich-quick mentality.
“The Igbo, like many other societies in the world, are going through a period of moral crisis. First, there is almost a total breakdown of parenting. In very many instances, both parents are either working or trading or engaged in various types of businesses. As such, most parents do not spend much time with their children. This means that many children are no longer grounded in the moral and ethical codes of society.
“Secondly, many parents are not concerned about how their children make money. There are instances where parents take their children to learn yahoo yahoo from successful yahooists. Another factor is the flashy and expensive lifestyle of some rich individuals. The youths know that some of these people did not make money in a legal conventional way and they are celebrated by society. These attitudes provide an excuse for many youths to do anything to get money,” he said.
Reacting, Chief Gabriel Ndubuisi, a community leader in Umudioka, Dunukofia Council of Anambra State said: “We need to start changing the mentality of the new generation. Some of the people being adored in society do not have tangible business. Imagine a situation whereby someone does not have a visible means of livelihood, but parades the town with so many expensive cars and he is hailed whenever he is seen.”
Parents and religious leaders have failed in their roles —Cleric
The National Secretary of the Church of God Seventh Day, Nigeria, Evang. Okechukwu Ukaegbu condemns this and said: “It is a manifestation of the loss of norms and values of the society. The society worships wealth. Youths now see wealth as the most important thing in life. Nothing matters but wealth.
“What is happening is best explained as a situation where society has lost its norms and values. Today, the improvement in technology is being used for internet fraud. Parents and religious leaders have failed woefully in their roles. We now worship wealth no matter how it is acquired. So, our youths have imbibed the new ‘culture’ to pursue wealth at all costs. Parents are now encouraging their children to engage in internet fraud to make money. Some students have dropped out of school to pursue wealth; what is the future of our society? We are doomed unless we retrace our steps.”
It is time to reflect on who we are —Ohanaeze chieftain
The former state Chairman of Ohanaeze Ndigbo, Professor Chidi Osuagwu blames the situa-tion on the erosion of morals.
“That is what happens when you are in a state of anomie. The Igbo are subsumed in a Nigeria that is totally in disarray; in a state that is interested in the destruction of the Igbo. The time has come to know who we are. The Igbo is hurt but not destroyed totally. It is time to reflect.”
Chief Azuka Okoroigwe heapedthe blame on the traditional rulers and churches. He also named musicians who eulogize rich people irrespective of how they made their wealth . Such actions, he said, make the younger ones feel that since they are accepted in the society by the leaders, there is nothing wrong in making money through any means.
Man allegedly kills father after taking Colorado in Sapele
A 23-year-old man, Prince Nyerovho, has been arrested in Sapele, Delta State, for allegedly stabbing his 65-year-old father to death after consuming a synthetic drug known as “Colorado.”
The tragic event, which occurred on Sunday in the Amukpe area, has left the community in shock.
According to family sources, Prince has a history of addiction to synthetic cannabinoids, also known as “Spice.”
His drug dependency reportedly destabilised him and led to repeated violent episodes. In one instance, he allegedly attempted to strangle his mother.
According to family source, “This isn’t the first time Prince has exhibited violence under the influence of drugs. His addiction had spiraled out of control, making him unpredictable. His mother did her best to help, but the financial burden was too much to bear.”
Prince’s mother, who reportedly sought assistance from rehabilitation centres in Benin City, Edo State and a mental health facility in Sapele, eventually ran out of resources.
Prince on the faithful day had, after consuming Colorado, reportedly demanded N5,000 from his father. When the old man refused, Prince’s temper escalated. His father locked himself in his room to avoid further conflict, but this act only enraged Prince further.
Prince reportedly broke down the door to his father’s room. His younger sister, who attempted to intervene, was injured in the chaos. “She tried her best to stop him, but he wouldn’t listen,” a neighbour recounted. “It was terrifying.”
Neighbours, alerted by the commotion, rushed to the scene and found Prince’s father lying lifeless on the floor, having been fatally stabbed. His younger sister had raised the alarm, leading to the intervention of the community.
By the time the police arrived, neighbours had subdued Prince and handed him over to the authorities. The father’s body was transported to the mortuary for an autopsy, while Prince was taken into custody pending further investigation.
Insecurity: CUPP begs Nigerians to reject Tinubu, APC in 2027
The Coalition of United Political Parties, CUPP, has enjoined Nigerians to reject the All Progressives Congress, APC, at the polls come 2027 because the administration has failed to address the menace of insecurity over the years.
The CUPP specifically queried the Federal Government’s perceived failure to address the nation’s security challenges which have become a source of concern to citizens, local and foreign investors.
Spokesperson of the CUPP, Mark Adebayo, said: “This condemnation follows the recent massacre of 40 farmers in Borno State by the Islamic State West Africa Province, ISWAP, on January 12.”
Adebayo described the incident “as a tragic example of the government’s inability to protect its citizens.”
The CUPP highlighted the escalating insecurity across various states in Nigeria, with thousands of lives lost and millions displaced due to terrorist attacks and kidnappings.
He accused the ruling APC of neglecting its duty to safeguard the nation’s security, despite significant investments in counter-terrorism efforts.
The CUPP spkesman called for a radical overhaul of Nigeria’s security architecture, emphasizing the need for a government that can effectively combat insecurity.
He asked Nigerians “to reject the APC in the 2027 elections, warning of dire consequences if the current administration remained in power beyond that year.”
Adebayo expressed condolences to the families of the victims and called for a decisive action to restore peace and stability in the country.
Ex-Sokoto governor Bafarawa dumps PDP
Former Governor of Sokoto State, Alhaji Attahiru Dalhatu Bafarawa, has formally resigned his membership of the People’s Democratic Party (PDP) to focus on a newly established platform, the Northern Star Youth Empowerment Initiative (NSYEI), recently launched at Arewa House, Kaduna.
Bafarawa, who served two terms as Governor of Sokoto State, presented his resignation letter to the PDP National Chairman, Umar Damagun, dated 8 January 2025. The letter was officially received by the party’s national office on 13 January 2025.
In the letter made available to journalists in Sokoto, Bafarawa explained that his decision to leave the PDP was to avoid a conflict of interest between his party membership and his leadership of the youth empowerment NGO co-founded in late 2024.
“I will now focus my attention on creating awareness for youth entrepreneurship and empowerment initiatives aimed at making them self-productive, reducing redundancy, and fostering self-reliance,” Bafarawa stated.
He extended his goodwill to the PDP, saying, “I wish the People’s Democratic Party and its leadership the very best in all their future endeavours.”
Expressing gratitude for his time in the party, Bafarawa added, “I appreciate the opportunity given to me to contribute my quota to the development of the party as a card-carrying member.”
Until his resignation, Bafarawa was a key figure in the PDP, providing strong support for Governor Aminu Waziri Tambuwal’s successful re-election bid in 2019 after parting ways with his political mentor and godfather, Senator Aliyu Magatakarda Wammako (Sarkin Yamman Sokoto).
Harsh economic reality driving youths out of Nigeria — Rescued trafficking victim
An indigene of Imo State, Wisdom Chukwuemeka, has blamed the harsh economic situation and joblessness among the youths in the country as some of the reasons forcing the young ones to embark on the deadly trip to Europe through the Sahara Desert and the Mediterranean.
Chukwu is one of 10 victims of suspected human trafficking rescued during a midnight raid in a community in Babura Local Government Area last Sunday.
While parading the rescued persons, comprising eight females and two males between 24-30 years of age, on Tuesday at the headquarters of the Nigerian Immigration Service (NIS) in Dutse, Jigawa, the state NIS Comptroller Tahir Abdullahi disclosed that the interception was carried out based on “Operation Salama” team, carried out at Tsamiyar Kwanche.
He subsequently handed them over to the State Command of the National Agency for the Prohibition of Trafficking in Persons, (NAPTIP), which promised a thorough investigation before taking further actions.
The immigration chief said the victims, comprising eight females and two males, were en route to Europe through the illegal migration channels.
Musa explained that the victims were from Ogun, Oyo, Ondo and Imo.
Apart from the 29-year-old Chukwu, others rescued included Alatise Damilola, 29, from Oyo State, Ayomide Adeyemi, 24 Ondo, Lateef Jumoke, 30 from Ondo and Emyola Adeoye 24, from Ogun.
They also included Soneye Abigeal, 22 from Ogun, Ogunleye Temitope, 29, from Ogun, Osirowo Rebecca, 21, from Ogun, Oniyide Kabirat, 27, from Ogun and Azizat Adaranijo 26, also from Ogun.
He said that interrogations revealed that they were being trafficked from various locations to Kano and onward to Babura, with plans to cross into Niger Republic, then to Libya, and eventually Europe via the Mediterranean Sea.
He expressed concern over the rising cases of human trafficking and illegal migration, urging parents and guardians to monitor their children and prevent them from falling prey to traffickers.
He however emphasised that with the support of the Comptroller-General of the NIS Kemi Randap and the Jigawa State Government, the ongoing commitment to reducing irregular migration in the state would be successful.
Mohammed Yunusa, NAPTIP’s Head of Operations in Jigawa, who spoke on behalf of the State Commandant of the agency appreciated the cooperation they were receiving from the immigration and promised closer working relation to ensure that the obnoxious practice is eradicated in the state.
But speaking with reporters, Chukwu confirmed that his friend, who has left the shores of the country, encouraged him to make the trip.
Chukwu, who described himself as an iron bender, said he was not aware of any danger associated with trip, saying, “I’m not aware of anything bad there and even here in Nigeria, we do not have a better work either as the ones we have in Nigeria is not paying enough that can sustain us.”
Asked if he was aware of the risk involved in the illegal immigration to Europe, he said, “All I believe is that everything in life is about risk-taking. If you don’t take risk in life, you can’t make it in life. You have to take a risk before you can make it, so for that reason I can take any risk.”
Restating his belief in the dangerous trip, he said he was not happy that he would be forced to return to his community in Imo, saying he had no regrets embarking on the trip, noting that, if presented with a second chance, he would continue with his trip till he reaches Europe.
Tinubu is my mentor, I criticise his policies, not him – Ali Ndume clarifies
Senator Ali Ndume, representing Borno South, has expressed his respect for President Bola Tinubu amid clarifying his stance on government policies.
Speaking during an interview on Channels Television’s Politics Today, the senator noted his relationship with Tinubu and reiterated his commitment to constructive criticism for the betterment of Nigeria.
“I am not a critique of the government. It is our government. President Tinubu is one of my mentors.”
Clarifying a viral picture of him and Tinubu in a cheerful mood, he said, “He always says that I don’t come to the Villa. I told him that he didn’t ask me to, and he said I can come tonight.
“Then he [Tinubu] said he is attending my daughter’s wedding, even though it coincided with the Nigerian Army Remembrance Day. So after the ceremony, I was expecting him to leave. He said he is not going anywhere; that he is going to attend the wedding. That is what actually happened.”
Ndume then went on to clarify his approach to governance and criticism, stressing that he does not criticise Tinubu but rather his policies.
“In all of my critiques, I don’t criticise my elders. Tinubu is my senior, I respect him, though I disagree with him in some cases in order for us to agree for the better of Nigeria. I criticise policies, not Tinubu. I criticised policies of Buhari, but I’m closer to Tinubu than Buhari.”
Recall Ndume had in November stated that the tax reform bills sent by President Bola Tinubu are “dead on arrival.”
He argued that the Federal Government should be looking to reduce, rather than increase, the tax burden on Nigerians.
Ndume explained, “Our people are saying they don’t want the VAT bill, they don’t even want to hear about it. That is why we are going to make it dead on arrival,” urging President Tinubu to heed the advice of the National Economic Council (NEC) and the Northern Governors’ Forum and withdraw the bills immediately.
Meanwhile, Ndume has urged the President to prioritise implementing the federal budget and focus on critical areas like security and welfare.
“I have always said it to Mr. President: implement the budget, and Nigerians will be happy. Concentrate on two things: security and welfare of citizens, and then every other thing will come,” Ndume said on Tuesday during Channels Television’s Politics Today.
Student leaders to get rice as Tinubu extends palliative to SUG presidents
President Bola Tinubu has extended palliative support to Student Union Government Presidents across the country.
Special Adviser on Students Engagement to the President, Asefon Sunday, announced the development on Tuesday, January 14, 2025.
He added that SUG Presidents nationwide would get their rice soon, assuring them that the food item had already arrived in Abuja.
He said, “Today, the SUG Presidents across the Federation, by God’s grace, will also receive their rice from President Bola Ahmed Tinubu, a man who understands the importance of students as leaders not only of tomorrow but also of today.
“The President gave them the rice, but unfortunately, the rice arrived in Abuja very late, around December 28th last year. So, this year, we thought it wise to ask them to come to Abuja so that we could personally hand over the rice to them. We selected two SUG Presidents from each zone to represent them and manage the distribution of the palliative.
“It has never happened in the history of this country that the President will reach out to stakeholders and student leaders, particularly SUG Presidents, in December. This is the first time it’s happening.”
It would be recalled that in 2024, Asefon promised that would benefit more from President Tinubu’s initiative.
“This will be a time for Nigerian youth and students to reflect and express their thoughts while engaging with the government. The students and youth of this country are now feeling the presence of the government and experiencing its impact,” he said.
CBN Sanctions 9 Banks For Failing To Dispense Cash At ATMs
The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks (DMBs) with a cumulative fine of ₦1.35 billion for failing to dispense naira notes through Automated Teller Machines (ATMs) during the Yuletide period.
Each of the banks was fined ₦150 million for violating the CBN’s cash distribution guidelines. The penalties followed spot checks conducted at various branches of the affected banks, revealing their non-compliance.
The sanctioned banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.
Confirming the development, the acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, stated that the fines would be directly debited from the accounts of the defaulting banks with the apex bank.
“The CBN will not hesitate to impose further sanctions on any institution found violating its cash circulation guidelines,” she said.
Mrs. Ali emphasised that the CBN’s monitoring efforts would continue, with investigations aimed at exposing cash hoarding and rationing practices at bank branches and by Point-of-Sale (POS) operators.
“The Central Bank is working with security agencies to crack down on illegal cash sales and operational violations, including enforcing the daily cumulative withdrawal limit of ₦1.2 million for POS operators,” she added.
The enforcement action came on the heels of repeated warnings from the CBN to financial institutions to ensure seamless cash availability, particularly during periods of high demand.
LEADERSHIP reports that CBN Governor, Olayemi Cardoso, had earlier cautioned banks to adhere strictly to cash distribution policies or face stringent penalties. Speaking at the Annual Bankers’ Dinner of the Chartered Institute of Bankers of Nigeria (CIBN) in November 2024, he reaffirmed the CBN’s commitment to ensuring efficient cash circulation across the financial system.
“Our focus remains on fostering trust, ensuring stability, and guaranteeing seamless cash circulation across the financial system,” Cardoso stated.