Business
Naira redesign: Cash withdrawals, ATMs limits heavy blow on looters, kidnappers, others – Experts
Economic experts have said that the Central of Nigeria, CBN, revised policy on cash withdrawals is a heavy blow to looters of government funds, kidnappers and fraudsters.
A breakdown of CBN’s revised guidelines on the practical implementation of the naira redesign policy stated that starting from 9th January 2022, Automated Teller Machines, ATM/ Point of Sales, and POS withdrawals would be limited to N20,000 Per Day.
The notification also disclosed that Automated Teller Machines, ATM, will dispense N200 and downward denominations, and defaulters of maximum deposit limit will have to pay 5 per cent and 10 per cent, respectively, as charges.
It added that OTC withdrawal wouldn’t be more than N100,000 per individual and N500,000 per corporate organization, and Third Party Cheques over N50,000 would not be cleared over the counter.
The CBN gave the directive in a letter by its director of banking supervision, Haruna Mustafa, to all Deposit Money Banks, other financial institutions, primary mortgage banks and Microfinance banks on Monday.
Speaking to DAILY POST in his reaction to the newly released guidelines on cash withdrawals, a don of Accounting and Financial Development at Lead City University, Ibadan, Prof Godwin Oyedokun, said only looters of Government treasury would fault the policy.
He explained that the policy is not targeted at the poor and may likely not affect rural dwellers.
He said, “If I say I don’t expect this, I will be deceiving myself, but the magnitude of the cash contraction is shocking. I didn’t expect it to be this lower in terms of volume. It is not targeted towards the poor; nobody should blackmail this initiative because of their self-interest. People that couldn’t afford food and still have N20,000 cash in their pocket, and you still rank them as poor people? The answer is no; anyone handling 20,000 is no longer lacking in terms of basic needs.
I give you an example that couldn’t afford food would have N20,000 cash in their pocket, and you still rank them as poor people? The answer is no if anyone handling 20,000 is no longer lacking in terms of basic needs.
“Some shenanigans will say, what about people in the rural areas? I give it to you that if you go to these so-called rural areas, you won’t be there and see anyone without a phone, no matter the quality. In these rural areas, some have more than one phone. When we say poverty level, we are talking about people’s inability to have basic needs. It presupposes that they don’t have the capacity to have cash of that magnitude. This policy will affect those charged with governance in this country; they have a lot of money to toy with.
“The policy will reduce the volume of money in circulation and the capacity for the rich to spend anyhow”.
Also, an economic expert, Dr Boniface Chizea, urged CBN to carry out mass enlightenment in unbanked areas for effective implementation.
He disclosed that the policy would halt random payment in cash by kidnappers and restore sanity to the nation’s currency if implemented.
He added that the Federal Government and relevant stakeholders must address the issue of inadequate telecommunications networks in some areas.
“The challenge will be how these policy changes would affect the underbanked, particularly those in outlying areas of the country, because most of such folks have not been included and mainstreamed into the financial sector.
“There will be the urgent need for the Central Bank to embark on aggressive critical enlightenment, particularly as most of such compatriots might not have the luxury of using alternative transaction channels.
“That leaves one wondering how CBN will implement effective monitoring schemes, which will be largely automated and electronic. For the restrictions not to be observed in the breach, this is one area we can envisage some challenges as this is implemented. Of course, it is axiomatic to note that without enforcement, the laudable objectives of this policy will not be realized.
“There is the need to pay attention, so that network issues will be minimized. Often, as you use your debit cards, the [sing song “Declined] could be frustrating. This is the logic behind the maintenance of many Bank accounts and the holding of several debit cards by bank customers. One expected that as we fully adopt the 5G network, definitive improvement in service experience will be the result.
“There is no doubt that these measures would push further down the road the desire to make the Nigerian economy truly cashless and, to that extent, impact the effectiveness of CBN’s many policy thrusts. It should deal a heavy blow on criminality, particularly ransom payment. As it becomes increasingly difficult to find cash and as the awareness gains ground, some flawed individuals among us might be forced to change addresses for better productive engagements.
“We also expect that as cash is drained from the economy that that might reduce demand pressure for dollars, thereby impacting the exchange rates of the Naira positively. There is no doubt that there will be negative collateral consequences for those who deal largely in cash. Collections at churches and other prayer places where cash is the medium will be impacted negatively. There are many compatriots engaged in POS transactions that might also be affected. And therefore, there will be the inevitable need for adjustments and repositioning.
“But a word of caution; the enemy is in effective implementation. Therefore, to say the obvious, the CBN has its job cut out and must be intentional about effective implementation”, he said.
Business
Union Bank’s Union Cares Initiative Celebrates Academic Excellence at Pacelli School for the Visually Impaired Graduation
Union Bank of Nigeria proudly participated in the graduation ceremony of the Pacelli School for the Visually and Partially Sighted on 23 July 2025, honouring the resilience and academic achievements of visually impaired students.
The event, held on the school premises, highlighted the importance of inclusivity and determination in education.
As a 108-year-old institution committed to social responsibility, Union Bank’s involvement reflects its enduring support for Persons With Disabilities (PWD) and its dedication to fostering equitable access to education.
The Bank’s Chief Brand and Marketing Officer, Olufunmilola Aluko, expressed her admiration for the graduating students:
“Union Bank proudly stands as a champion of inclusiveness and equitable representation. Through our UnionCares corporate social responsibility initiative, we are committed to supporting vulnerable and underrepresented communities.
We celebrate the incredible achievements of these students and reaffirm our dedication to empowering them to reach their full potential.”
UnionCares is Union Bank’s CSR Arm focused on creating sustainable social impact in key areas, including:
• Support for Vulnerable Groups: Empowering persons with disabilities and other marginalised communities through inclusive initiatives.
• Education and Skill Development: Facilitating access to education and practical skills that promote self-reliance and opportunity.
• Community Well-Being: Enhancing the overall quality of life of communities through health, education, and social welfare projects.
Union Bank remains honoured to collaborate with institutions dedicated to uplifting less-recognised members of society. The Bank remains dedicated to championing initiatives that inspire positive change, and foster a more inclusive, enlightened community across Nigeria.
Kevin Ugwuoke, Executive Director and Chief Risk Officer of Fidelity Bank Plc, has formally assumed office as President of the Chartered Risk Management Institute of Nigeria (CRMI).
His leadership promises a reform-focused era anchored on policy advocacy, ethical standards, and digital innovation to deepen risk governance across sectors in the country.
Speaking during the presidential handover ceremony in Lagos over the weekend, Ugwuoke — who also doubles as acting President of the Federation of African Risk Management Associations (FARMA) — described his election as “a call to action.”
He pledged to reposition CRMI as a thought leader and institutional partner in shaping the future of risk management in Nigeria’s national development.
“Our mission is more than just certification; it’s about strengthening the culture of risk governance across sectors. We will collaborate with regulators, raise awareness, and provide practical tools to help organizations embed risk discipline at all levels.”
Ugwuoke outlined a five-pronged strategy to guide his administration: strengthening professional education and certification; deepening policy and regulatory engagement; accelerating digital transformation; integrating ESG and climate risk into corporate strategies; and mentoring the next generation of risk practitioners.
He explained that CRMI will align its initiatives with key policy institutions — including the Nigerian Economic Summit Group, the National Assembly, and sub-national governments — to help embed robust risk frameworks into economic development plans.
“We must integrate risk thinking into how we plan, govern, and invest. We will advocate for more inclusive regulations to empower small and medium enterprises, improve macroeconomic stability, and foster institutional resilience.”
Ugwuoke also announced plans to revise the Institute’s curriculum, introduce specialized certifications to reflect emerging risks, and implement a new National Risk Observatory to provide real-time risk data to both the public and private sectors.
“Digital innovation will be central to how CRMI operates going forward. We are automating our backend, delivering more virtual training, and employing technology to scale our impact across the country and beyond.”
In his remarks, the outgoing President of CRMI, Ezekiel Oseni, challenged the new leadership to consolidate on the achievements made under his tenure — from securing chartered status and strengthening partnerships to gaining greater international recognition — and take the Institute to the next level.
Also speaking on the occasion, Chukwuma Nweke, deputy managing director of United Bank for Africa (UBA), delivering a goodwill message on behalf of Group Managing Director, Oliver Alawuba, described Ugwuoke as a worthy successor. “As Professor Oseni hands over the baton to Kevin Ugwuoke — a well-respected leader in the risk management ecosystem — we are assured CRMI is poised for greater achievements under his watch.”
Nweke stressed that growing economic uncertainties — from inflation and exchange rate volatility to growing debt — underscore the need for a more strategic view of risk. “Risk must be recognized not as a compliance obligation or a cost center but as a key enabler of resiliency and growth. Institutions that embed risk into their strategies will absorb shocks more effectively, unlock value, and inspire investor confidence.”
As part of the day’s ceremonies, 11 distinguished practitioners were conferred with the Fellow of Chartered Risk Manager (FCRMI) award, while 21 new members were formally inducted as Chartered Risk Managers (CRM).
Furthermore, a new Governing Council was inaugurated to oversee the affairs of the Institute for the 2025–2027 term, marking a decisive step forward in institutional renewal and policy direction.
L-R: Registrar/Chief Executive, Chartered Risk Management Institute of Nigeria (CRMI), Victor Olannye; Divisional Head, Risk Management Securities and Exchange Commission (SEC), Grace Abioye; Immediate Past President, CRMI, Ezekiel Oseni; President, CRMI and Executive Director/Chief Risk Officer, Fidelity Bank Plc, Kevin Ugwuoke; Director, Enterprise Risk Management, Nigeria Deposit Insurance Corporation (NDIC), Amal Haruna; and Rep. Keynote speaker, Deputy Group Management Director, United Bank of Africa (UBA), Chukwuma Nweke; at the CRMI Conferment Handover/Sent-Forth ceremony, held in Lagos recently.
One of Africa’s leading financial institutions, Zenith Bank has reaffirmed its dedication to employee welfare by announcing the promotion of over 4,000 staff members and implementing salary increases ranging from 20% to 30% across various employee grades.
This bold initiative, under the leadership of Managing Director/CEO Dame Adaora Umeoji, its aimed at boosting staff morale and productivity.
With over 8,000 employees, this significant investment in human capital reflects Zenith Bank’s belief that its workforce is its most valuable asset. The salary adjustments, effective January 1, 2025, aim to reward performance, alleviate financial pressures, and ensure enhanced customer service delivery. Promotions for top management are also expected as part of the bank’s ongoing commitment to excellence and growth.
Dr. Umeoji emphasized the importance of maintaining a motivated workforce, stating that the bank’s dedication to its employees will translate into superior service experiences for customers. She highlighted the organization’s commitment to setting industry benchmarks through innovative solutions and exceptional service delivery.
Zenith Bank’s continued leadership in the Nigerian financial sector is underscored by numerous awards, including Best Bank in Nigeria 2024 by Global Finance and recognition as the Biggest Bank in Nigeria by Tier-1 Capital in 2024 by The Banker. These accolades complement its reputation for innovation, sustainability, and corporate governance.
By prioritizing employee welfare during challenging times, Zenith Bank not only strengthens its internal operations but also sets a standard for other financial institutions in the region, reinforcing its position as a leader in Africa’s banking landscape.
As a major player in Nigeria’s financial landscape, under its managing director/chief executive officer, Adaora Umeoji, the bank has embraced a holistic approach to growth that integrates environmental, social and governance (ESG) principles with its core business objectives.
At the heart of Zenith Bank’s strategy is a focus on buoying economic inclusion, supporting small and medium-sized enterprises (SMEs) and driving technological innovation to enhance customer experiences. The bank’s proactive investments in renewable energy, sports, digital transformation and impactful community initiatives exemplify its dedication to creating long-term value for its stakeholders while addressing global sustainability challenges.
Zenith Bank’s continued success is driven by a combination of strong financial performance and an unwavering commitment to its stakeholders.
Zenith Bank’s growth trajectory is underpinned by a robust expansion strategy. With operations in several countries, including the UK, UAE, China, and most recently, France, the bank continues to expand its geographical footprint.
As usual, the bank’s efforts in 2024 did not unnoticed as the lender clinched several local and international awards in recognition of its outstanding performance.
In 2024, the bank won the Best Bank in Nigeria at the annual Global Finance award in Washington, DC, NY.
The bank also emerged the Biggest Bank in Nigeria by Tier-1 Capital, 2024 by The Banker; Best Commercial Bank, Nigeria 2024 – World Finance; Best Corporate Governance, Nigeria 2024 – World Finance; Most Sustainable Bank, Nigeria 2024 – International Banker; Bank of the Year, 2024 – Business Day; Retail Bank of the Year, 2024 – Business Day; Bank of the Year 2024- The Banker.
It also clinched the Most Responsible Organization in Africa 2024 – SERAS; Best in Gender Equality & Women Empowerment 2024 – SERAS and Best in Transparency & Reporting 2024 – SERAS
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