Business

Meet The Convener and Discussants of YIGGI

Published

9 years ago

May 9, 2016

The Youth in Good Governance Initiative, Ogun state is ready to set everywhere ablaze On the 21st of May, 2016 as it presents a Life-changing Programmme tagged ‘Youth In Governance As Panacea To Nigerian Problem’. The Programme promises to lighten up the world of every youth and everyone that will be present with the set of the discussants who are role models in their respective field.

It’s 12days to go, it is going to be expository and educating. You can’t afford to miss it.

Save the date. May 21,2016 @NUJ HALL Iwe-iroyin, Abeokuta

ABOUT THE CONVENER.

Ifemosu Michael Adewale.

Ifemosu Michael Adewale, an indigene of Ogun State, is born into the family of Mr and Mrs Ifemosu, he attended his primary school at Bevola international nursery and primary school, where he was made the Head boy(2001), he later proceeded to Ijebu-Ode grammar School for his senior school certificate where he was made the Chapel Prefect(2008), He proceeded to Federal college of education, osiele, Abeokuta (2010), for his NCE program, where he graduated as an Agricultural science educationist(2013).
During his days at Federal College of Education Abeokuta, he engaged in a lot of activities, where he bagged a lot of certificate and award to his credit.
He was the Agricultural Science Student Association(ASSA) King between 2010-2011, he was two term Honourable member of federal college of education, Student Representative Assembly, Student Union Government between 2010-2013 , he was the Students Electoral committee (Seleco) Coordinator 2012-2013,he was given a merit award by National Association of Ogun State Students (Federal college of education, Abeokuta Chapter) in 2013, he was the National Assistant general secretary of National Association of Ogun State Students (NAOSS National) between 2013-2014, he was the National President, National Association of Ogun State Students (NAOSS National) between 2014-2015, as part of his dedication to the association, his administration is the first to ever release a gyration album which can be downloaded via inputing NAOSS Gyration on any search engines, he is currently the National Coordinator of National Association of Ogun State Students for the 2016 Electioneering.
He is a member of Kegite Club international, ilya Fatika, where he was made the Elder of the club between 2012-2013, he was awarded best Supportive Senior Fellow of Ilya Fatika between 2015-2016,
The executive Governor of Ogun State acknowledged the open letter he wrote to him especially when he challenged the Governor on the truthfulness of the 40projects commisioned during Ogun State at 40.
Ifemosu Michael Adewale recently made a bright effort when he took a case of a battered student of Abraham Adesanya Polythecnic submitted to him by RRA and consult, on behalf of National Association of Ogun State Students (NAOSS National) upon himself to ensure justice is done, the matter got the attention of Nigerians as it was published on various top Nigeria blogs and Newspapers. The popular Nigerian blogger Maiyeguns Diary published the story on the 19th of April, 2016, the Nation Newspaper and Punch newspaper published the story on the 23rd and 24th April, 2016 respectively.
Ifemosu Michael Adewale also declared his intentions to contest for the Councillorship elections in the 2016 Local Government elections under Ifesowapo LCDA, Odogbolu Local Government.
Ifemosu Michael Adewale is a prolific writer that an attempt to input his name on any of the search engines will surprise you.
He is currently the convener, initiator of Youth in Good Governance Initiative (YIGGI).

ABOUT OUR DISCUSSANTS

ISHOLA ADEBAYO, MANAGING PARTNER – LEAD RESOURCES

As a social-media techpreneur, Ishola Adebayo is the Managing Partner of LEAD Resources Centre — LEAD Resources Centre is housed at the Asero Housing Estate, Abeokuta; LEAD Resources is a social-tech innovation hub space in Abeokuta, which serves as a pre-incubation lab for technologists, social entrepreneurs, government, tech companies, and impact investors in and around Ogun State to co-found new solutions to the many social problems in Nigeria.
He is currently undergoing a postgraduate degree program (MSc) in Economics at the Olabisi Onabanjo University, Ago-Iwoye and holds a BSc (Ed) in Economics from the prestigious Tai Solarin University of Education, Ijagun, Ijebu-Ode, Ogun State. He served as a youth corps member at the National Assembly attached to the Senate Committee on Agricultural and Rural Development during his NYSC program.

DAMOLA MORENIKEJI

Is a social entrepreneur, and rising voice in education, youth capacity and leadership development in Africa with over six years experience in the development sector. He leads the team at All for Development (@All4Development), an organization he founded at age 16 in Abeokuta, with a commitment to building young leaders and promoting education, leadership & governance, social entrepreneurship, and youth participation in development.
Through All for Development, he had engaged thousands of young people through several initiatives including the Young and Emerging Leaders Summit, Pupil Leadership Programme, Studership (the annual international youth leadership academy), Youth Roundtables, Undergraduate Education Seminar Series and a host of other projects organized in partnership with other organisations across the country. These engagements encourage young people to further understand purpose and live right; serve as platforms and provide resources for continuous growth, education and development; build networks for leadership development and capacities for deepening positive democratic governance; encourage youth-driven social change – through social entrepreneurship –, and harness youthful strengths to optimize purposeful youth participation in nation building.
A 2013 Fellow of the Social Leadership Academy, USA, and 2012 DESPLAY Africa Fellow, Damola currently serves as a Global Youth Ambassador, with a commitment to improving the quality of global education, through advocacy. The Global Youth Ambassadors group, initiated by A World at School, was launched by the United Nations’ Secretary-General Ban Ki-moon and the UN Special Envoy for Global Education, former Prime Minister of the United Kingdom, Gordon Brown on April 10, 2014 in Washington DC, U.S.A. His passion for youth development had been witnessed through his contributions at some platforms for policy development including World Economic Forum on Africa (2014), National Education Stakeholders Dialogue, representing Nigeria at the African Youth and Governance Conference (2012, at age 19), and as a Delegate at the Global Youth Forum held in Bali, Indonesia (December 2012), among others.
He co-founded the Innovate! Hub, a social innovation community that encourages value creation through social innovation/entrepreneurship among young people at age 21 and initiated Studership, the annual international youth leadership academy that connects and equips emerging young leaders at age 19. Studership has since inception enrolled over 100 young leaders from over 30 countries, while members of the Studership community are creating positive change in their communities. A 2013 semi-finalist for the Thiel Under20 Fellowship for social innovators, Damola led Team Innovate! of the Federal University of Agriculture, Abeokuta and emerged one of the best teams in Nigeria and finalist at the ANEW National Ideas Contest organized by the Nigerian Universities Commission for all 128 Nigerian universities, in commemoration of the 2014 Global Entrepreneurship Week.
An avid writer and leadership/personal effectiveness trainer, Damola cut his tooth in creative writing after writing his first book titled ‘Spare the rod and spoil the child’ in year 2002, at age 9. He remains committed to helping young people grow through growth-inclined deliberations, and contributes to development through harnessing platforms for equipping young people to become better leaders and solve societal problems through civic participation and value-based leadership; promoting societal growth and acquiring professional experiences across diverse environments.
Damola is an alumnus of the International Leadership and Organisational Behaviour course offered by SDA Boconni School of Management, Boconni University, Italy; Social Entrepreneurship course by The DO School, Germany; and Adaptive Leadership course by Cambridge Leadership Associate, United Kingdom & +Acumen – among others. An alumnus of Comprehensive High School, Ayetoro, Ogun State, Damola lives his passion for youth leadership and educational development, and is currently concluding his studies at the Federal University of Agriculture, Abeokuta.
He has been commended for his work with several prestigious awards, including a formal commendation from President Olusegun Obasanjo [GCFR]; emerging the only undergraduate recipient of the Vice Chancellor’s Productivity Award from the Senate of the Federal University of Agriculture, Abeokuta; pioneer recipient of the Ogun State Youth Award for Excellence, adjudged by the Ogun State Government of Nigeria (May 2012); Finalist for the ‘Life Changer’s Rising Star award’, United Kingdom (November 2011); ‘Integrity Practitioner Award’ adjudged by ICPC/NAVC, Ogun state (October 2010); ‘The Most Outstanding Secondary School Student in Ogun State (Nigeria) award’ by the Ogun State Teaching Service Commission (January 2010); and 2nd runner up, Ogun State 2006 Artiste of the Year Award, by the Ogun State Government of Nigeria (August 2007), among others.

RIDWAN SORUNKE

Ridwan Sorunke is the Public Affairs Lead of a reputable advisory services firm based in Nigeria, ACIOE Associates, a firm of management, energy, power, government relations and finance consultants. His position covers Government Relations and Public Relations for the firm. He has worked with different local and multinational organizations including the Procter & Gamble Company and Seven-Up Bottling Company. He is experienced in government relations, public relations, crisis and issues management, quality control, and business development.
At ACIOE Associates, Ridwan Sorunke consults for organizations like Corporate Council on Africa, Procter & Gamble, Albright Stonebridge Group and the Nigeria Government. He was a key player in the Corporate Council on Africa’s US-Africa Business Summit and the US Trade Mission to Nigeria where he facilitated business discussions between foreign investors and senior government officials.
Ridwan has engaged in businesses with top officials in the Nigerian Government, captains of industry and international diplomats. He has facilitated and led business discussions between his firm, leading investors in the country and Honorable Ministers of the Federal Republic of Nigeria. He led ACIOE team to the Corporate Council on Africa’s roundtable discussion with the Vice President of Nigeria, His Excellency, Professor Yemi Osinbajo.
Prior to joining ACIOE Associates, he worked for Procter & Gamble Nigeria where he was the Lead for Corporate Communications. He executed key projects like the Procter & Gamble partnership with 5 MDAs on the Growing Girls and Women in Nigeria (GWIN) Initiative. He led Communications and E2E execution of the P&G Hygiene Campaign which supported the Federal Government, Lagos State Government and Ogun State Government through the donation of over 50,000 bars of soaps during the Ebola outbreak in Nigeria. Other key projects include the School Health and Nutrition projects with Save the Children International. He also led various employee engagement initiatives, sustainability programs, and media relations for the company.
He is very passionate about driving investments into the country, empowering the local SMEs and the Nigerian youths. Ambassador Koby Koomson of Ghana described him as the “next big personality in Africa”. During his leisure, he volunteers for Akiode Foundation, a non-governmental organization in Ogun State, with an interest in youth empowerment.
He has delivered career talks to hundreds of youths in the country.
He has a B.Sc. in Microbiology from the Obafemi Awolowo University and has taken courses and trainings in business management, conflict resolution, negotiation, marketing and media relations.

WHYTE HABEEB IBIDAPO

He is a Solicitor and Barrister of the Supreme Court of Nigeria. He is the Principal of Habeeb Whyte Legal and Co. He is a noble minded advocate who works hard to change the course of this generation with the power of the pen and words. He is a young, energetic lawyer who advocates for child protection and creativity amongst youth.
Habeeb has an impressive leadership history coupled with a fantastic writing career.
He is a force to reckon with in Nigeria, when it comes to youth, advocacy and child development and he has been greatly awarded by several organisations for his developmental contributions to the nation’s development.
Habeeb has bagged several international national and awards for his distinctiveness and proactive contributions. These awards include several awards for the moot court competitions; he won the United Nations Fund Population Agency (NIGERIA) International Poster Contest 2004 (KEEPING THE PROMISE): ICPD AT TEN. CATEGOTY III (13 – 15yrs). SECOND POSITION. (Reported in Gateway News & Views: UNFPA NEWSLETTER, VOL: 3, NO. 1, July Edition, 2006). Also the First Regional International Arbitration Moot Competition among African Universities, Lacio, Regency Hotels, Nairobi Kenya. 2011 (FIRST POSITION) reported by The Nation Newspaper on August 25th, 2011. Also reported by Compass Newspaper on August 24th, 2011 and The Tribune Newspaper on August 25th, 2011. The Coca Cola/ NBC The Nation CAMPUSLIFE Award as the PERSONALITY PROFILE REPORTER 2012. (This was reported by The Nation Newspaper on 6th of December, 2012 at page 30 – 32. Also reported by The Nigerian Compass Newspaper on 5th of December, 2012 at page 19). Coca Cola/ NBC The Nation CAMPUSLIFE Award as a runner up in PERSONALITY PROFILE REPORTER 2013. (This was reported by The Nation Newspaper on 19th of December, 2013).
He bagged the QuilPromasidor Second Runner-up for the Best Nigeria Future Writer, 2015. (This was reported by The Nation Newspaper on 25th of May, 2015) among others. Also, he was conferred with the honourary status of a Senior Advocate of the Union by the Student Union Judiciary of University of Ilorin.
Habeeb writes for most of the Nigerian newspapers and this has made him a force to reckon with in the youth circle. Top of his writings in the Newspaper has earned him meetings with great minds and top political leaders in the country. He has over 100 newspaper publications and most can be accessed through Google upon entering his name in the search engine platform. His writings skills have made him got recognition in the Youth sector in Nigeria, He has been adjudged to be one of the most influential Nigerian Youths. He was acknowledged by the President Muhammadu Buhari when he wrote him an Open letter upon assumption of office and also on his plans for the Nigerian Youth constituency in 2015. The executive Governor of Ogun State has acknowledged the open letter he wrote to him especially when he challenged the Governor on the truthfulness or otherwise of the payment of law school bursary during his stay at the Nigerian Law School.
In addition to his fantastic writing career he has at the moment nine academic papers published on various academic journals basically on law from topics based on human rights, electoral law, Islamic law and International Jurisprudence. He has also delivered three papers different symposium and summit all focused on the youth constituency in Nigeria.
He has featured on various radio and television programmes making submissions on things that can be done to better the youth constituency in Nigeria.
As a versatile youth, he has participated and contributed to a lot of events such as the Coca Cola NBC CampusLife Workshops, Building Bridges International Conference, University of Ilorin (2015), 1st African Students For Liberty West African Region Conference, 4th Annual Faculty International Conference on Security, Peace and Conflict Management In Africa: Options For National Integration In Nigeria Conference (2012) and the International Day of African Child Celebration, Abeokuta, Ogun State (2006). And recently he got endorsed by Dream Project Africa (A US based organization) to be among speakers that would be educating students across Nigerian universities on the constitutional rights of victims of sexual harassment and rape on Nigerian Campuses.
Habeeb recently made a bright effort when he took a case of a battered student of Abraham Adesanya Polythecnic upon himself to ensure justice is done.
The matter got the attention of Nigerians as it was published on various top Nigeria blogs and Newspapers.
The popular Nigerian blogger Linda Ikeji published the story on the 19th of April, 2016.
The Nation Newspaper and Punch newspaper published the story on the 23rd and 24th April, 2016 respectively.
As at now he is African Children Voices Ambassador (2007 – 2015), iCI-Hustle Nigeria Initiative Ambassador (2015), Gen Voices Ogun Ambassador (2014), Co-covener Legal Frontiers (2015), Editor Egba Youth Awards Foundation, Convener Egba Future Leaders Summit (2015) and Director of Programmes and advocacy Brain Builder International (2015) and Young Elites Foundation as Director of Sponsorship and Partnerships.

IFEKAYODE AKINBODE

He was born on the 28th of March to the family of Prince S.A Akinbode and Mrs J A Akinbode. He attended Our Lady of Apostles pry School, Ibara Abeokuta and later Macjob Grammar School between 1984-1990. He proceeded to OGUN State Polytechnic to Study Mass Communication (Broadcast Major). He started out early as Human right activist as an undergraduate and held several positions as Student Leader and rose to become chairman of NANS in Ogun Axis
He was also Secretary General of Ogunpoly SUG and Senator to NANS for 4 Years.
He led many popular anti Students Struggles and was detained severally by government security apparatus. As a professional Broadcaster / Journalist he worked in many Media Organizations and won several awards for outstanding performance
He was an Information Officer in Ogun State and he was an independent Presenter/Producer with OGTV and was Head of Presentation with NTA Channel 8 Enugu. On the Political front He was the Chairmanship Candidate of PPN in Abeokuta North in 2012 and served as Special Assistant on Youth Affairs between 2007-2011 to the former Governor of Ogun State (Otunba Gbenga Daniel). He is presently the CEO of Imperial Media.

Adebola Ayedun – Solate

She is the Publisher and Editor – in – chief of the reader’s choice magazine- PublicFaces Magazine a colourful general interest magazine in the south Western part of Nigeria. She is also the brain behind the prestigious M19 Ushers.
Recently she initiated an Empowerment programme for young female entrepreneurs called EVEPRENEUR.
The Award winning goal getter is the youngest publisher in Nigeria and the Ogun state secretary of Community Newspapers Publisher Association of Nigeria ( CONPAN )
She recently bags another international Award for VIBRANT ENTREPRENEUR IN ACCRA GHANA.
A product of Moshood Abiola Polytechnic Abeokuta where she studied Mass Communication.

Adejoke Somoye.

Adejoke Somoye is a graduate of Moshood abiola polytechnic, Abeokuta.
She is a freelance media practitioner, she pioneered the cultural radio programme known as EGBA DOTUN LAYE OBA ADEDOTUN.
For adejoke Somoye, the revitalization of Yoruba traditions, especially Yoruba language is her utmost priority.
She amazed and wild everybody when she launched her Foundation called Ewa-ede Caty.
The feat went viral and gained massive publicity through top leading news magazines, The TELL which featured about a four page interview of her visions.
She is currently the convener and initiator of Ewa-ede culture Foundation.if

Business

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman By Rabiu Usman

Published

9 hours ago

November 15, 2024

Sahara Weekly

Zacch Adedeji: And The Revenue Keeps Increasing By Rabiu Usman

By Rabiu Usman

It was President Bola Tinubu that declared that in the first half of this year, the revenue of Nigeria soared to over N9.1 trillion, compared to the first half of 2023.

For instance, N5.2 Trillion accrued into the Federation Account for the period January to June 2023, while a total of N7.3 Trillion accrued into the account for the period July to December, 2023.

However, for June this year, accruals into the Federation Account rose to N2.483 trillion in June 2024. It was N2.324.792 trillion in May, meaning for the two months of May and June this year alone, about N4.8 trillion accrued into the Federation Account while N5.2 trillion accrued into the account for the first six months of last year.

The President attributed the revenue increase to the government’s efforts in blocking leakages, introducing automation, and mobilizing funding creatively, all without placing an additional burden on the people.

A few days after the President spoke glowingly of the considerable increase in the revenue of the country, a process being powered by the Federal Inland Revenue Service (FIRS), under the Chairmanship of Dr Zacch Adedeji, the Nigeria’s Zaccheus the Tax Collector, the World Bank also confirmed the progress being made in the area of revenue generation.

The World Bank projected that following the recent increase in government revenue, Nigeria’s revenue-to-GDP ratio could rise to over 10.5 percent by the end of 2024.

Ndiamé Diop, World Bank country director for Nigeria shared the forecast during an interactive session on ‘Fiscal Reforms for a More Secure Future’ at the 30th Nigerian Economic Summit, held in Abuja last month.

Also, according to data released in September by the National Bureau of Statistics (NBS), Nigeria’s Value Added Tax (VAT) revenue increased by 99.82% year-over-year in the second quarter of 2024.
During this period, total VAT revenue reached N1.56 trillion, a 9.11% increase compared to the previous quarter.

The NBS report highlighted that the revenue growth was driven primarily by local payments, which brought in about $484 million, while foreign payments contributed $242 million. VAT on imports generated $228 million.

However, despite the level of progress already made, the FIRS under Dr Zacch Adedeji is not done yet.

Various innovations are daily being introduced to ensure seamless payment of taxes by Nigerians.

Last week, the Taxpayer Services Department of the FIRS launched the new USSD code *829#, aimed at revolutionizing taxpayer engagement and access to essential tax services.

According to the FIRS, the initiative was aimed at “simplifying tax processes and providing a seamless, efficient service experience.”

With the *829# USSD code, taxpayers can now effortlessly access a range of services, including TIN retrieval, Tax Clearance Certificate (TCC) verification, and general inquiries all from the convenience of their mobile phones and with no need for internet access.

Also, Zacch Adedeji is everywhere, explaining the four tax bills currently before the National Assembly, assuring that it will not reduce the funding or operational efficiency of government agencies.
Last week Wednesday, Adedeji addressed the heads of the National Agency for Science and Engineering Infrastructure (NASENI), the National Information Technology Development Agency (NITDA), and the Tertiary Education Trust Fund (TETFUND) at the Revenue House in Abuja. He allayed concerns surrounding the proposal to rename the FIRS as the Nigeria Revenue Service (NRS), clarifying that the change is intended to streamline and improve agency efficiency.

He said the main goal was to align government revenue practices with current fiscal demands to ensure all agencies are well-funded and effective.

Adedeji further highlighted that the proposed legislation would enable government agencies to concentrate on their core responsibilities without the added task of revenue collection.

“The bills, once enacted, will allow agencies to focus on their primary functions instead of managing tax collection duties,” he explained.

Adedeji, who appears to have taken up the job of an Explainer concerning the new tax bills, further pointed out that the bills were the aftermath of President Tinubu’s administration recognition of the need for a unified tax code to reduce complexity and stimulate economic growth.

Perhaps, by the time this is being read, Dr Zacch Adedeji, will be standing before another audience to explain the ideas behind the new tax bills and their capability to further sore up the revenue base of the country, because for him, the revenue must keep increasing.

Usman, a public affairs commentator lives in Abuja.

Business

Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

Published

15 hours ago

November 15, 2024

Sahara Weekly

*Wema Bank Announces Grand Finale of Hackaholics 5.0: Set to Reward Winners With ₦75 Million Worth of Prizes

Wema Bank, Nigeria’s foremost innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced the grand finale of the 5th edition of its flagship youth and startup-focused tech competition, Hackaholics.

Launched in 2019, Wema Hackaholics is a groundbreaking initiative designed to harness the creativity and entrepreneurial spirit of Nigeria’s youth, providing them with a platform to turn their tech-driven ideas into reality. The highly anticipated Hackaholics 5.0 grand finale will take place on November 27th, 2024, under the theme, “Meta Idea: Capitalizing Africa’s Growth Through Innovation.” This year’s theme aims to showcase how tech-driven solutions can fuel Africa’s development by tapping into the continent’s growth potential through innovation and digital transformation.

The grand finale will bring together the brightest innovators from universities and tech communities across the country. These innovators will pitch their Digi-Tech solutions designed to solve real-world problems and contribute to Africa’s economic and social progress. The event promises to be the culmination of months of intensive competition, collaboration, and mentorship, providing a platform for youth-led tech ideas to reach new heights.

Announcing the date of the grand finale, Moruf Oseni, MD/CEO of Wema Bank, highlighted the bank’s vision for Hackaholics. “Hackaholics is more than a competition; it is a movement to equip Nigeria’s youth with the skills, networks, and resources needed to drive Africa’s digital transformation. The Meta Idea theme for this year is a call to action for young innovators to think beyond the present and design solutions that will capitalize on Africa’s growth. We are excited to see how our participants envision and build the Africa of tomorrow.”

Speaking on the prizes, the MD/CEO said “At the grand finale, participants will compete for exciting cash prizes, grants, and access to Wema Bank’s extensive network of investors, mentors, and industry experts. The total worth of prizes for this year is ₦75,000,000. The winning team will receive ₦30,000,000, the first runner-up will receive ₦20,000,000 and the second runner-up will receive ₦15,000,000 worth of prizes. Additionally, we will be awarding a special grant of ₦10,000,000 worth of prizes to the female-led team to encourage gender diversity in tech innovation.” He concluded.

Wema Bank’s Hackaholics is a testament to the Bank’s commitment to shaping Africa’s future through innovation and entrepreneurship. Hackaholics 5.0 began with a nationwide call for entries earlier in the year and has engaged over 10,000 aspiring tech innovators and entrepreneurs across Nigeria. With 2,297 applications across 8 physical pitch centers and 1 virtual pitch center, 34 innovators across all locations are set to pitch their ideas at the pre-pitch stage ahead of the grand finale scheduled to hold in Lagos.

Through Hackaholics, Wema Bank has provided a platform for youth to channel their creativity and entrepreneurial spirit into actionable tech solutions that address Africa’s most pressing challenges. Over the years, Hackaholics has grown into one of the largest and most influential tech competitions in Nigeria, impacting thousands of young minds.

The competition not only offers winners cash prizes and grants, but also access to mentorship, industry networks, and resources to help scale their innovations globally. This initiative is a key part of Wema Bank’s broader strategy to harness technology as a driver of socio-economic growth in Africa.
Interested individuals can register to attend the grand finale via https://hackaholics.wemabank.com/grandfinale

Business

ATMs empty as banks ration withdrawals

Published

2 days ago

November 14, 2024

Sahara Weekly

ATMs empty as banks ration withdrawals

The Automated Teller Machines of Deposit Money Banks have consistently remained empty in recent months as banks grapple with a sustained low cash supply.

It was also gathered on Wednesday that some DMBs, particularly in the Federal Capital Territory, have begun another round of cash rationing, restricting maximum over-the-counter withdrawals to a daily limit between N5,000 and N20,000.

While banks struggle to get cash, Point-of-Sales operators have been fulfilling the cash needs of customers.

Speaking at the Facts Behind the Rights Issue Presentation of FBN Holdings at the Nigerian Exchange Limited recently, the Executive Director/Chief Financial Officer of First Bank, Patrick Iyamabo, said that the matter was an industry-wide one and not peculiar to a specific bank.

He said, “It is an industry problem. Most customers after exhausting the options available in other banks, tend to settle at FirstBank to address their cash needs. The challenge differs by location but we know it is a challenge that the regulator is looking into to address. But as we speak of physical cash, we must appreciate that the direction of the industry is to go digital.

“A lot of our customers do most of their transactions digitally, and you heard the GMD speak to this, very often people don’t want to transact in cash. In terms of this new order, your bank, FirstBank is very well positioned so if you look at the statistics and I’m speaking to independent statistics, just pick up your NIBSS report, the bank with the most stable platform meaning availability to always transact digitally is FirstBank. So, all our customers have the benefits of having their cash in First Bank and having access to this cash anytime anywhere and as necessary. It’s a huge advantage.”

Speaking anonymously with The PUNCH, a banker at a tier-1 bank put the blame on the Central Bank of Nigeria.

As a result, many people have turned to Point-of-Sale operators, who have become the primary channel for cash withdrawals, albeit often at higher transaction fees.

Major commercial banks visited by one of our correspondents on Wednesday claimed not to have sufficient cash allocation hence the ration withdrawals to serve more customers.

The banks visited include Guaranty Trust Bank, Zenith Bank along Airport Road, and EcoBank at Jabi in Abuja.

A bank customer at EcoBank, who spoke without mentioning her name, said she was only allowed to withdraw N5,000 from N20,000 previously allowed.

“I was just informed that I can only withdraw N5,000 from my account. Can you imagine? The amount will can’t even take me home.”

Our correspondent received the same answer when he attempted to obtain cash.

At GTBank and Zenith Bank along the airport road, customers were permitted a maximum withdrawal of N20,000 from N100,000 previously disbursed as a daily limit.

A customer, Mr Faith, who visited the bank expressed shock about the new limit. He said the banks didn’t give any cogent reason for reducing the withdrawal limit.

“I just visited these banks, and I was informed that I can only withdraw N20,000 from N100,000, which was the previous limit. They didn’t even give any reason for reducing, now I have to start looking for cash elsewhere. This country is just so annoying,” He vented.

Cash scarcity became a recurring and widespread issue across Nigeria after the Central Bank of Nigeria introduced a controversial policy in January 2023, which significantly reduced the daily and weekly cash withdrawal limits to N100,000 daily, N500,000 weekly for individuals, and N5m for business entities.

This decision, aimed at encouraging a cashless economy, led to long queues at ATMs, increased difficulty in accessing physical cash, and a general disruption of daily financial transactions for millions of Nigerians.

The policy’s impact was felt particularly by those in rural areas and lower-income groups, who rely heavily on cash for their day-to-day needs, exacerbating economic hardships across the country.

Last week, data from the CBN showed that currency in circulation climbed 56.1 per cent year-on-year to reach N4.31tn, up from N2.76tn in September 2023, reflecting an increase of N1.55tn.

This is just as currency outside banks surged by 66.2 per cent in September 2024, reaching N4.02tn compared to N2.42tn in September 2023, a notable rise of N1.60tn in just one year.

This indicates that the volume of currency retained outside the banking sector outpaced the total released for circulation within the past year.

Compared to August 2024, currency in circulation rose by 4.0 per cent month-on-month, adding N166.2bn from the previous figure of N4.14tn.

The CIC is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses. It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.

Earlier in September, the CBN announced plans to sanction banks that fail to dispense cash through their automated teller machines, as part of efforts to improve cash availability in circulation.

The CBN also revealed plans to release an additional N1.4tn into circulation over the next three months to ease cash flow within the banking system.

This strategy aims to ensure that ATMs and bank branches have sufficient cash, addressing ongoing challenges faced by customers over cash shortages.

Efforts to get a reaction from the apex bank on the new situation proved abortive as the acting Director, Corporate Communications, Sidi Ali Hakama, did not respond to enquiries sent to her phone number.