Central Bank Reintroduces Charges On Cash Deposits, Withdrawals




Central Bank Of Nigeria


Akinpelu Dada

The Central Bank of Nigeria on Thursday announced the reintroduction of bank charges on certain categories of cash deposits and withdrawals.

This came about three years after the apex bank stopped the charges.

In a circular to all Deposit Money Banks posted on its website, the regulator said the decision to reintroduce the charges on cash deposits was part of the review of charges on deposits and withdrawals under the cashless policy.

It said the decision was taken at the Bankers’ Committee meeting, which held in Abuja two weeks ago.

The circular, signed by the Director, Banking and Payments System Department, CBN, Mr Dipo Fatokun, stated that the committee decided that the cashless policy should be extended to the remaining 30 states of the federation.

It also directed that with effect from April 1, 2017, banks in the states where the cashless policy was already operating, Lagos, Ogun, Anambra, Abia, Kano, Rivers and the Federal Capital Territory, would begin to impose charges on deposits and withdrawals above N500,000.

Banks will from that date begin to charge individuals 1.5 per cent and two per cent for deposits and withdrawals between N500,000 and N1m.

According to the circular, individuals depositing or withdrawing between N1m and N5m will be charged two per cent and three per cent, respectively.

For amounts above N5m, banks will charge such individuals three per cent and 7.5 per cent for deposits and withdrawals, respectively.

With regard to corporate customers, the CBN stated that deposits and withdrawals under N3m would not attract any charge, but that such customers depositing or withdrawing between N3m and N10m would be charged two per cent and five per cent, respectively.

Also for deposits and withdrawals between N10m and N40m, customers will be charged three per cent and 7.5 per cent, respectively. Deposits or withdrawals above N40m by corporate customers will attract a charge of five per cent and 10 per cent, respectively.

According to the CBN, the new policy on charges will be implemented in selected states on May 1 and August 1, this year; while the total implementation will be concluded on October 1.

The regulator noted that the committee agreed that income generated from the processing fees above the allowable cash limits would be shared between it and the banks in the ratio of 40:60.

However, the CBN said that existing exemptions to the policy such as revenue generating agencies of the federal, state and local governments (for lodgements) will be sustained. Also exempt from the processing fees are embassies, diplomatic missions, multilateral and aid agencies.

The CBN directed lenders to train their employees to enlighten customers on the new policy.  (

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Create Coherent, Credible Economic Policies, IMF Tells Nigeria

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Oyetunji Abioye with agency report

The International Monetary Fund on Thursday urged the Federal Government to step up its economic reform efforts before the opportunities for such become more limited.

“Urgency is needed in implementing a coherent and credible package of monetary, fiscal and structural policies as the window for bold reforms is closing as the 2019 elections are approaching fast,” the IMF spokesman, Gerry Rice, said at a regular news briefing with reporters, Reuters reported.

Rice also confirmed that the Federal Government had not approached the global lender about a programme, but said the IMF “stands ready to help should the country make a request for financial assistance.”

Meanwhile, the IMF has agreed to lend the Republic of Benin 93 billion CFA francs ($149m) to help the government implement a macroeconomic reform programme, the country’s presidency and the institution said on Tuesday.

The three-year extended credit facility programme should help it meet the balance of payments commitments, achieve sustained GDP growth and improve the business climate, the Head of the IMF mission that visited the country this week, Norbert Toe, said.

The deal must be ratified by the IMF board.   (

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PDP Condemns The Arrest Of Gbadamosi

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Toluwani Eniola

The Lagos State chapter of the Peoples Democratic Party has condemned the arrest of one of its chieftains and former governorship aspirant, Babatunde Gbadamosi, by the operatives of the Department of State Services.

The PDP, in a statement by its spokesperson on Thursday, claimed the DSS operatives ransacked Gbadamosi’s home on Wednesday before arresting him.

The party said that it had uncovered a plan by the security and government agencies to arrest PDP members under various false allegations, ahead of the state’s council poll slated for June.

The statement partly read, “The whereabouts of the arrested chieftain is still unknown and the only clue known is that some men, identified as DSS officials, forced their way into the chieftain’s compound at about 1 am ransacked his home and assaulted all who cared to know the reasons for his arrest at that odd hour.”  (

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Fayose Inaugurates New Political Group In Ekiti |The Republican News


Kamarudeen Ogundele, Ado Ekiti

The Ekiti State Governor, Ayodele Fayose, has slammed the Independent National Electoral Commission, security agencies, especially the police for their “roles” in the Edo and Rivers states’ elections.

Fayose, who is also the Chairman of the Peoples Democratic Party Governors Forum, also on Wednesday, inaugurated the Osoko Mass Movement in Ikere Ekiti to start registration of members in the state.

He said revelations coming from the Edo State Governorship Election Tribunal were a pointer to the open display of support for the All Progressives Congress.

He said, “We have seen the police and INEC going back and forth on the Rivers State rerun elections and I wish to ask the police; what happened to that suspect, Christian Chukwuemela Ekikeme, who reportedly confessed to the complicity of some APC top-shots in the murder of DSP Mohammed Alkali? Shouldn’t the police be more interested in bringing those who allegedly killed its officers to justice?

“Also, what has happened to that Yobe State INEC Resident Electoral Commissioner that the Economic and Financial Crimes Commission established to have (allegedly) received the N15m bribe to rig the Yobe State election?”

The governor warned that any attempt to rig the 2018 governorship election in Ekiti State would be resisted by the people.

Meanwhile, loyalists and supporters of Fayose, as well as members of the PDP have launched a political group ahead of the 2018 governorship election in the state.

The Osoko Mass Movement was launched in Ikere Ekiti on Wednesday to start registration of members in the South Senatorial District.

The event was attended by members of the Ekiti State House of Assembly, local government chairmen, political appointees and youths.

There are speculations that the movement might be an exit plan by the governor from the problem-laden PDP.

But the Director of Media and Publicity of the movement, who is also a member of the state assembly, Mr Adedayo Akinleye, said it was not.

He said, “We are telling the whole world that wherever Fayose goes anytime from now we will follow him en-mass.

“It is all about sustaining the Ayo Fayose legacy beyond 2018 and particularly to tell the whole world and in particular, Ekiti people, that wherever Fayose is going in 2018, we are going with him.

“Whoever Ayo Fayose and our people pick in 2018 for the governorship race, we will support.”

Akinleye said the court case rocking the leadership of the PDP in Ekiti could not in any way affect the party’s chances of winning the governorship election in 2018 “because many of us who are part of this movement are lovers of Fayose and we cut across political parties in the state.

“We just love Fayose and want a continuation of his legacy in the state. That is why wherever Fayose goes, we are following him, if Fayose leaves the PDP today, we will follow him.”  (

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Trump Touts Recent Immigration Raids, Calls Them A ‘Military Operation’


Philip Rucker
U.S. President Donald Trump pauses during an an interview in the Oval Office at the White House in Washington, U.S., February 23, 2017.© REUTERS/Jonathan Ernst U.S. President Donald Trump pauses during an interview in the Oval Office at the White House in Washington, U.S., February 23, 2017.


President Trump on Thursday celebrated what he called “a military operation” to round up and deport undocumented immigrants who have committed crimes or caused violence in the United States.

“We’re getting gang members out, we’re getting drug lords out, we’re getting really bad dudes out of this country — and at a rate that nobody’s ever seen before,” Trump told a group of several dozen manufacturing executives during a policy discussion at the White House.

Trump brought up immigration enforcement as he discussed the trip Secretary of State Rex Tillerson and Homeland Security Secretary John Kelly are taking to Mexico this week. Trump said he told Tillerson, “That’s going to be a tough trip because we have to be treated fairly by Mexico.”

Trump then praised Kelly for the work his department is doing to secure the border with Mexico and deport illegal immigrants.

“It’s a military operation,” Trump said, attributing gang violence and illegal drug trade to undocumented immigrants.

Trump was presumably referring to enforcement actions carried out by ICE two weeks ago that rounded up 683 immigrants purportedly in the country illegally.

Trump’s reference to a military operation could raise eyebrows among immigrant rights advocates and even within the Department of Homeland Security. Federal immigration policy is enforced by several divisions inside DHS, including Customs and Border Protection and Immigration and Customs Enforcement, and the military has no role. A leaked DHS proposal last week to deploy Army National Guard troops to help apprehend undocumented immigrants was quickly denied by DHS leadership and the White House as being under consideration. The unions representing Border Patrol agents and officers have regularly denounced the use of military personnel.

“I do not believe the National Guard to be a good idea,” Brandon Judd, president of the National Border Patrol Council, said in an interview. “We’re just setting ourselves up for too much liability with people who have not been trained to do the jobs.”

White House press secretary Sean Spicer said Trump used the phrase “military operation” as a way to describe how the raids were being conducted, not to suggest that they are being done by the military.

“The president was using that as an adjective,” Spicer said at his Thursday afternoon press briefing. “It’s happening with precision … The president was clearly describing the manner in which this is being done.”

Similar raids were carried out during the Obama administration, and the department played down the significance of the number of people arrested in a Feb. 13 news release.

“ICE conducts these kinds of targeted enforcement operations regularly and has for many years,” DHS said.

But immigrant rights advocates have said directives contained in a pair of memos from Kelly this week would significantly expand the pool of immigrants who would be targeted for deportation, broadening it well beyond the hardened criminals and new arrivals that had been the priorities under the Obama administration.

On Thursday, Trump portrayed the immigrants targeted as criminals.

“They’re rough and they’re tough, but they’re not tough like our people, so we’re getting them out,” Trump said.


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CNN: FBI Refused White House Request To Refute Stories About Russian Contact


Matt Shuham
National Intelligence Director James Clapper, left, and FBI Director James Comey, center, testify on Capitol Hill in Washington, Tuesday, Jan. 10, 2017, before the Senate Intelligence Committee hearing on Russian Intelligence Activities.© AP Photo/Cliff Owen National Intelligence Director James Clapper, left, and FBI Director James Comey, centre, testify on Capitol Hill in Washington, Tuesday, Jan. 10, 2017, before the Senate Intelligence Committee hearing on Russian Intelligence…  

CNN reported Thursday that the FBI and other federal agencies rejected the White House’s request to refute stories about contact between members of the Trump campaign and Russian nationals, including members of the Russian intelligence community.

CNN’s report was based on multiple unnamed U.S. officials briefed on the matter.

The New York Times and CNN reported last week that members of the Trump campaign and Russian nationals were in repeated contact during the campaign.

Trump affiliates mentioned in the Times’ story all denied that they knowingly had untoward contact with Russians during the campaign. Some, including Roger Stone, later denied any contact categorically.

This article was written by Matt Shuham from Talking Points Memo and was legally licensed through the NewsCred publisher network.


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Boy Rescued By Nigeria Immigration Service Reunites With Mother

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The Nigeria Immigrations Service, Zone F, Ibadan, Oyo State said a 13-year-old boy who was trafficked from Benue State by a relative had been rescued and reunited with his mother.

This was made known by the Assistant Controller-General in charge of the zone, Olaseni Lawal, in Ibadan.

The zone covers Oyo, Osun, Ondo and Ekiti states commands.

Lawal said the zone had intensified the fight against child trafficking and illegal immigrants as part of the efforts to ensure the protection of children and security in the country.

He said the 13-year-old boy was reunited with his mother on Monday.

He said, “Based on intelligence gathering, the boy, Daniel Peter, was traced to an address in Ibadan and rescued from child labour. The mother confessed that because she needed money to feed the family, she struck an agreement with someone who took the boy to the South-West to work.”

Lawal said hundreds of children had been rescued from cross country human traffickers with many of them reunited with their parents.

He added that thousands of illegal immigrants had been apprehended with fake documents and sent away from the country.  (

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