Business
States Order Police to Arrest Traders Rejecting Old Naira Notes
State governments have directed police commands to begin clamping down on traders and supermarkets accused of rejecting the old naira notes.
Findings by The PUNCH on Sunday indicated that the authorities in Kano, Sokoto, Katsina, Bayelsa, Zamfara and Kwara states had issued directives to security agencies to deal with anyone who turned down the old N1000, N500 and N200 notes.
The development was sequel to the confusion caused by the failure of the Central Bank of Nigeria to issue directives to commercial banks on the extension or otherwise of the February 10 deadline for the currency swap following last Wednesday’s Supreme Court ruling restraining the FG from enforcing the time limit earlier fixed by the apex bank.
This is as the Catholic Bishops declared the CBN policy as disastrous, stressing that it hasd turned Nigerians to beggars
On Sunday, the Kano State Governor, Dr Abdullahi Ganduje directed the acting Chairman of Kano State Consumer Protection Council, Dr Baffa Dan’agundi to shut down Wellcare supermarket for rejecting the old naira notes in violation of the directive of the state government that the currency remains legal tender.
The chairman of the council made the disclosure shortly after shutting down the supermarket, stating that legal action will also be taken against Wellcare Alliance Limited, the owners of WellCare supermarket.
He warned other businesses in Kano that the state government had not banned the use of old naira notes.
He threatened that any shop owner caught rejecting the old notes would be dealt with decisively, according to the dictates of the law.
Meanwhile, the management of Wellcare Alliance Limited has written an apology letter to Ganduje, seeking his immediate intervention to re-open the supermarket.
The letter was titled, ‘A plea for an immediate intervention to re-open Wellcare Alliance Limited and an apology letter.’
It read in part, “Sir, Wellcare has always had an outstanding reputation in the market within the state and beyond, equally has abided by every rule and regulation which directly affects the company or a regulator without hesitation.
“Due to the Federal Government policy on the new naira notes, we gave wrong instructions to our staff that from the 10th day of February 2023 that only the new approved naira notes are to be in circulation.
“On an expansive investigation with our bankers, they declined to receive old naira notes on our behalf, unknown to all parties that the state has a policy that the old notes are to be in circulation. On this basis, we sincerely apologize for our actions and deeply regret any inconvenience this may have caused the state.
“We humbly plead that our business should be re-opened for deserving members of the public as we undertake to receive old notes as valid tender till when the state issues an otherwise directive. Please, do accept our regards and sincere apologies.”
In the same vein, the Katsina state government has warned banks and traders in the state not to reject the old naira notes until the Supreme Court gives a final verdict on the issue.
The state government gave the warning in a statement on Sunday issued by the Commissioner for Information, Culture and Home Affairs, Abdulkarim Sirika.
The government said it had come to its notice that banks and traders in the state were rejecting the old notes from residents, a development it said had led to severe hardships for the people.
The statement read: ‘’It has come to the notice of the state government under the able leadership of the Governor of Katsina State, Rtd Hon. Aminu Bello Masari that banks and marketers are no longer accepting the old naira notes.
“In view of this, His Excellency, the governor has directed that marketers and banks should continue accepting the old naira notes from now to the 15th February 2023 pending the final verdict of the Supreme Court on the matter.”
Meanwhile, Katsina residents have continued to bear the hardship imposed by the non-availability of the new naira notes.
Many ATM points in the state were not dispensing the new notes over the weekend while the few PoS operators still operating charged higher commissions ranging from N150 to N300 per every N1,000 withdrawal.
In Sokoto, the state police command has vowed to deal with anyone rejecting the old notes.
The command’s Public Relations Officer, Sanusi Abubakar, who stated that the force has not received any complaint, however, called on residents to report anyone rejecting the old naira notes to the law enforcement agents in the state.
Abubakar said, ‘’I’m sure you know we can only react if there is a complaint against anyone rejecting the notes but so far, we have not gotten any report of such in the state. I can assure you that we are on top of the situation and we will do the needful if such a report is made.’’
Also speaking on the issue, the Kwara State Police Public Relations Officer, Ajayi Okasanmi, asserted that the police had been given a directive to arrest any individual who sells or buys naira notes in the state.
Responding to an inquiry from The PUNCH, Okasanmi said, “There is a government directive to arrest anyone who messes up the naira notes, buy or sell the notes, but we have not been able to catch anyone in Kwara state. I want to advise people to abide by the government directive on both old and new naira notes so that they would not run foul of the law.’’
To mitigate the difficulties facing the residents, the state government disclosed that it has arranged palliatives to cushion the effects of the fuel scarcity and the currency scarcity in the state.
The Chief Press Secretary to the governor, Mallam Rafiu Ajakaye, explained in a statement on Sunday that the palliatives would include cash transfer to widows, pensioners, transporters, marketers, smallholder farmers, and other vulnerable people.
He added that the programme would be carried out by the Kwara State Social Investment Programme for proper coordination and accountability.
He added that the governor had directed KWASSIP to work out the details and deploy the modest support as soon as possible.
The CPS also said that the government would soon deploy free buses along specific students’ routes in the state.
“The governor has also directed the deployment of free buses along specific routes used by students and staff of tertiary institutions in the capital city where the effects of the fuel scarcity have been most pronounced. Further details of this palliative will be released by relevant government departments/committees”, the statement said.
To curb the rising tension over the scarcity of new naira notes, the Bayelsa State Police Command said it had beefed up security around banks and ATM points.
The command warned miscreants against unlawful assembly and violence due to the new naira notes’ crisis.
This was contained in a statement issued by the spokesman for the command, Asinim Butswat.
The Punch
Sterling Bank, on Wednesday, announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The decision, which follows the abolition of transfer fees on local online transactions in April 2025, was outlined in a statement shared by the bank. The bank said the policy would allow customers to keep more of their earnings, framing it as a step toward financial freedom.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Sterling Bank’s Managing Director, Abubakar Suleiman, said.
The statement highlighted that in 2024 alone, tier-1 banks in Nigeria earned over ₦650 billion from account maintenance and e-banking charges. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” the bank noted.
Obinna Ukachukwu, Sterling’s Growth Executive for Consumer and Business Banking, said the initiative was intended to strengthen long-term relationships with customers. “This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” he said.
Sterling Bank also framed the removal of fees as part of a broader strategy to make banking more inclusive and customer-focused. The April 2025 transfer fee abolition had already eliminated charges on all local online transactions, easing costs for individuals and small businesses. At the time, Ukachukwu described the move as a values-driven decision aimed at ensuring fair access to money.
“Access to your own money shouldn’t come with a penalty. This is more than a financial decision—it’s about redefining banking to put customers first,” Ukachukwu said.
The latest move aligns with Sterling’s positioning as a bank committed to transparency, customer value, and digital innovation, and it signals a continued effort to reshape banking practices in Nigeria.
Guaranty Trust Holding Company Plc has reported a profit before tax of N600.9 billion for the half year ended June 30, 2025.
The figure is contained in the company’s audited consolidated and separate financial statements, which were released to the Nigerian Exchange Group and the London Stock Exchange.
The group stated that the performance was driven by growth in core earnings lines, including interest income and fee income, which rose year-on-year by 31.5% and 33.0%, respectively.
It explained that the growth helped to cushion the absence of N493.01 billion in fair value gains recorded in 2024, resulting in a 40 per cent decline.
GTCO stated that its total assets stood at N16.7 trillion, while shareholders’ funds totaled N3.0 trillion during the review period.
It added that its balance sheet remained strong, diversified, and de-risked across operating jurisdictions, as well as its payments, pension, and funds management businesses.
The group disclosed that its Capital Adequacy Ratio closed at 36.2 per cent, while asset quality improved with IFRS 9 Stage 3 loans declining to 3.2 per cent.
At the group level, Stage 3 loans stood at 4.5 per cent, compared with 5.2 per cent in December 2024.
Similarly, the cost of risk improved to 1.7 per cent from 4.9 per cent recorded in December 2024.
The company stated that its net loan book increased by 20.5 per cent, from N2.79 trillion in December 2024 to N3.36 trillion in June 2025.
Deposit liabilities also increased by 16.6 per cent from N10.40 trillion to N12.13 trillion during the same period.
The board of GTCO approved an interim dividend of N1.00 per share for the half year ended June 30, 2025.
Commenting on the results, Segun Agbaje, Group Chief Executive Officer, said the half-year performance reflected business strength and progress towards building a diversified financial services ecosystem.
He said beyond last year’s extraordinary one-off gains, the group was now driving sustainable growth with recurring earnings that demonstrated the resilience and scalability of its model.
Mr Agbaje noted that continued investment in technology, particularly in core banking upgrades, was delivering stronger uptime, efficiency, and greater capacity to scale with a growing customer base.
He added that across banking, funds management, pension, and payments, GTCO was leveraging a de-risked balance sheet to reinforce its market position while maintaining strategic flexibility. According to him, this foundation positions the group to seize emerging opportunities and deliver lasting value for all stakeholders.
Mr Agbaje stressed that GTCO had continued to post some of the best metrics in Nigeria’s financial services industry in terms of key financial ratios. He said the group recorded Pre-Tax Return on Equity of 60.4 per cent, Pre-Tax Return on Assets of 10.6 per cent, Capital Adequacy Ratio of 36.2 per cent, and Cost-to-Income ratio of 30.1 per cent.
NAN
In line with its commitments of promoting sports and developmental initiatives at all levels, First Bank of Nigeria Limited is partnering the organizers of the first of its kind E1 Lagos GP an all-electric powerboat racing championship, set to hold between the 3rd and 5th of October 2025.
Disclosing this at the E1 Lagos GP Stakeholder Immersion session in Lagos recently, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communication of FirstBank, reaffirmed the Bank’s commitment to supporting initiatives that engender human development across the country while cementing legacies.
“Our involvement in the E1 Lagos GP is about driving legacy and enabling the passions and aspirations that unite Nigerians. We are a bank that has been in business for over 131 years and we recognize that sports drives us as a country, which is why through our First@Sports initiative, we continue to invest in platforms that inspire and elevate our people. We have been supporting legacy sport tournaments like the Georgian Polo Cup which we have hosted for 105 years, and the Lagos Amateur Open Golf Championship for 64 years now,” Ijabiyi said.
With the event slated for the start of the fourth quarter, FirstBank is aligning its partnership with the annual DecemberIssaVybe initiative, a campaign that celebrates the vibrant spirit of Nigerians during the festive season by curating unforgettable experiences that blend culture, entertainment and lifestyle. “FirstBank is deeply woven into the fabric of society and the lives of our customers. As presenting partner, we are creating meaningful touchpoints with customers and prospects, offering them a world-class experience of relaxation and celebration that captures the true essence of Lagos during the festive season,” he added.
Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, who was also at the event, described the initiative as an event that will grow not just the sports but also showcase Lagos’s vibrant culture, dynamic people, and global relevance, while commending FirstBank for their support.
The teams owned by notable stars like Tom Brady, LeBron James, Didier Drogba, Will Smith, Marc Anthony, Steve Aoki, Rafael Nadal will compete in the Lagos leg before the 2025 season of the competition terminates in Miami in the United States.
