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
Through a legacy of excellence and Innovation, First Bank of Nigeria Limited, the country’s oldest and most distinguished financial institution, has once again solidified its reputation as a leader in the banking industry. The Bank was recently crowned the Best SME Bank in Nigeria and the Best SME Bank in Africa at the 2025 Asian Bankers Awards for the second year running. The Asian Banker Global Excellence in Retail Finance Awards are renowned for their rigour, prestige and transparency, celebrating excellence across financial services, technology, risk management and transaction finance.
These prestigious recognitions reaffirm FirstBank’s unwavering commitment to Small and Medium Enterprises (SMEs), a sector that serves as the backbone of Nigeria’s and Africa’s economy. For over a century, First Bank of Nigeria Limited has been instrumental in the nation’s financial evolution, pioneering innovative banking solutions and fostering economic growth.
The awards underscore the efficacy of its strategic focus on empowering SMEs through tailored support programs and an inclusive economic environment where small/medium businesses can thrive and also grow to compete globally. Winning these distinguished awards is no small feat. FirstBank stood out among its competitors across the continent due to several of the Bank’s key initiatives which have effectively transformed the SME banking landscape in all the countries where the bank operates.
Some of the Bank’s Tailored Financial Solutions include customised loans and flexible credit facilities to cater to SMEs at various growth stages. From microloans for startups to large-scale funding for expanding businesses, FirstBank has ensured that small businesses have access to the capital they need to thrive.
The bank’s SMEConnect platform, a digital hub that provides SMEs with access to financial resources, business advisory services, and networking opportunities, has been a game-changer. This initiative has helped thousands of entrepreneurs navigate challenges and scale their operations effectively.
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The recognition of FirstBank as the Best SME Bank in Nigeria is not just a win for the Bank but also for the entire Nigerian economy. SMEs account for over 90% of businesses in Nigeria and contribute significantly to employment and GDP. By providing robust financial solutions and business support, FirstBank is fostering job creation, innovation, and sustainable economic growth. With access to better funding, training, and technology, more SMEs can scale their operations beyond local markets and compete on the global stage. This award also highlights Nigeria’s potential as a hub for entrepreneurship and business expansion.
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This piece is contributed by Tosin Ajayi
Unity Bank Plc has reaffirmed its commitment to women’s empowerment with a series of high-impact initiatives designed to inspire action toward gender equality and sustainable development.
The Bank hosted a webinar with the theme: “Unleashing Women’s Potential,” pivoted by the Unity Bank Women Network as it was marking this year’s International Women’s Day,
Being one of the Bank’s thought leadership on self-reliance, opportunity and equity, the webinar featured influential female leaders, including Gbemi Olateru-Olagbegi, a Nigerian entrepreneur and media personality, and Oluwabusayo Adegoke, a certified life coach and Strategy Consultant, who shared perspectives on women’s leadership, financial inclusion, and breaking barriers in male-dominated industries. The event provided an opportunity for professionals, entrepreneurs, and young women to gain valuable insights into personal and professional development.
The Bank also spotlighted women making significant contributions to their communities, particularly those driving change through education, mentorship, and financial empowerment. Among them were Abisoye Ajayi-Akinfolarin, a trailblazer empowering girls through technology; Tejumoluwa Olaobaju, an advocate leading the fight against period poverty in her community; and Chioma Ohakwe, a champion of inclusivity and women’s empowerment through targeted skill acquisition programmes for girls and women.
Speaking on the Bank’s commitment to gender equity, Mrs. Particia Ahunanya, Unity Bank’s Chief Compliance Officer and Chair of Unity Bank Women’s Network, stated: “Our commitment to financial inclusion and gender equity has made Unity Bank remain in the vanguard of championing opportunities for empowering women across all sectors. This is in view of the realization that women are crucial drivers of economic growth and societal transformation. Through initiatives like the ‘Unleashing Women’s Potential’ webinar and our community spotlights, the Bank is focused on promoting more initiatives to drive impact among the female gender”.
Unity Bank’s IWD 2025 initiatives align with its broader vision of supporting women in leadership, business, and entrepreneurship. Through gender-focused initiatives – particularly with products like the Yanga Account – the bank is committed to driving financial inclusion and empowering women to actively participate in economic and financial systems. By providing tailored financial solutions, Unity Bank aims to create equal opportunities for women to thrive, grow, and succeed.
As the global conversation on gender equality continues to gain momentum, Unity Bank calls on stakeholders across industries to accelerate actions toward creating a more inclusive society without limitations.
Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.
The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totaling N159 million. The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.
Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.
“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity. Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.
“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders. It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.
Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign, from various branches nationwide. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both from Uyo 2 Branch; Derryk Chidubem Okafor from Trans-Ekulu Branch; Aliyu Idris Adamu from Tudun-Wada Kaduna Branch; Bomane-Aziba Koromo from Nanka Close, Wuse Branch; Asabe Grace Adamu from University of Maiduguri Branch; David Agbai Agwu from Oshogbo Branch; Abdullahi Opeyemi Olajuwon from Airport Road, Lagos Branch; and Eghosa George Orhue from Ado Ekiti Branch.
Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.
His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank. This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it.”
Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe. But when they sent me proof, I realized it was real. I am truly grateful for this opportunity. My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business.”
Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
