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States Order Police to Arrest Traders Rejecting Old Naira Notes

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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

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Ecobank Nigeria Unveils New Premier Branch in Victoria Island

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Ecobank Nigeria has announced the opening of a new branch dedicated solely to Premier Banking clients. This branch located No 25. Akin Adesola Street in Victoria Island is dedicated to serving high-net-worth individuals, providing personalized world-class banking services and amenities.

This location offers a bouquet of carefully curated premium banking services enjoyed in the comfort of an exclusive VIP Lounge staffed with dedicated team of relationship managers and supported by a 24X7 contact centre.

Announcing this in Lagos, Adeola Ogunyemi, Head, Distribution Channels/Sales, Consumer & Commercial Banking at Ecobank said “in Nigeria, Ecobank’s mission is to deliver on its promise as the preferred platform for accessible, affordable, and instant banking services to customers. Ecobank remains the go-to bank for pan-African trade and payments.

“Our medium-term goal is to establish ourselves as the leading gateway for facilitating pan-African banking services to our customers in Nigeria. This new premier branch is designed to provide our high-net-worth customers with a suit of exclusive benefits and privileges. This is part of Ecobank’s strategy to cater to the evolving needs of its affluent clientele, offering them a tailored banking solution with enhanced features and privileges.

Ecobank Nigeria Ltd. is a subsidiary of the Ecobank Group, the leading pan-African banking group with operations in 35 African countries and an international presence in four locations (London, Paris, Beijing, and Dubai). Ecobank’s unique pan-African platform is designed to help unlock the opportunities of the continent, for the continent, facilitating regional integration, trade, and investment across borders.

Ecobank utilizes a broad range of digital platforms such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Ecobank OmniPlus, Ecobank Omnilite, EcobankPay, Ecobank RapidTransfer, ATMs, POS terminals, and a vast distribution network with over 250 branches and approximately 50,000 agency banking locations.

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FirstBank Wins Gold for Best Corporate University in Social, Climate Change Impact

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FirstBank, the West Africa premier bank and financial inclusion services provider, has announced that its Corporate University, FirstAcademy, has bagged the Gold Award for Best Corporate University in Social & Climate Change at the Global Council of Corporate Universities (GlobalCCU) Awards 2025.

This highly acclaimed award recognises FirstAcademy’s outstanding commitment to driving social and climate change learning initiatives, aligning its learning and development programs with internal stakeholder needs, and promoting Corporate Social Responsibility (CSR).

The GlobalCCU Awards is a prestigious, biannual recognition of excellence in corporate universities, setting the highest standard for the industry. With a rich 12-year history dating back to its inaugural ceremony in Paris in 2013, the awards have consistently honoured outstanding Corporate Universities, learning and development structures worldwide. The GlobalCCU Awards celebrate institutions that create remarkable value for people, businesses, society and the planet.

FirstBank’s FirstAcademy exemplifies this mission by earning the Gold Award for Best Corporate University in Social & Climate Change at the 2025 ceremony in Paris, France. This distinction reflects FirstAcademy’s dedication to fostering sustainability and environmental responsibility; developing impactful learning initiatives that transcends traditional corporate training, with broader societal goals; integrating climate action into its portfolio and operations;  expanding climate finance offerings and developing a climate action capacity building training program.

FirstAcademy was inaugurated in 2012 as the Bank’s designated corporate academy designed to provide structured talent development, knowledge management and culture change initiatives. One major objective of the academy is to equip staff with the requisite knowledge and skills required to deliver on the Bank’s strategic aspirations and to thrive in an ever-evolving work environment while contributing to social and environmental responsibility.

According to the Founder and Chairman of the GlobalCCU Awards, Annick Renaud-Coulon, “FirstAcademy is an outstanding Corporate University that is clearly the Best Corporate University globally for driving social and climate change learning initiatives.”

Congratulating FirstAcademy, the Founder and Chairman of the GlobalCCU Awards, Annick Renaud-Coulon, said “FirstAcademy is a very mature Corporate University which demonstrates a strong alignment with FirstBank’s vision of responsible banking and sustainable development, with clear support from senior leadership and a governance model that strategically connects learning to business priorities. Congratulations to FirstAcademy for setting a visionary standard in advancing meaningful social and climate change impact through learning and inclusive capacity building!”

In the words of Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communications, FirstBank “We are delighted to receive this international recognition for our efforts in promoting social responsibility and climate action. This award serves as a testament to our belief that businesses can be a force for good, driving transformation that extends beyond profit to create sustainable and equitable futures for all.  FirstAcademy’s programs have not only enhanced employee skills but also contributed to the well-being of society and the environment.”

As FirstBank’s FirstAcademy continues to bridge the gap between corporate initiatives and community needs, it sets a leading example for corporate universities around the globe, inspiring others to follow suit in the quest for meaningful change.

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Fidelity Bank Hits N1trn Market Capitalisation after Share Price Increase

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The market capitalisation of Fidelity Bank has crossed the N1 trillion mark as the share value of the company appreciated by 1.27 percent at the close of trading.

According data from the Nigerian Exchange Group (NGX), the bank’s market capitalisation hit N1 trillion after its share price rose from N19.75 on Tuesday to N20 on Wednesday.

The increase moved the company’s valuation from N991.6 billion to N1 trillion.

With the development, Fidelity Bank joins the list of financial institutions with a market capitalisation of over N1 trillion.

The companies are Zenith Bank, Access Bank, United Bank of Africa (UBA), Guaranty Trust Bank (GTB), and First Bank.

On May 21, Nneka Onyeali-Ikpe, the managing director (MD) and chief executive officer (CEO) of Fidelity Bank, acquired an additional 18 million shares in the bank.

Two days later, Onyeali-Ikpe bought additional 2 million units of shares in the bank.

According to a regulatory filing on the NGX, the shares were acquired on May 22, at N18.6 each — amounting to a total value of N37.2 million.

The acquisitions increased her shareholding in the bank to 114.64 million shares — from 94.64 million held as at December 31, 2024.

In its latest financial performance report, Fidelity Bank said it reported a 167.8 percent year-on-year increase in profit before tax (PBT), which increased to N105.8 billion in the first quarter (Q1) of 2025

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