NEWS
[FULL TEXT] PMB’s Nationwide Broadcast on Naira Redesign
President Muhammadu Buhari in a nationwide broadcast on Thursday approved the continuous use of the old N200 as legal tender till April 10.
Find below the full text of President Buhari’s broadcast:
My Dear Compatriots,
I have found it necessary to address you today, on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.
2. Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.
3. Let me re-assure Nigerians, that strengthening our economy, enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times.
4. In the last quarter of 2022, I authorised the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1000 Nigerian banknotes.
5. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.
6. In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorized till 10th February, 2023 for the completion of the process. All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices.
7. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision.
These include:
a. The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4 trillion.
b. The proportion of currency outside banks grew from 78% in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation;
c. The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;
d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and
e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria
8. Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.
9. I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.
10. This represents about 80% of such funds. In the short to medium and long terms, therefore, it is expected that there would be:
a. A strengthening of our macroeconomic parameters;
b. Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices;
c. Lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation;
d. Collapse of Illegal Economic Activities which would help to stem corruption and acquisition of money through illegal ways;
e. Exchange Rate stability;
f. Availability of Easy Loans and lowering of interest rates; and
g. Greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.
11. I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.
12. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amounts of currency; and ability to make deposits.
13. I have similarly directed that the CBN should intensify collaboration with anti-corruption agencies, so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.
14. During the extended phase of the deadline for currency swap, I listened to invaluable pieces of advice from well-meaning citizens and institutions across the nation.
15. I similarly consulted widely with representatives of the State Governors as well as the Council of State. Above all, as an administration that respects the rule of law, I have also noted that the subject matter is before the courts of our land and some pronouncements have been made.
16. To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender.
17. In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.
18. Considering the health of our economy and the legacy we must bequeath to the next administration and future generations of Nigerians, I admonish every citizen to strive harder to make their deposits by taking advantage of the platforms and windows being provided by the CBN.
19. Let me assure Nigerians that our administration will continue to assess the implementation with a view to ensuring that Nigerians are not unnecessarily burdened. In this regard, the CBN shall ensure that new notes become more available and accessible to our citizens through the banks.
20. I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.
21. Fellow citizens, on the 25th of February, 2023 the nation would be electing a new President and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics.
22. This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.
23. I urge every citizen, therefore, to go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count.
24. I however admonish you to eschew violence and avoid actions capable of disrupting the electoral processes. I wish us all a successful General Elections.
Thank you for listening. God bless the Federal Republic of Nigeria.
NEWS
Adeleke Settles Late Public Servants’ Next of Kin
Osun State Governor, Senator Ademola Adeleke has disbursed a total of Two Hundred and Four Million, Two Hundred and Seventy-five Thousand, two hundred and nine naira and eighty kobo (N204,275,209.80) to the next of kin of all staff who died in active service.
According to a government house statement in Osogbo on Monday, the disbursement covers all those, whose documentations have been completed in the Pension Office.
It added that the disbursement was made up of One Hundred and Twenty-Five Million, Six Hundred and Thirty-One Thousand, Eighty-Three Naira, Forty-Five Kobo (#125,631,083.45) for the State level beneficiaries and Seventy-Eight Million, Six Hundred Fort-Four Thousand, One Hundred and Twenty-Six Naira, Thirty-Five Kobo (#78,644,126.35) for Local Government level beneficiaries.
It was gathered that from 2023 to date, the administration had paid a total of Eight Hundred and Eighty-two Million, Seven Hundred and Fifty-Two Thousand, Seven Hundred and Seventeen Naira, Fifty Kobo (₦882,752,717.50) to a total of One Hundred and Eighty-Four (184) beneficiaries across the entire gamut of the public service.
Under the personal accident insurance scheme, the administration had approved and released a total of One Billion, Eight Hundred and Sixty-Six Million, Seven Hundred and Nineteen Thousand, One Hundred and Twenty-Three Naira, Fifteen Kobo (₦1,866,719,123.15) being the outstanding claims of the Five Hundred and Sixty-three (563) beneficiaries covering September 2013 to 1st of August 2023.
The sharing of cheques for the new beneficiaries was held today at Osogbo with the Head of Service, Elder Ayanleye Aina representing the state governor.
In the address of the governor presented by the Head of Service, Governor Adeleke reiterated that his commitment to workers and pensioners’welfare remain unshaken despite the financial challenges facing the state, adding that “what my predecessor failed to implement is what I am executing now.
“When we stated clearly in our 5 – point Action Plan, our desire to make the welfare of the workforce and the pensioners No. 1 priority, our detractors made jest of us, describing the pledge as an impossibility. Today, to the glory of God, we have made significant progress as a talk and do administration”, the governor noted.
He explained that the Group Life Assurance Policy, under the Contributory Pension Scheme (CPS) 2008, Section 15, is designed to cater for death-in-service benefits for Osun State workforce, describing the refusal of the previous government to commit to its settlement as inhumane and uncharitable.
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The governor faulted the previous administration for foisting and condoning irregularities in the payment of Premium to the Insurance Company for the settlement of claims to the beneficiaries.
To correct the anomalies, Governor Adeleke said his administration approved the engagement of VALANIS Insurance Brokers Ltd., as the lead Broker while Capital Express Assurance Plc was engaged as the Lead Insurance Underwriter in August 2023.
“Since then, my Administration had paid a total of Eight Hundred and Eighty-two Million, Seven Hundred and Fifty-Two Thousand, Seven Hundred and Seventeen Naira, Fifty Kobo (₦882,752,717.50) to a total of One Hundred and Eighty-Four (184) beneficiaries across the entire gamut of the public service.
“It is also heartwarming that the Insurance Company has added another package known as Personal Accident Insurance (PAI) to the Group Life Assurance Scheme for the State Workforce, which is a free package. Under this package, each officer of the workforce, no matter the Grade Level, is entitled to a sum of One Million (N1,000,000.00) Naira only, for the payment of Medical Expenses for all accidents resulting in bodily injuries.
“This new addition is no doubt a reflection of my commitment to the welfare of all staff in the Public Service. Three (3) of our insured workers had benefitted from this policy to the tune of millions naira.
“As an advocate of politics without bitterness and as one who is committed to the welfare of the entire workforce, dead or alive, I have approved and released a total of One Billion, Eight Hundred and Sixty-Six Million, Seven Hundred and Nineteen Thousand, One Hundred and Twenty-Three Naira, Fifteen Kobo (₦1,866,719,123.15) being the outstanding claims of the Five Hundred and Sixty-three (563) beneficiaries covering September 2013 to 1st of August 2023.
“This was what our predecessors failed to do thereby making life difficult for the beneficiaries.
“Despite our present financial challenges, we have continued to fulfil our electioneering campaign promises on staff welfare and funding of the pension industry.
“This morning, cheques of Two Hundred and Four Million, Two Hundred and Seventy-five Thousand, two hundred and nine naira and eighty kobo (N204,275,209.80) will be distributed to the beneficiaries. This made up of One Hundred and Twenty-Five Million, Six Hundred and Thirty-One Thousand, Eighty-Three Naira, Forty-Five Kobo (#125,631,083.45) for the State level beneficiaries and Seventy-Eight Million, Six Hundred and Forty-Four Thousand, One Hundred and Twenty-Six Naira, Thirty-Five Kobo (#78,644,126.35) for Local Government level beneficiaries”, the governor told the elated beneficiaries.
Responding on behalf of other beneficiaries, Alhaji M.K. Bello, a retired Director of Administration, commended Governor Ademola Adeleke for approving the reorganisation and disbursement of the cheques, describing the Governor as God-sent.
According to him, “the holistic attention to workers’ Welfare by Governor Adeleke is unprecedented in the history of Osun governance”, adding “we are grateful”.
NEWS
DIL Named Africa’s Most Admired Brand for 8th Consecutive Year
Dangote Industries Limited (DIL) has reinforced its position as Africa’s most influential corporate brands after emerging as the continent’s Most Admired African Brand for the eighth consecutive year.
In the same vein, its Group Chief Branding and Communications Officer, Anthony Chiejina, was named among Africa’s 100 Most Influential Chief Marketing Officers.
The recognition was announced at the 16th annual Brand Africa 100: Africa’s Best Brands rankings unveiled in Addis Ababa, Ethiopia. The survey, regarded as Africa’s most comprehensive consumer-led brand study, covered 30 countries representing more than 85 per cent of the continent’s population and economic output.
In the latest rankings, the DIL emerged as Africa’s Most Admired Brand in aided recall, ahead of South Africa’s MTN and Vodacom. In the spontaneous recall category, it ranked second among African brands, behind MTN and ahead of Trade Kings.
The Group also retained its position as Africa’s Most Admired Industrial Brand and was ranked the No. 1 African Brand Contributing to a Better Africa, ahead of MTN, DStv, Shoprite/Checkers and Trade Kings, reflecting its significant contribution to industrialisation, job creation, economic development and sustainable growth across the continent.
The rankings show Dangote’s growing influence as one of Africa’s most recognisable corporate brands, built on investments spanning cement, fertiliser, petrochemicals, energy, sugar, salt, packaging and logistics.
Brand Africa noted that despite a modest rebound in African brand recognition, homegrown brands still account for only 15 per cent of Africa’s 100 most admired brands, highlighting the continued dominance of foreign brands across the continent.
Brand Africa Founder and Chairman, Thebe Ikalafeng, described the promotion and support of African brands as a critical economic imperative for the continent.
“Converting goodwill towards African contribution into admiration for African brands is the most urgent commercial opportunity for the continent. It is not enough for Africans to believe in Africa, they must buy Made-in-Africa,” he said.
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The survey also ranked Dangote among Africa’s leading brands in sustainability and social impact, placing second in the category of brands recognised for doing good for society, people and the environment.
Despite the dominance of global brands across Africa, Dangote has cemented its position as one of the continent’s leading corporate brands, alongside MTN and Ethiopian Airlines.
The three emerged as the highest ranked African brands in the 2026 Brand Africa rankings, standing out on a list dominated by global names such as Nike, Adidas, Samsung, Apple and Coca-Cola. The achievement is notable given that African brands accounted for just 15 per cent of the Top 100 rankings, compared with 38 per cent for European brands, 28 per cent for North American brands and 19 per cent for Asian brands.
Further strengthening the Group’s standing, its Group Chief Branding and Communications Officer, Anthony Chiejina, was selected for the inaugural Africa CMO 100 (ACMO100) list, which recognises the continent’s most impactful marketing, brand and reputation leaders.
The ACMO100 initiative, launched by Brand Africa in partnership with African Business magazine, MIPAD and the African Media Agency, honours marketing executives whose work is shaping Africa’s business narrative, strengthening brand equity and driving economic growth across the continent and the diaspora.
Chiejina was among only 20 executives selected from West Africa and one of 17 Nigerians recognised for their contribution to brand building, corporate reputation management and strategic communications.
According to Brand Africa, the selection process was based on independent research, industry impact, leadership influence and contribution to the growth of brands that shape consumer perceptions and economic outcomes across Africa.
The latest recognition adds to a growing list of honours for Dangote Industries, which was inducted into the Brand Africa Hall of Fame last year for consistently ranking among Africa’s most admired brands over more than a decade. Its President and Chief Executive, Aliko Dangote, was also honoured with a Lifetime Achievement Award for championing industrialisation and building one of Africa’s most successful indigenous enterprises.
NEWS
Foreign Training Induced Industrial Action Engulfs NUPRC
Persistent disagreements involving foreign training placements have escalated to trade disputes with the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), shutting down the operations of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which forced the regulator to suspend operations nationwide.
Members of the PENGASSAN blocked entrances and halted administrative functions, demanding clarity on training allocations and alleging favoritism in who was chosen for overseas programmes.
It was gathered that the PENGASSAN embarked on an indefinite nationwide strike, shutting down all commission offices across Nigeria, because of a dispute over foreign training.
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The industrial action, which commenced on Monday, led to a total shutdown of regulatory activities at NUPRC headquarters in Abuja and all field offices nationwide, effectively grounding administrative and operational functions of the upstream petroleum regulator.
Sources familiar with the development said the strike followed the breakdown of negotiations between the union and management over the handling of staff training programmes, particularly the commission’s position that capacity-building should be conducted locally rather than through overseas training.
According to the sources, management had insisted that training programmes particularly for Factory Acceptance Test for Positive Displacement (PD) Meters be domestically delivered within Nigeria to reduce cost and strengthen local institutional capacity, a stance the workers reportedly rejected.
A security source said that representatives of the parties are presently meeting at the office of the National Security Adviser where a resolution will likely be reached today.





