Business
New Naira Notes Can’t Be Easily Faked – Buhari
President Muhammadu Buhari stated on Wednesday that the new naira notes have been strengthened with security elements that will make it impossible for currency counterfeiters to fake them.
Before the weekly Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja, the President unveiled the new N1000, N500, and N200 bills and provided his justifications.
He claimed that in addition to the exercise being overdue, it was necessary to seize control of the currency in circulation.
He claimed that the new notes’ features will make it difficult for counterfeiters to produce them.
The President expressed satisfaction that the new notes were created domestically by the Nigerian Security Printing and Minting, according to a statement by his Special Advisor on Media and Publicity, Mr. Femi Adesina (NSPM) Plc.
“The new Naira banknotes have been fortified with security features that make them difficult to counterfeit,” the President said.
He added that the new notes would help the Central Bank of Nigeria (CBN) design and implement better monetary policy objectives.
The President, who commended the CBN Governor, Godwin Emefiele, and his deputies for the initiative, also lauded the NSPM Plc management “for working tirelessly with the apex bank to make the currency redesign a reality, and for printing the new naira notes within a comparatively short time.”
Acknowledging that international best practice requires central banks and national authorities to issue new or redesigned currency notes between five and eight years, Buhari noted that it is now almost 20 years since the last major redesign of the local currency was done.
He said: “This implies that the Naira is long overdue to wear a new look. A cycle of note redesign is generally aimed at achieving specific objectives, including, but not limited to: improving security of notes, mitigating counterfeiting, preserving the collective national heritage, controlling currency in circulation, and reducing the overall cost of currency management.
“As is known, our local laws – specifically the CBN Act of 2007 – grants the apex the power to issue and redesign the naira.
“In line with this power, the Central Bank Governor approached me earlier in this year to seek my permission to embark on a currency redesign project. I considered all the facts and reasons presented before me by the central bank.
“There was an urgent need to take control of currency in circulation and to address the hoarding of Naira banknotes outside the banking system, the shortage of clean and fit banknotes in circulation, and the increase in counterfeiting of high-denomination naira notes. It is on this basis that I gave my approval for the redesign of the N200, N500 and N1000 notes.
“While this may not be apparent to many Nigerians, only 4 out of the 54 African countries print their currencies in their countries, and Nigeria is one. Hence, a majority of African countries print their currencies abroad and import them the way we import other goods.
“That is why it is with immense pride that I announce to you that these redesigned currencies are locally produced right here in NSPM) Plc,’’ he said.
Emefiele thanked the President for his unwavering support for the redesign and distribution of the new notes, which, he said, will control inflation, make policies more effective, ensure financial inclusion and fight corruption.
He also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.
Appreciating the President for his insistence that the initial notes must be designed and produced locally, Emefiele said it was a renewal of confidence in the NSPM Plc.
He said: “Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today.”
The Governor of the Central Bank of Nigeria (CBN) outlined the advantages of the new naira notes, including improved security, increased durability, attractiveness, and promotion of rich cultural heritage.
The NNPC Foundation Limited/Gte, the Corporate Social Responsibility (CSR) arm of the Nigerian National Petroleum Company Limited (NNPC Ltd), has won the CSR Champion Award (Health) 2025 instituted by the Independent Newspapers.
Biztellers reports that the award was presented during the Silver Jubilee edition of the Independent Newspapers Awards, themed “Game Changers: Breaking Barriers and Shaping Tomorrow,” held at Eko Hotel and Suites on Saturday, 18 April 2026.
The CSR Champion Award (Health) recognises the Foundation’s work in healthcare and its broader commitment to improving lives through social investment programmes spanning health, education, environment, and access to energy.Primary & Secondary Schooling (K-12)
The recognition follows a series of health initiatives delivered by the Foundation, including free cataract screening and surgeries that restored sight to over 6,000 Nigerians, including minors born blind; cancer and glaucoma interventions; medical outreaches to underserved communities; renovation and furnishing of three wards with 100 beds at the National Orthopaedic Hospital, Igbobi; partnership and sponsorship of heart surgeries; and provision of dental health accessories to children in special schools, among others.
The NNPC Foundation noted that these results were made possible through the leadership and support of the NNPC Ltd. Management team, whose commitment has continued to strengthen the Foundation’s capacity to deliver social investments across the country.
Reacting to the award, the Managing Director of NNPC Foundation, Emmanuella Arukwe, described the recognition as a validation of the Foundation’s work and the trust placed in it by Nigerians. She noted that the award means so much to the company because it represents the confidence Nigerians have placed in its work and the value they see in purposeful social investment.
“It speaks to the resilience of the communities we serve, the dedication of our team, and the strength of partnerships that have enabled us to do meaningful work in health, education, environmental sustainability and access to energy,” she added.
In addition, Arukwe noted that “these results have also been made possible through the leadership and support of the NNPC Ltd. Management team, whose backing has been instrumental to the success of the Foundation’s work. We receive this award with gratitude, and with a renewed sense of responsibility to do more and reach further across the country.”
The NNPC Foundation Limited/Gte remains committed to advancing health interventions that improve outcomes and contribute to national development.
The Nigerian National Petroleum Company Limited (NNPC Ltd), through its Research, Technology and Innovation (RTI) Division, in collaboration with the Petroleum Technology Development Fund (PTDF), has signed a Memorandum of Understanding (MoU) with Sonatrach, the Algerian National Oil Company, for cooperation in research, development, and innovation.
The agreement, signed by NNPC Ltd’s Executive Vice President, Business Services, Sophia Mbakwe, and Sonatrach’s Managing Director, Khodjah Mohamed, establishes a formal framework for joint work in research and technology exchange between the two national oil companies.
This was contained in the press statement issued on Thursday by Chief Corporate Communications Officer Mr. Andy Odeh.
According to the statement, the agreement, held during the opening ceremony of the 3rd Meeting of the African Petroleum Producers’ Organization (APPO) Forum for R&D Directors at the PTDF Tower in Abuja, Nigeria, brought together research and development directors from APPO member countries.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, represented by former Secretary General of APPO, Omar Farouk Ibrahim, said the forum was one of four measures introduced by APPO to address challenges from the global energy transition, which center on funding, technology, and markets.
“The R&D forum tackles technology and expertise needs, the African Energy Bank addresses funding constraints, and the Central African Pipeline System supports regional oil and gas market integration,” Lokpobiri stated.
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Earlier in his remarks, Group Chief Executive Officer, NNPC Limited, Engr. Bashir Bayo Ojulari, represented by the Company’s Chief Financial Officer, Adedapo Segun, said research and development must form a central part of the overall strategy in the African oil and gas industry.
He called for research and development centres to function as engines of industrial competitiveness. “Collaboration in research and development is of strategic importance. The cost of innovation might be high, but the cost of obsolescence would be greater,” he stressed.
Ojulari called for a unified strategic framework through which resources could be pooled, data integrated, and risks shared across member countries.
He further urged the rapid adoption of digital technologies, artificial intelligence, and advanced engineering to improve upstream, midstream, and downstream operations.
On his part, the APPO Secretary General, Farid Ghezali, urged African petroleum-producing countries to ensure research in the oil and gas sector produced solutions that are practical and directly relevant to the continent. “We must ensure that our research delivers solutions that are practical and of direct use to Africa,” he stated.
Also speaking, the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shu’aibu Shehu Aliyu, highlighted the value of the partnership between NNPC Limited and PTDF in supporting decarbonization and environmental protection efforts across APPO member countries.
Chief Innovation Officer of NNPC Research, Technology and Innovation and incoming Chairman of the APPO R&D Directors Forum, Rasheed Ojulari, said the forum would give immediate priority to joint programs in the core areas of upstream optimization, artificial intelligence, decarbonisation processes, and industrial systems development.
The Nigerian Gas Association (NGA), has opined that a predictable fiscal and regulatory environment are ingredients essential to de-risking investments and accelerating project delivery in the oil and gas sector.
This was detailed in a statement released by NGA at the end of its maiden Legal Forum emphasised that investor confidence will be shaped by the robustness of commercial and contractual structures across the gas value chain, strengthened contractual clarity, and efficient dispute resolution mechanisms.
In his opening address, President of the NGA, Aka Nwokedi, underscored the urgency of aligning Nigeria’s legal architecture with its strategic gas ambitions, noting that the sector’s next phase of growth will be defined by the strength, clarity, and credibility of its regulatory environment.
“Nigeria’s gas resources present a defining opportunity for economic transformation, but realising this potential will depend on building a legal framework that is transparent, predictable, and globally competitive”, he stated.
Discussions throughout the Forum reflected a clear and consistent theme: that Nigeria’s opportunity now lies in execution.
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While the Petroleum Industry Act (PIA) has established a transformative foundation for sector reform, participants emphasised that its true impact will be determined by disciplined implementation, regulatory coherence, and institutional alignment.
The need to eliminate ambiguity and strengthen enforcement emerged as central to unlocking sustained investment.
As global energy systems continue to evolve, the Forum reinforced natural gas as Nigeria’s most strategic lever for balancing economic growth, energy security, and emissions reduction. Participants highlighted that legal and regulatory frameworks must evolve accordingly, moving beyond policy intent to embed clear, enforceable standards on carbon management, ESG obligations, and sustainability.
“In an increasingly competitive global market, such clarity will be critical in attracting long-term capital.”
The Forum also acknowledged the policy direction of the administration of President Bola Ahmed Tinubu in advancing gas development through infrastructure expansion and increased domestic utilisation.
Stakeholders noted that sustained policy stability will serve as a critical signal to both domestic and international investors evaluating long-term opportunities in Nigeria’s gas sector.
Beyond its technical depth, the NGA Legal Forum marked an important step in bridging the longstanding gap between legal frameworks and industry realities, creating a structured platform for continuous engagement, practical alignment, and forward-looking policy development.
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