Business
Nigerians Lambast Emefiele on Shift of Old Naira Notes Deadline
There has been much controversy surrounding the redesigning of certain denominations of the naira, Nigeria’s national legal tender.
The Central Bank of Nigeria (CBN) had unveiled a policy for the redesign of the N200, N500 and N1000 currency notes in Q4, 2022 and set a January 31, 2023 deadline for the old currencies to be cut-off the legal tender list in Nigeria.
The policy had attracted the attention of various segments of the society, with attendant media blitz and theatricals, with notable political actors – serving and aspiring inclusive, taking turns to have their say.
While that raged, the CBN, through its governor, Godwin Emefiele, maintained that it’s actions were thoroughly thought out, and backed by the highest authority in the land, so the January 31 date would not be shifted.
The apex went ahead to engage the public through Short Message Services (SMS) and market-storms across the federation to warn the public sternly that it was dead serious.
Well-meaning Nigerians took sides with apex bank, because it canvassed that it was targeted at curbing ‘oppression’, instilling sanity and sanitizing cash within the Nigerian economy.
While elected state governors sought the attention of and met with the apex bank on this to no avail, the National Assembly weighed-in with resolutions, after summons to Emefiele went unheeded.
The Senate in resolution, passed in panic resolved that the deadline for the old notes to stop being legal tender be shifted to June 31, 2023. (The month of June has only 30 days!).
The Senate in a video that has gone viral on social media was seen debating the need for a shift of the January 31 date to the middle of the year on the grounds that rural Nigeria lacked necessary infrastructure to meet the set deadline.
Senate President Ahmed Lawan ruled in favour of the “ayes” at the end of the debate and voting to uphold the Upper Chamber’s position that the January 31 date be shifted.
The House of Representatives on its part, summoned Emefiele, who shunned the summon, for what many thought was a desire to keep to the set dates, with Speaker, House of Representatives, Femi Gbajamiala threating to issue a warrant of arrest against Emefiele.
In an interesting scenario, Emefiele, took refuge under President Muhammadu Buhari, running to the Presidential Villa on regular basis to seek validation or endorsement for the policy, as the drama was unfolding.
So well did Emefiele act his script that the public was taken-in that he was acting President Buhari’s script. This make-believe played out, even on Sunday, when the governor announced that President Buhari had approved, a 10-day extension and a 7-day grace period, which terminate on February 10, and February 17 respectively.
The first cut-off date, of February 10 applies to the commercial banks and other agents mandated by the CBN to facilitate the collection of the old notes in exchange for the new currency notes. However, the grace period is in compliance with legal provision for the apex bank to mop-up what would have been left after the others would have delivered on the policy as spelt out.
It appears that members of the public could not hide their disappointment at the apex bank for succumbing to cheap blackmail from the political class, despite the banks, having been perceived to have sold out by ‘trading-off’ the new notes, which occasioned its scarcity in the economy.
In a series of tweets and Facebook posts, Nigerian’s expressed dismay that the date had to be shifted after a lot had been invested into the making the policy work.
Kayode Ogunwale, would not buy into the shift in day, because to him, it would not solve any problem.
He wrote, “what we need is availability of new naira notes. Extension cannot solve the problem.”
In what points to connivance by commercial banks against the apex bank and the populace, by ‘trading off’ printed new currency notes to people of means and political actors, Media Personality, Uzo Maxim Nwatu, decried that the new notes were being re-routed.
He stated, “The new Naira of the CBN is missing road and entering ‘fiam’ into Big Men’s homes.”
On his part, Jide Ojo, decried the torture of the old notes being rejected by even reputable businesses well before the cut-off date, because they believed Emefiele and his CBN were a serious bunch.
Ojo lamented, “Walahi! It’s no longer funny! This morning I took my old Naira notes received from POS yesterday to make a purchase at a big supermarket in my area, only to be told that they no longer take the old Naira notes.”
With the postponement, said to be with President Buhari’s approval, people like Ojo can heave a sigh of relief, hoping that the 10-day extension would be enough for those in charge to discharge on the policy professionally.
Business
Dangote Credits Tinubu’s Economic Reforms with Driving Nigeria’s Economic Recovery
President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has commended the Federal Government for implementing bold and transformative economic reforms repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery.
According to Dangote, the ongoing fiscal, monetary, and regulatory reforms have contributed significantly to improving macroeconomic stability, enhancing productivity across key sectors, increasing Nigeria’s attractiveness as an investment destination, and fostering a more resilient business environment. He noted that the positive outcomes emerging from the reform agenda underscore the importance of consistent, market-driven policies in advancing national development and economic prosperity.
“The economic reforms being implemented by the Federal Government are beginning to yield tangible results. We are witnessing improved economic activity, stronger investor confidence, increased industrial productivity, and a more resilient business environment. These measures are laying a solid foundation for sustainable economic growth and long-term prosperity for Nigeria,” Dangote stated
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He explained that the reforms have created a more enabling operating environment for businesses, particularly large-scale manufacturing and industrial enterprises that are critical to economic diversification, job creation, foreign exchange generation, and national competitiveness. He added that government initiatives aimed at improving efficiency, promoting investment, enhancing transparency, and supporting domestic production are providing a solid framework for industrial expansion.
“We commend the Federal Government for its courage and determination in implementing reforms that are essential for economic transformation. While every reform process comes with initial challenges, the benefits are increasingly evident in stronger economic indicators, improved business confidence, and renewed investor interest in Nigeria,” he said.
Dangote further observed that the government’s favourable policy environment has supported the continued growth and efficient operation of the Dangote Petroleum Refinery and Petrochemicals complex, Africa’s largest integrated refining and petrochemical facility. He noted that policy measures designed to strengthen local refining capacity, reduce import dependence, improve energy security, and encourage value addition have contributed meaningfully to the refinery’s success and Nigeria’s broader economic development objectives.
“The progress being recorded at the Dangote Petroleum Refinery and Petrochemicals complex is closely linked to a policy environment that encourages investment, supports domestic industrialisation, and promotes self-sufficiency. These reforms are helping Nigerian businesses to plan with greater certainty, invest with confidence, and compete effectively on the global stage,” he added.
He stated that the refinery’s increasing production capacity and expanding export footprint are contributing significantly to Nigeria’s economic resurgence by generating foreign exchange earnings, creating employment opportunities, strengthening local supply chains, and positioning the country as a leading energy and manufacturing hub
Reaffirming the Group’s commitment to supporting the Federal Government’s economic agenda, Dangote said Dangote Industries Limited would continue to invest in strategic sectors, drive innovation, promote industrial development, and create sustainable employment opportunities.
“Our vision has always been to support Nigeria’s economic development through transformative investments. Today, we are witnessing how the combination of private-sector commitment and decisive government policies can unlock unprecedented opportunities for national growth. The refinery, petrochemical operations, fertiliser production, and our other industrial investments are helping to build a more self-reliant, competitive, and prosperous economy,” he said.
He expressed confidence that sustained reforms, policy consistency, and stronger collaboration between the public and private sectors would further stimulate economic growth, attract increased foreign direct investment, and reinforce Nigeria’s position as one of Africa’s most attractive investment destinations.
“Nigeria is on the path to becoming one of the world’s leading industrial and economic powers. With continued policy consistency, robust private-sector participation, and investment-led growth, the future of our economy is exceptionally bright,” Dangote concluded.
Business
Group Credits PINL with Safeguarding Environment, Farms
A group has given kudos to the Pipeline Infrastructure Nigeria Limited (PINL) for effective pipeline surveillance and community interventions during the recent flooding in parts of the Niger Delta.
The Niger Delta Progressive Alliance (NDPA) in a statement signed by its Convener, Nse Victor Udoh, noted that the PINL’s operational efficiency and sustained maintenance of pipeline corridors helped prevent additional environmental damage, preserve farmlands and protect aquatic ecosystems from threats associated with pipeline failures and oil spills.
According to the NDPA, annual flooding in the Niger Delta poses serious environmental risks, particularly when floodwaters come into contact with damaged pipelines, oil spills and illegal activities around oil and gas infrastructure.
The organisation noted that the recent flood season was different, as there were no reported cases of widespread oil contamination of floodwaters, dead fish or the spread of oil into farms and residential areas attributable to pipeline failures.
READ ALSO: DPRP Decries Rising Fuel Imports, Despite Strong Local Supply Capacity
It said the development underscored the importance of preventive pipeline management, stressing that effective infrastructure protection was often measured by disasters that were prevented rather than emergencies that attracted public attention.
According to the group, regular patrols, monitoring and right-of-way surveillance enabled PINL to identify and address potential threats before they escalated into major incidents.
It added that inspection, maintenance and repair activities had also contributed to maintaining the integrity of critical pipelines, especially during periods of heavy rainfall and flooding.
The NDPA further commended PINL for its interventions in flood-affected communities in Rivers, Bayelsa and Imo States.
It cited the company’s restoration efforts in areas previously affected by illegal refining, as well as empowerment programmes targeting women and youths in host communities.
Udoh said the initiatives showed that corporate social responsibility should go beyond occasional charitable gestures and become part of a sustained commitment to community welfare and development.
“We commend Pipeline Infrastructure Nigeria Limited, therefore, on two counts that this season has made inseparable: the efficiency of its service, tested by a flood and found equal to it, and the seriousness of its social responsibility,” he said.
He added that the group had observed that farms remained protected and waterways retained their ecological value despite the flooding.
“This season, our farms still stand where the water reached them. Our creeks still hold their life,” Udoh said.
The alliance maintained that infrastructure security and community welfare were closely linked in the Niger Delta, where pipelines pass through several communities and environmentally sensitive areas.
It urged PINL to sustain the standard, stressing that protection of critical national infrastructure, environmental preservation and improved host-community welfare should remain mutually reinforcing objectives.
The NDPA described PINL’s performance during the flood season as an example of how operational efficiency and responsible community engagement could combine to protect energy infrastructure and the environment.
Business
Dangote Threatens Petrol Importers’ Supply Over Product Blending
As concerns continue to mount over product quality and allegations of blending of imported fuel with products refined locally against major oil marketers, the Dangote Petroleum Refinery and Petrochemicals (DPRP), is contemplating cutting off supplies to the culprits.
The proposed measure could take effect as early as this week, subject to further consultations and any last-minute intervention, according to sources familiar with the situation.
The grave concern is that some marketers are allegedly blending imported Premium Motor Spirit (PMS), also called petrol, with petrol purchased from the DPRP before distributing the resulting product in the market.
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This has left the refinery concerned that such practices could make it difficult to distinguish between products it supplied and the products subsequently blended or handled by third parties.
“It is difficult to understand why we would invest heavily in producing high-quality petroleum products for Nigerians, only for those products to be mixed with imported products of uncertain quality and the resulting product to be associated with the refinery,” a senior official at the $20bn Lekki-based plant, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.
The refinery has also raised concerns about what it called a lack of a standard laboratory and adequate quality-control infrastructure for imported petroleum products, particularly the capacity to independently verify and certify the specifications of products entering the Nigerian market.
The latest development comes barely days after the DPRP warned that rising petrol imports were forcing it to export excess stocks despite having sufficient capacity to meet Nigeria’s domestic demand.
The refinery said imported PMS accounted for approximately 43 percent of fuel supplied into the Nigerian market in July, saying the continued issuance of petrol import licences had created uncertainty over domestic demand and made production and inventory planning increasingly difficult.
The DPRP said it had consistently maintained sufficient inventory and reserved product volumes to guarantee steady supply to the Nigerian market, but argued that keeping large stocks indefinitely was becoming commercially unsustainable when it could not determine how much imported petrol would enter the country.
“As a responsible energy provider, we have always endeavoured to keep adequate reserves to satisfy local demand at all times. However, in an environment where significant volumes of imported PMS continue to enter the market through licences issued by the regulator, and where there is limited visibility on future import volumes, it becomes commercially unsustainable to continue holding excess inventory indefinitely.”
The refinery said the surplus petrol that could not be absorbed by the domestic market would consequently have to be exported to regional and international markets.
The proposed restriction on sales to importing marketers now adds a new dimension to the refinery’s concerns, as Dangote moves from highlighting the commercial impact of rising imports to considering measures that would prevent marketers from sourcing its petrol while simultaneously importing competing products.





