COVER
Another Crisis Looms as Naira Swap Deadline Approaches
By Ubong Ukpong, Abuja
House of Representatives has called on the Central Bank of Nigeria (CBN) to begin the gradual withdrawal of old N200, N500, and N1,000 notes from circulation ahead of the Dec. 31 deadline.
Similarly, the House of Representatives Public Accounts Committee (PAC) gave the Permanent Secretary of the Federal Ministry of Works, Mr.
Yakubu Adam Kofarmata, a five-day ultimatum to appear before it and answer questions regarding the alleged abandonment of a federal road construction project in Kaduna State, valued at N1,461,376,553.75.The House at plenary yesterday urged CBN to increase the issuance of the new banknotes to ensure a smooth transition.
This resolution followed a motion of urgent national importance moved by Rep Afam Ogene, who expressed concern over the lack of public awareness on the looming deadline.
Ogene noted that with less than two months to go, the CBN has not initiated any meaningful public sensitization on the change, a crucial step to avoid a repeat of the 2023 chaos when the currency switch caused widespread hardship.
Ogene emphasized that if the CBN does not act promptly, Nigerians may face severe difficulties as the old notes cease to be legal tender on Jan 1, 2025. He recalled the litigation and public frustration during the 2023 currency transition and stressed that proactive public awareness campaigns, such as jingles, radio, television, and social media postings, should have commenced months ago.
The House directed the CBN to order commercial banks to stop disbursing old notes and only release the new currency, urging a gradual phase-out of the old notes.
The House Committee on Banking Regulations was instructed to ensure compliance and report back within 21 days.
On the alleged abandonment of a federal road construction project in Kaduna State, PAC Chairman, Rep. Bamidele Salam lamented that the Permanent Secretary failed to respond to two previous invitations.
The committee made the resolution while entertaining issues bothering on non-compliance with financial regulations, the procurement act, and to assess the value for money concerning the project.
The road construction contract, which spans 115 kilometer and was awarded to Jam-Jam Dynamic Platform Ltd on Oct. 5, 2022, expected to be completed within 12 months.
The committee frowned at the attitude of the Permanent Secretary whom it said has formed the habit of treating the invitation of the committee with levity and stated that this time, it will never be business as usual.
Our correspondent observed that the Permanent Secretary did not appear or respond to invitations sent on Aug. 5th and Oct. 11th.
Rep. Salam emphasized that the committee requires an explanation for the full payment made to Jam-Jam Dynamic Platform Ltd. despite no evidence of project execution.
Consequently, a motion to the effect was moved by Rep. Dauda Nyampa, amended and seconded by Rep. Ari Mohammed and was unanimously supported by the members.
“Public Accounts Committee of the House of Representatives has issued a five-day ultimatum to the Permanent Secretary of the Federal Ministry of works to show cause why a warrant of arrest should not be issued against him by the house of representatives for failure to respond either in writing or to appear before this constitutional committee to explain why a sum of N1.4 billion was paid to Jam-Jam Dynamic platform Ltd. for the construction of Gidanwaya-Guaran, Dutse-Waman, Ravi-Saminaka-Kano Road awarded on the 5th October 2022 to be completed within 12 months received full payment without execution of the project”, the chairman maintained.
The committee made it clear that if the Permanent Secretary does not appear or respond by Tuesday, next week, a warrant of arrest will be sought for his failure to address the allegations.
The committee said that the Permanent Secretary has up to Tuesday 29th Oct. to respond and appear before it.
Business News
DBN Signs $61m Credit Deal With AfDB, Unveils Support Initiative Report
By Tony Obiechina, Abuja
The Development Bank of Nigeria Plc (DBN) has launched DAWN: DBN Action for Women in Nigeria, unveiled its Impact Report and presented MSME Data Assets at the seventh edition of Annual Lecture held in Abuja.
DBN, in a statement on Thursday, said while delivering a welcome address, its Managing Director and Chief Executive Officer, Dr Tony Okpanachi, said the central challenge was no longer reforms themselves but ensuring benefits reach businesses at end of the chain.
He asked how to make sure benefits reach traders in Onitsha, fabricator in Aba, farmer in Kebbi and young founder in Yaba, noting that MSMEs accounted for about half of Nigeria’s GDP and more than eight in every ten jobs, adding that when reform works for MSMEs it works for most Nigerians.
He explained that reform becomes prosperity only when entrepreneurs can act on it whether through long tenor loans to buy equipment, banks willing to take risk or skills and records needed to grow.
He said working through Participating Financial Institutions DBN provides longer term funding, partial credit guarantees through subsidiary Impact Credit Guarantee Limited and capacity building including Entrepreneurship Training Programme.
He disclosed that as at December 2025 DBN had disbursed a cumulative N1.4 trillion to MSMEs through 84 Participating Financial Institutions creating about 1.6 million jobs nationwide.
Under the new five year strategy, the Bank aims to reach more than two million MSMEs with deliberate targets for women led businesses, youth led businesses and underserved states.
On DAWN, Okpanachi said finance alone had not enabled enough women-led businesses to scale.
He said initiative brings together financing, guarantees and credit support, technical assistance, outcome linked grants and market linkages delivered through banks, microfinance institutions, fintechs, aggregators, cooperatives and direct channels.
Its priority sectors are agriculture and exports, healthcare, arts and creatives, technology and green business.
He said DAWN is about moving gender focused lending beyond intention and turning access into opportunity.
On the sidelines of the lecture DBN and African Development Bank held a signing ceremony of AfDB DBN 61 million United States dollars Gender Line of Credit development that reinforces Bank commitment to women led enterprises.
Okpanachi urged Participating Financial Institutions to extend lending into sectors and states where access to finance has been limited, policymakers and regulators to measure reform by what changes for business at end of chain and MSMEs to formalise, keep good records and use support now available.
The Vice President as Special Guest of Honour was represented by Dr Fred Iklaga Senior Technical Adviser in the Office of Special Adviser to the President on Economy.
Keynote speakers were Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and Chairman of Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya.
Fireside chat featured Chief Executive Officer of Sterling Bank Abubakar Suleiman, manufacturing and trade entrepreneur Mrs Omoyemi Chukwurah and by video Kola Masha of Babban Gona.
The Secretary to the Government of Federation, represented by Augusta Warren Bekaredebo, said 2026 tax reforms would bring relief to many small businesses expressing optimism that a lot of businesses will be smiling by next year because they will be exempted from tax.
COVER
NLC Threatens Nationwide Action as Talks With FG Collapse
By Tambaya Julius, Abuja
The Nigeria Labour Congress (NLC) has threatened possible nationwide industrial action following the failure of talks with the Federal Government over workers’ welfare, petrol prices and other outstanding labour demands.
The warning came after a meeting between the government and organised labour at the Ministry of Labour in Abuja on Thursday, October 22, ended without an agreement.
The congress has given the Federal Government until Tuesday, October 27, to make meaningful progress on the issues, warning that its relevant organs would decide the next line of action if the next meeting fails to produce concrete commitments.
The NLC has also directed its affiliates, state councils and civil society allies to begin mobilising members for possible nationwide action.
In a statement issued after the meeting, the NLC Acting General Secretary, Benson Upah, expressed disappointment over what he described as the government delegation’s lack of preparedness for the negotiations.
According to the congress, organised labour presented its demands in good faith but left the meeting without any concrete commitments from the government.
The demands include a reduction in petrol prices to 2024 levels, renegotiation of the national minimum wage, implementation of agreed tax relief measures and resolution of the terms of settlement involving the Joint Health Sector Unions (JOHESU).
The congress also called for the resolution of issues raised by the Joint Public Service Negotiating Council (JPSNC) over peculiar allowances, wage awards and hazard allowances.
The NLC said the government delegation lacked the necessary authority to engage meaningfully on the issues presented by labour representatives.
“The meeting between the Federal Government and organised labour, convened at the Ministry of Labour in Abuja on 22nd October 2026, has ended without resolution,” the statement said.
It added that the Minister of Labour requested that the meeting be adjourned until October 27 to allow the government to prepare adequately for further discussions.
The preparations, according to the statement, would include bringing relevant ministers and heads of departments and agencies to the negotiating table.
The congress said it remained open to dialogue but would not accept continued delays in addressing workers’ concerns.
“We will report back to our organs, and if no meaningful progress is made on Tuesday, the relevant organs of the NLC will decide the next line of action,” it said.
The labour body urged workers and members of the public to remain calm while the negotiations continue, even as it directed its affiliates and allies to prepare for possible industrial action.
“However, we urge all affiliates of NLC and TUC; all state councils and our civil society allies to be alert and start mobilising for a possible action across the nation while we hope that the tenets of our demands are met by the government,” the statement added.
The October 27 meeting is expected to provide another opportunity for both sides to address the outstanding issues and prevent a possible escalation of the dispute.
However, the NLC’s decision to begin mobilisation suggests that tensions could rise if the next round of talks fails to produce meaningful progress.
COVER
Election Campaigns: FRSC Bars Officers from Politicians’ Escort
The Federal Road Safety Corps (FRSC) has barred its personnel from escorting politicians during campaigns for the 2027 general elections.
Zonal Commanding Officer, RS6, ACM Abimbola Owolabi, gave the directive during her maiden visit to the Cross River Command in Calabar on Wednesday.
Owolabi said patrol vehicles and sirens must not be used for political activities or private engagements, including weddings and funeral processions.
She directed officers deployed to campaign venues to focus exclusively on traffic management to prevent congestion and road crashes.
The zonal head warned personnel against leading political convoys or providing escorts for politicians, stressing that official vehicles must not be used for unauthorised purposes.


