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Experts Want CBN to Sanction Providus Bank over Failure to Report Suspicious $7m

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Some financial experts have called on the Central Bank of Nigeria (CBN), to institute regulatory actions against the management of Providus Bank for failure to report suspicious money deposited in its vault.

Speaking in Abuja on Tuesday, the experts said that regulatory action was necessary to save the image of the country and its financial system in the international market.

Reports say that seven million dollars was deposited into the vaults of Providus Bank, at its headquarters in Victoria Island, Lagos, but the bank failed to file a Suspicious Transaction Report (STR), with the Nigerian Financial Intelligence Unit (NFIU).

The experts described the development as `sad and unhealthy’ for the country’s banking system.

Okechukwu Unegbu, a former President of the Chartered Institute of Bankers of Nigeria (CIBN), said that the bank’s management exhibited an attitude that encouraged criminal money laundering.

He said that the bank had succeeded in tarnishing the country’s image both locally and internationally.

According to him, if the CBN and NFIU were to do their job, the bank would at least be suspended from all transactions until such an issue is cleared.

“The bank has helped in no small way in tarnishing the Nigerian economy and our image before the international community.

“I recommend and advise that they should be punished.

“They should not be kept in that position any longer because they have shown they are not responsible.

“How can you get a deposit of seven million dollars and you kept it and never reported, that is not good for the banking system and even for the CBN,” he said.

He suggested that the forfeited fund be channeled toward the development of the country’s educational system.

Praise Adewumi, a financial analyst, described the situation as suspicious.

Adewumi called on the CBN and other relevant agencies to engage the bank with a view to unraveling the true picture around the money.

“I just hope the forfeited fund will be channelled into things that will benefit the generality of citizens and not to a few people to avoid re-looting it,’’ she said.

Dr Chijioke Ekechukwu said that the owner of the fund would not have denied ownership if the bank had mentioned his or her name.

“I am sure the Economic and Financial Crimes Commission (EFCC) was more interested in recovering the funds than knowing who the depositor was.

“This is because there is no way the bank will be confused about the actual owner of the fund.

“The so-called depositor would have still forfeited the funds even if he or she admitted ownership and that was why the option of denial came to play,” Ekechukwu said.

Reports say an anonymous whistleblower alerted the EFCC over the unusual transactions.

Acting on the intelligence, the EFCC visited the bank unannounced and demanded for the money, while leaving with some of the staff members for proper interrogation.

On further interrogation, the arrested bank staff members said that the seven million dollars belonged to Aisha Achimugu, the Chief Executive Officer (CEO) of Ocean Gate Petroleum, who, however, denied ownership.

The EFCC, therefore, put up an advert in national newspapers, inviting whoever owned the contentious money to come forward and explain its source, but nobody came forward to claim the money.

Given the absence of legitimate claimants, the EFCC went to court to secure the final forfeiture of the money to the federal government.

Justice Emeka Nwite of the Federal High Court had ordered the permanent forfeiture of the seven million dollars (about N11.2 billion) to the Federal Government following an application by the EFCC.

Agriculture

FG Empowers 9,870 Farmers with Inputs, Modern Rice Technologies in Kano

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The Federal Government, through the Kano State Special Agro-Processing Zone (SAPZ) Programme in partnership with IFAD, has empowered 9,870 rice farmers in Kano with climate-resilient inputs and modern rice production technologies.

This was contained in a statement issued by the SAPZ Knowledge Management and Communication Officer, Rabi Mustapha.

The State Project Coordinator, Aminu Iliyasu, disclosed this on Sunday during the Farmers Field Day at Chiromawa Garin Babba Cluster in Garun Malam Local Government Area.

He said the exercise was organised to expose the farmers to Science-based and practical solutions capable of enhancing yields, improving food security, and boosting rural livelihoods.

Iliyasu described the field day as a celebration of knowledge, innovation and the resilience of smallholder farmers.

He explained that the SAPZ initiative in Kano aimed to expand access to improved technologies, strengthen extension services, reduce post-harvest losses and create market opportunities for rural farmers.

“These innovations are not theoretical. They are practical solutions that farmers can adopt immediately to raise productivity and increase income,” he said, while commending the support of local authorities.

Mustapha said the inputs distributed to 9,870 farmers included FARO 44 improved seeds, Urea and NPK fertilizers, and insecticides, targeting beneficiaries in Garun Malam, Gezawa, Bichi and Bagwai LGAs during the 2025 wet season.

She added that experts trained farmers on soil selection, seed dressing, nursery establishment, land preparation, and timely transplanting at proper spacing.

“They also covered fertilizer management, weed control, Integrated Pest Management and water regulation to boost rice yields.

“The training emphasised harvesting at optimal maturity, drying paddy to safe moisture levels, and fumigation using phostoxin to prevent storage losses,” she stated.

A beneficiary, Salamatu Ali, said the intervention had positioned Kano farmers to boost yields, withstand climate pressures and increase household incomes.

Another farmer, Huwaila Ibrahim, said the programme transformed her approach to rice production.

“Before, we planted without checking whether the land was suitable.

“Now, we first assess the soil to ensure it matches the seed variety. This season, we cultivated FARO 44,” she said.

Ibrahim added that her output increased from 20–25 bags per acre to about 40 bags after adopting the improved technologies.

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Agriculture

FG Unveils National Agricultural Sample Survey, 2023 Report for Food Security

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The Federal Government has launched the National Agricultural Sample Survey (NASS) 2023 report, towards developing data-driven policies to achieve food security and economic diversification.

Minister of Agriculture and Food Security, Sen. Abubakar Kyari, made this known at the launch of “Disseminating the National Agricultural Sample Survey (NASS) 2023 report” on Tuesday in Abuja.

“As a Ministry, we will apply these findings across the core levers of agricultural transformation, ensuring that our programmes remain data-driven, impact-focused and aligned with the aspirations of the Renewed Hope Agenda.

“A nation that measures well governs well. And food security begins with information security.

“This report should be seen as a practical tool for decision-making, one that guides policy choices, informs investment priorities and accelerates the reforms required across Nigeria’s agricultural sector.

“In a country of more than 232 million people, the strength of our food system depends on the quality of the data that guides national decisions,” Kyari said.

The minister explained that without credible evidence, interventions risk being misdirected and investments may fail to reach the areas of highest need.

The News Agency of Nigeria reports that Food and Agriculture of the United Nations (FAO) in collaboration with the Federal Ministry of Agriculture and Food Security, National Bureau of Statistics and the World Bank launched “Disseminating the National Agricultural Sample Survey NASS the 2023 report”.

He stated that the National Agricultural Sample Survey provides reliable, sector-wide data that helps the agriculture sector track production, understand emerging trends, and guide policy decisions.

Kyari added that the launch and dissemination of the National Agricultural Sample Survey 2023 represents an important step in ensuring that our national choices are informed, targeted, and grounded firmly in evidence.

“This report therefore represents more than statistical outputs; it reflects our commitment to transparency, disciplined planning, and the sustainable development of Nigeria’s agricultural sector.

“The findings of the National Agricultural Sample Survey 2023 present a clear and compelling picture of national production.

“The data we are presenting today is central to that mandate because it gives us the precision required to target interventions, close gaps, and drive the reforms needed to secure our nation’s food system.

“These data points also remind us that every figure reflects real activity across the country, from production to processing to marketing.

“With these digital foundations in place, insights from the NASS move from static data to operational intelligence, enabling a more transparent, efficient and connected agricultural system,” the Minister said.

The Director-General FAO representative in Nigeria, Dr. Hussein Gadain, said the NASS 2023 Report is not just a presentation of data but a celebration of collaboration, commitment, and progress towards building a stronger, more resilient agricultural sector in Nigeria.

Similarly, Adeyemi Adeniran Statistician General of National Bureau of Statistics (NBS) said that the NASS Report 2023 provides critical information on crop production, livestock, aquaculture, labour amongst all.

Adeniran who was represented by David Babalola an official of NBS said that data is essential for shaping effective policies and driving sustainable growth.

According to him, the survey also reaffirms the national bioscience commitment to upholding global best practices in data production through improved methodologies, enhanced field operations, rigorous quality data assurance processes and development of modern digital tools, in Nigeria.

Henry Karshima, Assistant Chief Forest Officer in the Ministry of Environment said that the role of agriculture cannot be overemphasised in food security especially with the launch of the survey.

Mr Abdulhameed Umar National Project Coordinator for Agro-Climatic Resilience in Semi-Arid Landscapes expressed satisfaction with the project in the line of restoring land degradation through data collection.

On his part, Asad Alam, the Senior Economist and Project leader 50×2030 Initiative World Bank Nigeria Development Data Group, Economic Division commended the initiative of making data a priority in agricultural activities to ensure food security.

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BUSINESS

CBN Scraps Cash Deposit Limits, Raises Weekly Withdrawal

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By Tony Obiechina, Abuja

The Central Bank of Nigeria (CBN) yesterday removed all limits on cash deposits and raised the weekly cash withdrawal limit across all channels to N500,000, up from N100,000.

The development was contained in a circular issued by the CBN to all banks, entitled: “Revised Cash-Related Policies,” signed by Dr.

Rita Sike, Director, Financial Policy & Regulation Department.

According to the CBN, “the revisions form part of ongoing efforts to moderate the rising cost of cash management, address security concerns, and curb money laundering risks associated with the country’s heavy reliance on cash.

“The apex bank noted that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary.

“Effective January 1, 2026, the circular announced several key changes. The cumulative deposit limit has been removed, and the fee previously charged on excess deposits will no longer apply.

“The CBN also stated that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and N5 million for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified in the circular.

CBN orders banks to reimburse APP fraud victims within 48 hours

“In addition, the special monthly authorisation that allowed individuals to withdraw N5 million and corporates N10 million once a month has been abolished.

“For Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly, which forms part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

“The circular further disclosed that excess withdrawals above the stipulated limits will attract charges of 3 percent for individuals and 5 percent for corporate customers, shared in the ratio of 40 percent to the CBN and 60 percent to the operating bank or financial institution.

“Banks have also been directed to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

“Such withdrawals will also be counted as part of the cumulative weekly limit.

“Additionally, banks are required to render monthly returns to the relevant supervisory departments, including the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

“The CBN clarified that revenue-generating accounts of federal, state, and local governments, as well as the accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks, are exempted from the new withdrawal and excess-fee rules.

“However, the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies has been removed.”

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