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CBN, Gluwa to Drive eNaira Adoption After Binance Exit

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eNaira

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) and a blockchain credit infrastructure company, Gluwa, have crafted a partnership to promote the adoption of eNaira, Nigeria’s central bank digital currency (CBDC).

The company announced on Thursday that it would help drive more adoption of the eNaira which is yet to find appeal with Nigerians after more than three years since it was launched by the administration of former President Muhammadu Buhari and former CBN Governor, Mr Godwin Emefiele.

Nigeria launched the eNaira in October 2021 and became the second country to launch a CBDC in the world after the Bahamas.

According to a statement, Gluwa hopes to drive adoption by introducing its Credal technology to the eNaira, which powers loans on the real-world asset-oriented Creditcoin blockchain developed by the company.

So, when users transact using the eNaira, they will also build a decentralized credit profile independent of any financial institution or national borders, according to the company.

“Gluwa sets its high ambitions of onboarding millions of Nigerians by implementing its Credal technology to build credit reputations for eNaira users as a valuable new way to drive the adoption of the CBDC,” the company’s statement reads in part.

Gluwa also hopes to use its new position as a partner agent of CBN to foster adoption by working with lenders and fintech partners to facilitate direct eNaira transfers to customers and establish the eNaira as the definitive record for loans.

The CBN will be counting on this approach to boost the eNaira which has struggled with adoption, even following moves a year ago by the CBN to drive digital adoption that led to cash shortages and a recent spat over Binance’s operations in the country.

Last year, the central bank declared it would amend the current eNaira model to “ensure an increase in the volume and activity of wallet holders.”

The crypto exchange has suspended all Naira services after Nigeria threatened to fine it $10 billion and reportedly detained two executives after the government alleged Binance, which is not authorized to operate in the country, manipulated foreign exchange rates for the Naira.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Police Resumes Issuance of Tinted Glass Permit, Gives 30-Day Grace Period

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tinted glass in nigeria

By Modupe Gbadeyanka

In order to tackle the constant harassment of motorists by security operatives over the use of tinted windows in the country, the Nigeria Police Force (NPF) has resumed the issuance of tinted glass permit.

In a statement by its spokesman on Wednesday, Mr Olumuyiwa Adejobi, the police said motorists can now apply for the permit via a digital platform designed to make the process seamless.

The reactivation of the permit system is a strategic move to identify lawful users such as individuals with medical requirements or members of the security community while preventing misuse for criminal activities. It is expected to enhance police investigative capabilities and strengthen national security efforts.

It was disclosed that the secure and user-friendly digital platform for the application of the permit, www.possap.gov.ng, was approved by the Inspector General of Police (IGP), Mr Kayode Egbetokun.

According to the statement, this new system is for a clear, transparent, and accountable process for regularizing factory-fitted tinted glass on vehicles.

With modern automobiles increasingly manufactured with tinted windows, the police said it has become essential to provide a standardized system that accommodates legitimate use while ensuring public safety.

Tinted vehicles have often been exploited for criminal purposes, including kidnapping, armed robbery, one-chance scams, and other forms of banditry.

Their use hampers police visibility and impedes effective law enforcement, thereby contributing to public insecurity.

To ensure a smooth transition, a 30-day grace period has been approved, effective from May 1, 2025, within which motorists are expected to comply. Enforcement will commence at the end of this period.

Mr Egbetokun warned that officers found engaging in unprofessional conduct such as extortion or harassment in the course of enforcement would be decisively dealt with in accordance with extant disciplinary procedures.

Vehicle owners with tinted glasses have been advised to process their permits online, with identity verification integrated through the National Identification Number (NIN) and Tax Identification Number (TIN), alongside biometric capture and background checks.

The system also features QR-coded digital permits, with a streamlined processing timeline of 72 hours.

The IGP reiterated the agency’s commitment to a technologically driven and citizen-focused policing strategy. He urges the public to embrace the initiative in the interest of safer roads, enhanced public trust, and a more secure Nigeria.

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InfraCredit Backs Craneburg N32.5bn Infrastructure Bond for Ekiti Roads

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Craneburg

By Adedapo Adesanya

Craneburg EKSG Motorway Company Plc, in collaboration with InfraCredit, has officially signed the final documents for its N32.5 billion 20-Year 22 per cent Fixed Rate Senior Guaranteed Infrastructure Bond issuance.

The signing ceremony, which took place in Lagos, had representatives from guarantor, the issuing houses, legal advisers, and capital market operators in attendance.

The proceeds from this successful issuance will be used to finance the Phase 1 construction of a 17.84km dual carriageway toll road in Ekiti State.

This project forms part of a broader 68km road network designed to unlock intra-state mobility, enhance logistics, and attract private capital into sub-national infrastructure delivery.

The purpose of funding and constructing, as well as the operation and maintenance of the 68km ring road in Ado Ekiti, Ekiti State is under a design, build, finance, operate, maintain and transfer (DBFOM) concession 20-year arrangement.

Commenting on the development, the Chairman of Chairman of Craneburg Construction Company, Mr Femi Edun, said: “We are honoured by the trust placed in us by the Ekiti State Government to deliver this transformative project under the innovative Annuity PPP Product.

“The product framework has been instrumental in mobilising long-term domestic capital that enables us to sustainably finance and execute this much-needed infrastructure project.

“As a company recognised for quality and timely delivery, we are committed to ensuring that this project sets a new benchmark for infrastructure development at the sub-national level.”

Also commenting, Managing Director of the lead issuing house, Anchoria Advisory Services Limited, Mr Sam Chidoka, said: “This transaction is a testament to what’s possible when innovation, strong governance, and private sector capital come together in service of national development.

“We are proud to have led the structuring and execution of this landmark bond issuance, the first of its kind in Nigeria’s debt capital market and proud of what it represents, a scalable blueprint for funding an infrastructure project through the capital markets.”

Anchoria Advisory Services Limited served as lead issuing house and bookrunner, supported by Coronation Merchant Bank, Greenwich Merchant Bank, and Iron Global Markets Limited as joint issuing houses.

According to a statement, the firm said the landmark transaction sets a replicable precedent for infrastructure financing across Nigeria, paving the way for future PPP-backed issuances where the private sector leads execution, risk sharing is institutionalized, and development is market-driven.

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Lagos to Clampdown on Rickety Vehicles

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By Adedapo Adesanya

The Lagos State government has expressed concerns over the growing number of rickety vehicles operating on Lagos roads, saying they pose a risk to commuters and road users in the cosmopolitan city.

The government, through Lagos State Vehicle Inspection Service (VIS), has advised Lagosians to be vigilant and avoid boarding rickety public vehicles known as danfos.

The Director of the agency, Mr Akin-George Fashola, said reassured members of the public that impounded rickety vehicles would not be released for further use.

In a statement via the Lagos Ministry of Transportation on X, formerly Twitter, Mr Fashola said the vehicles, including one he personally apprehended, were in extremely poor condition, describing them as poorly maintained, with outdated parts and lacking essential safety features essentially ticking time bombs on Lagos roads.

He emphasized that rickety vehicles have been linked to numerous accidents in the state, often resulting in loss of lives, injuries, and property damage.

Further highlighting the dangers, Mr  Fashola pointed out several critical issues common among the seized vehicles: unstable tires due to expiration, potential brake failure caused by makeshift repairs, and disjointed body compartments weakened by rust all of which render them unfit for commercial use.

He noted that many of these vehicles operate mostly at night, further increasing the risks to unsuspecting passengers, urging the public to prioritize safety by avoiding any vehicle that appears to be in a deteriorated condition.

He added that the VIS is working closely with relevant stakeholders, including road transport unions, to ensure Lagos roads remain safe for all users, encouraging members of the public to report any sightings or experiences with rickety vehicles via the VIS complaint platforms at info@dvis.lg.gov.ng, or through the Ministry of Transportation hotlines: 09020004000 and 09020009000.

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