Brands/Products
CBN’s New Deposit/Withdrawal Policy: Who Pays the Penalty, Client or Agency

By Anthony Elikene
The Central Bank of Nigeria (CBN) recently introduced a policy it has been tinkering with since 2011 which is embedded in its Cashless Policy scheduled to take effect nationwide from March 31, 2020. This new Deposit and Withdrawal Policy will see depositors of cash being penalized when they exceed 500,000 thousand Naira.
The CBN circular reads, ref BPS/DIR/GEN/CIR/04/004 “We write to inform all Deposit Money Banks (DBM) that the CBN has approved that Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective from September 18, 2019.”
The circular further explained that corporate accounts will be charged, a processing fee of 5 percent for withdrawals, and 3 percent for deposits of amounts above 3 million Naira.
Still on a corporate account, for instance, you make a deposit of 6 million Naira cash in your account, the first 3 million Naira will be free but the remaining 3 million will be subject to a 3 percent charge.
But how does this new policy affect the business community especially the consulting industry such as marketing communications where cash still plays a vital role. Public Relations practitioner, and Senior Consultant Public Relations, Dijo Communications, Anthony Elikene, a member of the Nigerian Institute of Public Relations, asks a vital question.
According to Elikene “let’s assume I bill my client 6 million Naira after much bargaining for an event activation that will need paying several suppliers cash and make purchases of items crucial for the event. Let’s also say the consultancy withdraws the full amount paid by the client which has already been underpriced to the limit by my client, now the CBN is also going to deduct 150,000 from 3 million of the same money.”
“My dilemma here is a moral one. Is the consultancy going to survive to do business if it bears all the penalty alone or is the client expected to bear this penalty or share a part of it? Because this policy will hit consultants from every angle. Will the client be magnanimous to pay this especially after the proposed increase in VAT and introduction of the Police Fund Levy?” He concludes.
Even individuals are not spared as deposits of N1m cash in your own account, the first N500k will be free but the remaining will be subject to a 2 percent charge. Meaning you’ll be charged N10,000.
The CBN is commencing pilot operations in seven states namely Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the Federal Capital Territory, Abuja.
Brands/Products
BMA Tasks Alumni Network on Collective Impact

By Adedapo Adesanya
The Brand Management Academy (BMA) held its highly anticipated inaugural Alumni Network ceremony on Saturday, June 14, bringing together some of Africa’s brightest minds in brand and commercial leadership.
Hosted in Lagos, the event officially launched a growing community of over 450 marketing and sales professionals trained by BMA, cutting across key industries including FMCG, tech, finance, telecommunications, and manufacturing.
The ceremony attracted top-tier professionals, C-suite executives, and emerging talents, all bonded by the Academy’s shared mission to drive brand excellence and leadership across the continent.
“This is more than just a reunion,” said Olusegun X. Akinyemiju, the newly inaugurated President of the BMA Alumni Network. “It’s the birth of a movement — a strategic community of commercial leaders committed to raising the bar for brand and business performance in Africa. Our collective impact starts now.”
The event featured inspiring keynote sessions, alumni showcases, industry spotlights, and a vibrant after-party that captured the energy and spirit of the BMA community.
The executive committee of the Alumni Network was also formally unveiled. The team had emerged earlier in February following a fiercely contested election that drew attention from marketing professionals and external observers alike, highlighting how creative campaign strategies can be deployed even in electoral processes.
Speaking at the event, Dr. Abiodun Ajiborode, Founder of BMA, emphasized the importance of the Alumni Network to the Academy’s long-term vision.
“The alumni network was always part of the plan. We didn’t just want to produce skilled professionals, we wanted to build an ecosystem of brand custodians. A platform where leaders can grow, collaborate, and influence the industries they serve.”
The Network is already gearing up for impact, with plans for mentorship programs, thought leadership sessions, community outreach, and strategic partnerships to drive marketing innovation across Africa.
The inaugural ceremony was more than a celebration, it was a declaration of intent. The BMA Alumni Network is stepping into its new chapter with clarity, purpose, and momentum.
“We are just getting started,” said President Akinyemiju. “The real power of BMA is not only in what we learned, but in what we will build together.”
Brands/Products
GOtv Customers to Enjoy Free Package Upgrade from June 16

From Monday, 16 June to Thursday 31 July, when you pay your subscription, you will get upgraded to the next package. No charge. No extra step. Just more shows, more channels, and more to come home to. That’s not all, if you need to get GOtv, for a limited time, the decoder is available for N9,000 only.
Why? Because we’ve got you!
So, here’s what you can watch during this period.
Club World Cup – The first of its kind, with teams from all over the world. Your favourite teams (just the big ones) – Real Madrid, PSG, Man City, Chelsea, Atletico Madrid etc. It runs from June 15 to July 16.
Shaka Ilembe Season 2 – The best (and by a huge mile) epic drama series created in Africa. It’s a gritty biopic of one Africa’s most celebrated heroes. This second season, the story reaches its climax as Shaka unites the Zulu nation. Shaka Ilembe season 2 started on June 15, and airs by 10:00 PM every Sunday on Africa Magic Showcase and Epic.
Nigerian Idol Season 10 – The tenth season of Nigerian Idol is delivering what we expected and more. The quality of contestants on the show at the moment all have what it takes to win the show. Now every episode feels like a fight to win it!
BBNaija No Loose Guard Reunion – While BBNaija No Loose Guard felt like a hangout with friends; the reunion is a totally different firecracker! It’s one last chance to let the world know how they truly feel about some of their fellow housemates, and they didn’t hold anything back.
BBNaija Season 10 – The most anticipated season of the biggest reality TV show in Africa. If there’s one thing we can all count on,
If these are not your piece of cake, then there’s a new era of rich and deep drama series on Africa Magic Showcase between 8:00 PM and 9:00 PM every week day.
Manage your account with the MyGOtv App and take your content wherever you go with GOtv Stream both available for download on the Android or iOS store. Login or register your profile and always stay on top of your account and viewing needs. Reconnect and get boosted so you can watch more without paying more because we’ve got you everyday!
Brands/Products
Akabanga Lagos Now Sole Distributor of Rwanda’s Chili Oil in Nigeria

By Modupe Gbadeyanka
The iconic chili oil from Rwanda, Akabanga Chili Oil, will now be solely distributed in Nigeria by Akabanga Lagos, following the 100 per cent stake acquisition of Akabanga 4U Limited.
To deepen market penetration and create strategic partnerships to position Akabanga Chili Oil as a household staple in Nigerian homes and restaurants, Akabanga Lagos is launching an aggressive dealer mobilisation campaign across the 36 states of the federation, aimed at boosting nationwide availability and visibility of the product.
Crafted in Rwanda by the renowned Sina Gérard/Entreprise Urwibutso, Akabanga Chili Oil is a premium blend of yellow African habanero peppers, sunseed oil, and natural spices.
Available in 20ml and 100ml bottles, the oil is cherished for its distinct smoky, earthy flavour and versatility perfect as a condiment or cooking oil across a variety of local and international dishes.
“Nigerians are known for their love of flavour-packed, spicy food, and Akabanga hits the right note with just a few drops.
“This acquisition is a dream realized. Having championed this product in Nigeria for years, we are honoured to now lead its national distribution.
“Fondly called Rwanda’s little secret, we’re excited to help more Nigerians discover its magic,” the founder of Akabanga Lagos, Ms Temitope Mudabai, stated.
Also, the founder of Sina Gérard/Entreprise Urwibutso, Mr Sina Gerard, said, “Nigeria boasts one of the largest consumer markets in Africa and is well known for its mouthwatering and diverse gastronomy.
“We are excited to partner with Akabanga Lagos to introduce this delicious tasting product to the market and we are confident that our product will feel right at home here in Nigeria.”
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