General
CNPP, EFCC Praise CBN for Change of Naira Notes
By Modupe Gbadeyanka
The decision of the Central Bank of Nigeria (CBN) to change the look of the Naira notes, the N200, N500, and N1,000 denominations, has been applauded by the Conference Of Nigeria Political Parties (CNPP) and the Economic and Financial Crimes Commission (EFCC).
In a statement signed by its Secretary-General, Mr Willy Ezugwu, CNPP said only intending vote-buyers and beneficiaries of proceeds of crimes will kick against the move.
According to the umbrella association of all registered political parties and political associations in Nigeria, “the effort of the CBN to control the amount of money in circulation, where N2.7 trillion out of the N3.3 trillion currency in circulation was said to be outside the vault of commercial banks across the country, and are found to supposedly be held by members of the public, is of high risk for the country’s economy and her internal security.”
“It is, therefore, obvious that many politicians, especially since 2015, amassed illicit wealth and depleted the national commonwealth to the extent that the currency in circulation has more than doubled since 2015, rising from N1.46 trillion in December 2015 to N3.2 trillion as of September 2022, according to the CBN data,” it noted.
“The CNPP is glad that the timing for this Naira notes redesign is right as there is no better time than in an election year, especially where politicians have made vote-buying an alternative to convincing the electorates through their track records and capacity to govern beyond rhetoric as well as a commitment to selling the manifestos of their political parties during campaigns,” the group stated.
CNPP called on all security agencies, including the Department of State Service (DSS), and the EFCC, to redouble efforts to reduce insecurity and electoral corruption by placing all politicians contesting in the 2023 general elections on perpetual surveillance.
“We urge the anti-graft units of all security agencies and commissions to use the opportunity created by the new and existing currencies exchange window from December to January 31, 2023, when the existing currencies shall cease to be a legal tender, to monitor illicit campaign financing, money laundering, terror financing, ransom to hostage takers and drug barons,” it said.
The group said “the CBN should ban bank managers from any form of home delivery of cash to citizens and corporate organizations until after February 1, 2023, to ensure that the country reaps the gains of the CBN monetary policy.”
Also reacting to the development, the EFCC, through its chairman, Mr Abdulrasheed Bawa, described the move as “a well-considered and timely response” to the challenges of currency management, which has negatively impacted the country’s monetary policy and security imperatives.”
“The EFCC, the CBN and some other regulators in the financial sector have worked closely in the recent past to determine how best to stabilize the country’s monetary policy environment. It is heart-warming that the CBN has demonstrated courage in taking this bold decision which I believe will bring sanity to the currency management situation in Nigeria,” he said.
He called on operators in the Nigerian financial services sector, especially deposit money banks and bureau de change operators, to work within the guidelines provided by the CBN to ensure the seamless withdrawal of the old currency.
Mr Bawa said his agency would monitor the process to ensure that unscrupulous players, currency speculators, and their cohorts among the BDCs do not undermine the exercise, tasking banks to be alive to their reporting obligations and not assist unscrupulous customers in laundering suspected proceeds of crimes through their system.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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