E-Financial
CBN Sets September Deadline for Mutilated Notes
Central Bank of Nigeria (CBN) has said banks now have between June 3 and September 2, to collect and sort all mutilated notes in their possession for reissuing.
Mr Isaac Okorafor, central bank’s Director of Corporate Communications, who made the disclosure while engaging with leaders of organised labour in Lagos, said that “The CBN has given banks between the 3rd of June and September 2, to bring back all the mutilated notes for us to reissue them,” he said.
“And we are telling customers, including labour, that they should return all the notes to their bank. And that the banks will bring those notes to us for reissue.
“If any bank is refusing to take back the notes, they should call us and we will take action.”
In April, the bank had introduced a Clean Note Policy to put an end to the circulation of mutilated naira notes.
Meanwhile, at the engagement activity, which was part of CBN’s communication efforts to dialogue with key stakeholders in the economy, an Executive Member of the Nigeria Labour Congress, Issa Aremu, described CBN’s “creative intervention” in the Nigerian economy as “highly commendable.”
“CBN is working today because we have a competent hand,” he said. “Mr Emefiele is a man of vision, but he is also passionate about Nigeria, he is patriotic; we need to replicate that kind of public officer.
“Also, in terms of engagement, I haven’t seen the CBN engaging in any sort of controversy; he doesn’t go outside his mandate. What happens is robust engagement, such that both the executive and legislature agreed that he should go for another term. And the facts are all verifiable.
“They all talk about jobs that have been created; so you need similar kinds of personnel in the next cabinet of the Federal Republic of Nigeria.”
But Aremu noted that for the Nigerian economy to improve on its current growth levels, all hands must be on the deck.
“CBN is doing its own side of the bargain, but the other fiscal authorities must also complement the effort of the CBN,” he said.
For example, “CBN can’t do much to stop smuggling; so you have improvement in rice production, but by the time the farmers reach the market, it has been overwhelmed by smuggled rice.
“The same thing with textiles. So Customs must also sit up. Energy is also important. We need uninterrupted power supply. So we need the same activism that we are witnessing at the apex bank, at Customs, at the Ministry of Power. The Ministry of Trade and investment must sit up also; Ministry of Labour must sit up as well, because they are the ones to find out whether the funds are made available to investors in this sector are actually used for production and employment is being created.”
He added that “organised labour is committed to partnering with CBN to make sure that all these creative initiatives, in terms of development financing, are sustainable.”
The CBN Governor recently said the policies of the apex bank in the past five years had been focused on protecting the purchasing power of the poor and vulnerable persons in the country. According to Emefiele, the apex bank is very comfortable staying on the side of the weak, vulnerable, and poor masses and protecting their purchasing power.
He had argued the central bank’s development finance initiatives and foreign exchange intervention were targeted at supporting vulnerable persons in the society.
“The poor masses are the ones that bear the brunt of losing purchasing power of the meagre salaries they receive, ever so infrequently.
“Indeed, given the current resistance to pay increased minimum wage of N30,000, one wonders how the fixed income earner would survive the consequences of inflationary pressure arising from the pass-through from exchange rate depreciation being proposed by the naysayers,” he had said.
Emefiele said the task of building a stronger economy was far from complete; with the pace of Gross Domestic Product (GDP) growth still very fragile and badly lagging behind population growth rate of 2.7 per cent. He reiterated the fact that the level of credit to the private sector by financial institutions was still very low.
According to the CBN Governor, domestic industries particularly high employment generating sectors like textile and garment sectors have continued to deal with rampant smuggling and dumping of materials through our borders.
“These challenges no doubt call for action by the monetary and fiscal policies through the implementation of policies; the spirit and letter of which must be respected by all,” he added.
Sterling Bank has launched a ₦2 billion scholarship initiative to support Nigerian students in private universities. The program, Beyond Education, was unveiled on Democracy Day and aims to remove financial barriers to higher learning.
The bank will fully sponsor 600 students from across Nigeria’s 36 states and the FCT to study Technology, Finance, Sales, and Public Health at Miva University, founded by Sim Shagaya. The selection process is merit-based, with candidates nominated by themselves or others, and final selection determined through public voting open to Sterling account holders.
Sterling Bank’s CEO, Abubakar Suleiman, described the initiative as an investment in Nigeria’s future, aligning with the bank’s commitment to Health, Education, Agriculture, Renewable Energy, and Transportation. The bank has already deployed over half a trillion naira in financing across these sectors.
According to Obinna Ukachukwu, Growth Executive at Sterling Bank, the program is about creating opportunities beyond education. The bank is shifting from short-term philanthropy to long-term ecosystem development, with investments in digitized healthcare, school financing, agricultural cooperatives, solar energy, and transport systems.
“Nigeria’s progress requires action,” Suleiman said. “We are funding the future architects of the country—those who will build the businesses, institutions, and innovations needed for national prosperity.”
Nominations for the Beyond Education scholarships are now open at www.sterling.ng/FUTURE. The initiative sets a precedent for private-sector-driven education investment, where success is measured not just in profit, but in people empowered.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
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