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CBN to Print New Polymer Notes

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In a bid to save cost and reduce the frequency of processing/sorting and replacing unfit paper notes, the Central Bank of Nigeria (CBN) is to issue 1.915 billion new polymer currency notes of N5, N10 and N50 by September 30.
The apex bank has concluded arrangements to mint about 1.3 billion of it abroad while the remaining 615 million will be minted by the Nigerian Security Printing and Minting Company Plc (NSPMC).
Lamido Sanusi, the CBN governor at the flag-off of the sensitisation campaign on the new notes, said the new notes would be launched on September 30 by President Umar Musa Yar’adua.
According to him, though it will cost Nigeria at least 1.8 percent more to print a polymer note as against paper money, polymer notes last about four times longer.
Ben Onyido,  CBN’s director of currency and branch operations explained that the NSPMC cannot meet the huge figures of the polymer materials because with the current minting of the N20 notes, it would have achieved optimum capacity with additional 615 million mints thus, the need to source the balance abroad.
The CBN governor in his speech noted that the new N5, N10 and N50 had retained their current designs and other key elements, adding that only the water marks had been replaced with the transparent window and G-switch turns from the green to gild when the note is tilted. He said these are essential polymer features present in the N20 note which enhance security of the note.
"Since polymer notes last longer in circulation, it implies that the frequency of processing/sorting and replacing unfit/dirty notes will be reduced, translating into cost-saving. The reduction in cost will free resources that could be diverted to other uses", he said.
Sanusi also explained that the option of polymer was because it also eliminates many of the environmental problems associated with the disposal of unfit notes. The waste can be recycled by plastic industries into other useful plastic products, resulting in a second life cycle and generating some revenue in the process.
Sanusi said this was in line with international best practice, which required that the currency structure be reviewed periodically to safeguard the integrity of the currency and ensure efficiency and cost effectiveness.
It would be recalled that four lower bans note denominations of the Naira-N5, N10, N20, and N50- were redesigned and issued into circulation on February 28, 2007 under the CBN currency restructuring programme.

 


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Lagos Launches Centralised Mental Health Providers Directory

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Lagos State Government has unveiled the Lagos Community of Mental Health Providers (LCP) Directory, a pioneering digital registry that centralises verified information on all mental health practitioners and organisations across the state.

Lagos Launches Centralised Mental Health Providers Directory

The launch, which took place at the Ministry of Health, Alausa-Ikeja, marks a significant advancement in the state’s efforts to enhance access to mental health services, reduce stigma, and foster collaboration among providers in Nigeria’s most populous city.

Dr Tolu Ajomale, head, Special Projects and Mental Health, Lagos State Ministry of Health,  said the directory marks a “historic and system-shaping milestone” in Lagos State’s commitment to improving access, reducing stigma, and strengthening coordination within its fast-expanding mental-health ecosystem.

He emphasised that, despite Lagos being home to Nigeria’s largest concentration of mental-health practitioners, the absence of a unified, verified information hub has long hindered access and timely help-seeking.

Dr Ajomale explained that the new directory directly addresses these gaps by providing a single, trusted, real-time platform where residents, families, health workers, development partners, and policymakers can identify credible mental-health providers, their locations, areas of expertise, and accessibility.

“This platform replaces confusion with clarity, isolation with collaboration, and misinformation with accountability,” he noted.

The directory, he added, aligns with the Lagos State Mental Health Law (2018), the THEMES+ Agenda, and the Ministry’s broader public health and primary healthcare strengthening strategies.

He described it as a major step toward consolidating the State’s leadership in mental-health reform and ensuring that every Lagosian can find help safely, reliably, and promptly.

According to Dr. Ajomale, the LCP Directory captures both clinical and non-clinical actors, including psychiatrists, psychologists, psychiatric nurses, social workers, therapists, NGOs, digital health innovators, research institutions, community groups, support networks, and diaspora providers offering virtual services.

This inclusive scope, he said, reflects the State’s commitment to recognising all contributors to mental wellbeing.

He listed improved access to credible resources, enhanced visibility for providers, strengthened referral systems, and support for research, planning, and policy implementation among the platform’s core benefits.

According to him, the directory also establishes a more coordinated environment for partnership, innovation, and mental-health system development.

Dr Ajomale announced that registration is officially open via www.lagosmind.org/providers and www.bit.ly/ileraokan, urging all practitioners and organisations to join the verified network.

He stressed that registration is completely free and subject to a multi-step verification process to ensure safety, accuracy, and compliance with the Nigeria Data Protection Act.

He further revealed that providers and organisations stand to gain significantly from increased visibility, stronger referral pathways, access to collaboration opportunities, and recognition as part of Lagos State’s official mental-health ecosystem. Periodic updates, training opportunities, and research engagements will also be extended to registered members.

Highlighting the public-health rationale, Dr. Ajomale noted that Lagos, because of its dense population and urban pressures, carries a disproportionate share of Nigeria’s mental-health burden.

Yet, residents often rely on unverified sources, guesswork, or social media for help, putting them at risk of unsafe or inappropriate service referral.

He emphasised that the new directory will help Lagosians navigate crises, locate services based on LGA, cost, specialty, language, or accessibility, and reduce misinformation. “For the first time, Lagosians will have a central, reliable gateway to mental-health care,” he said.

The directory will also support government planning by enabling real-time mapping of workforce distribution, service availability, and emerging gaps in the system.

Dr. Ajomale said the data-driven approach will further strengthen emergency preparedness and mental-health integration into primary healthcare.


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Paystack Suspends CTO Ezra Olubi Over Alleged Misconduct, Launches Investigation

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Nigerian payments company, Paystack, has suspended its Co-founder and Chief Technology Officer, Ezra Olubi, following allegations of sexual misconduct involving a subordinate.

The company, in a statement issued on Wednesday night, said the suspension was effective immediately and that a formal investigation had commenced.

“Paystack is aware of the allegations involving our co-founder, Ezra Olubi. We take matters of this nature extremely seriously. Effective immediately, Ezra has been suspended from all duties and responsibilities pending the outcome of a formal investigation,” the statement read.

The development followed widespread circulation of the allegation on social media on Nov. 12, alongside resurfaced tweets from Olubi’s account dating back to 2009–2013.

The tweets, which contained sexually explicit remarks about colleagues, minors, and anime characters, triggered public outrage and calls for accountability.

Olubi has not issued a public response and deactivated his X (formerly Twitter) account shortly after the controversy escalated.

Paystack said it would refrain from further comment until the investigation is concluded, citing respect for those involved and the need to preserve the integrity of the review process.

The incident comes amid growing scrutiny of misconduct in Africa’s tech sector. In October, a Kenyan court fined Oscar Limoke, CEO of Pawa IT Solutions, for sexual harassment and assault in a case that led to a staff resignation.

Founded in 2015, Paystack is one of Africa’s most prominent startups, known for its landmark $200 million acquisition by Stripe in 2020. The company’s reputation and global ties have drawn significant attention to the ongoing investigation.

Paystack reaffirmed its commitment to maintaining a safe and respectful workplace, stating that the review would follow a transparent process aligned with its internal policies and values.

Stripe, Paystack’s parent company, has yet to respond to requests for comment.


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SiBAN Partners Vontech to Strengthen Nigeria’s Blockchain Ecosystem with $100,000 AWS Cloud Support for Startups

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The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) is proud to announce a strategic partnership with Vontech, an AWS Advanced Consulting Partner, to advance blockchain innovation and capacity building across Nigeria’s digital economy.

Through this collaboration, blockchain startups and developers in Nigeria will gain access to $100,000 in AWS Cloud credits, empowering them to build, scale, and optimize solutions that leverage cloud infrastructure and artificial intelligence.

This partnership represents a significant milestone in SiBAN’s mission to create an enabling environment for blockchain adoption, regulatory engagement, and sustainable innovation within the country. By connecting local builders with global technology resources, SiBAN continues to champion a future where Nigerian blockchain projects can compete and collaborate on a global scale.

“At SiBAN, our vision is to make Nigeria one of the safest and most vibrant blockchain ecosystems in the world. This partnership with AWS and Vontech reflects our commitment to equipping our members and startups with the technical foundation needed to innovate confidently and grow sustainably,” Obinna Iwuno

SiBAN invites blockchain founders, startups, and ecosystem enablers to join its growing network of innovators, regulators, and investors working together to strengthen Nigeria’s digital asset and Web3 landscape.

By becoming a SiBAN member, you gain access to training programs, international partnerships, policy advocacy, and exclusive opportunities like this AWS initiative designed to drive real impact across the blockchain sector.

 


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