General News
Buhari’s Bulaba: Nigerians Now Pay N376.3 For Every N10, 000 Withdrawal in Banks
Secret Reporters
On 26 October 2022, the Central Bank of Nigeria, led by Governor Godwin Emefiele announced the introduction of redesigned N200, N500, and N1, 000 banknotes into the financial system. The nation’s apex bank had also stated that the new currency will be in circulation from 15 December 2022 and had pegged January 31, 2023, as the deadline for the old note to seize to be legal tender.
Harping on why the bank made the move to redesign the naira notes, Emefiele had said in recent times, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country.
According to him, these challenges primarily include: “Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks; worsening shortage of clean and fit banknotes with an attendant negative perception of the CBN and increased risk to financial stability; increasing ease and risk of counterfeiting evidenced by several security reports.”
“Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.”
He added that although the global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.”
However, the policy is being criticized by many Nigerians as it has occasioned hardship in financial transactions. There have been vociferous outcries across the nation both on and offline over Nigerians’ inability to get the new notes, making life difficult for the citizens.
Some banks’ ATMs visited by SecretReporters were laced with Nigerians who were struggling to withdraw the new notes. Like the usual long queues that have gradually become the ritual in the petrol stations and PVC collections centers, so have the queues at ATM stands become, as seen by our reporters.
To exacerbate Nigerians’ plight, the banks have limited their withdrawals at the ATM to just a thousand naira at a time. And, one can only withdraw a maximum of N10, 000.00 per day. To achieve this feat, one will have to make withdrawals of N1, 000 ten times to be able to get ten thousand Naira.
For every withdrawal of a thousand naira, the bank charges N37.63.

To ascertain the growing claims that have sparked mixed reactions across the nation, our reporters visited some ATMs in the Federal Capital Territory to make withdrawals and for every N1,000 withdrawal, they were charged N37.63.
So, for every N10, 000.00 withdrawal, Nigerians pay N376.3.
For those operating the Point of Sale (POS), the story is worse as Nigerians pay through their nose for withdrawals. Though the charges vary across different centers, in some places, Nigerians pay as high as N3000 to collect N10, 000.
Even though Nigerians are being forced to part ways with a chunk of their money to collect the new notes, the struggle to get it has become a tussle as it is scarcely in circulation.
Though the CBN extended the deadline for the old note to seize to be legal to February 10, both the old and new notes have become very scarce.
Several stakeholders have sued for the review of the policy, this is even as the President of the Nigeria Bar Association, Yakubu Maikyau has observed that “President Buhari may have been wrongly advised on the policy.”
In a statement, the NBA, while recalling a similar policy during President Muhammadu Buhari’s military regime in 1984, urged the federal government “to avoid the repeat of the harsh experiences of Nigerians in 1984 when a similar demonetization policy reportedly claimed the life of a trader who committed suicide because he was stranded with about N200, 000 of the old notes.”
Maikyau noted that “…The necessary logistical, infrastructural and manpower support, required for the successful implementation of the (monetary) policy are in short supply”.
The NBA boss who compared the naira redesign policy with the UK government which announced a date for demonetization 18 months in advance, lamented that Nigerians were given “a mere 45 days to swap (the old) naira notes (with new ones).”
General News
Army Builds Schools, Town Halls as Questions Grow Over Nigeria’s Deepening Security Crisis
Secrets Reporters
As Nigeria continues to battle kidnappings, banditry, insurgency and violent attacks across several states, the Nigerian Army has shifted part of its public engagement toward community development, unveiling schools, town halls, boreholes and other infrastructure under its Civil-Military Cooperation (CIMIC) programme.
The Army says it has now completed more than 250 intervention projects nationwide, including schools, hospitals, roads, ICT centres, solar-powered facilities and water projects. The announcement came during the 163rd Nigerian Army Day Celebration (NADCEL 2026) in Rivers State, where Chief of Army Staff, Lieutenant General Waidi Shaibu, commissioned four new projects across the state’s three senatorial districts.
According to SecretsReporters‘ analysis, the Army’s expanding role in providing public infrastructure reflects a significant evolution in its relationship with civilians. While such interventions may improve public goodwill, they also expose a difficult reality: many communities are celebrating projects that ordinarily fall within the constitutional responsibilities of local, state and federal government institutions.
SecretsReporters further observes that although schools, boreholes and community halls can improve the lives of residents, they cannot replace the primary expectation Nigerians have of the military protecting lives, securing communities and restoring confidence in areas where criminal violence has become routine. Across many parts of the country, citizens continue to measure security agencies not by the number of projects commissioned but by whether they can travel safely, farm without fear and sleep without the threat of attacks.
The four projects commissioned in Rivers include the renovation of Community Secondary School, Obio/Akpor, Community Secondary School in Lueku, Khana Local Government Area, the reconstruction of a Community Town Hall in Oyigbo Local Government Area and the installation of a solar-powered borehole in Degema Local Government Area.
Speaking during the commissioning, Lieutenant General Shaibu said the projects demonstrate the Army’s commitment to complementing military operations with initiatives that directly improve the lives of citizens. He argued that lasting national security cannot be achieved through military action alone and described the Army’s Civil-Military Cooperation programme as a strategic platform for building confidence between soldiers and host communities.
The Army Chief disclosed that more than 250 intervention projects have now been completed across Nigeria, covering hospitals, classroom blocks, roads, ICT centers, solar lighting systems and water supply facilities. He urged benefiting communities to protect the projects and acknowledged President Bola Ahmed Tinubu for supporting the Army’s operational activities.
Earlier, the Chief of Civil-Military Affairs, Major General Musa Etsu-Ndagi, said the Rivers projects were deliberately distributed across the state’s three senatorial districts to ensure wider community impact.
Chairman of Obio/Akpor Local Government Area, Honourable Gift Worlu, welcomed the intervention, describing the renovated schools as a boost to education within the council.
For SecretsReporters, however, the larger issue extends beyond the ribbon-cutting ceremony. The growing visibility of military-led community projects raises broader questions about governance, institutional boundaries and public accountability. While civil-military cooperation is recognized globally as a tool for strengthening trust between armed forces and civilians, it is not designed to substitute for effective governance or diminish the military’s constitutional responsibility to defend the country.
The latest intervention also comes at a time when security remains one of Nigeria’s most pressing national concerns. In several parts of the country, communities continue to experience attacks by armed groups, while thousands of citizens have been displaced and economic activities disrupted by persistent insecurity.
General News
Emem Usoro Scandal: Journalist Stanley Ugagbe Remanded in Kuje Prison Over Cybercrime Charges
Secrets Reporters
Journalist Stanley Ugagbe has been remanded at the Kuje Correctional Centre by the Federal High Court in Abuja following his arraignment on a six-count charge filed by the Inspector-General of Police over publications concerning the Deputy Governor of the Central Bank of Nigeria (CBN), Emem Usoro.
Ugagbe was arraigned before Justice Salim Olasupo Ibrahim on Monday morning, where the charges were read to him. Following the proceedings, the court ordered that he be remanded in the Kuje Correctional Centre and adjourned the case until September 21st for trial.
The development marks the latest chapter in a case that has drawn attention from journalists and press freedom advocates nationally and internationally following Ugagbe’s arrest and detention by the Nigeria Police Force.
The charges stem from criminal proceedings instituted by the Inspector-General of Police before the Federal High Court in Abuja, accusing Ugagbe and Fejiro Oliver of conspiracy, cyberstalking and defamation arising from a series of reports titled “Exclusive: CBN Deputy Governor Emem Nnana Usoro Hides N1.4 Billion California Luxury Condo in Asset Declaration Scandal – Part 1”; “EXCLUSIVE: CBN Deputy Governor Emem Usoro Linked to N3.6bn Los Angeles Property Amid Questions Over Asset Declaration Compliance (Part 2)” published on SecretsReporters.
According to the charge sheet, the prosecution alleged that the defendants conspired to commit cyberstalking contrary to the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024). The police further accused Ugagbe of publishing stories alleging that the CBN deputy governor concealed a luxury property in California in her asset declaration, was linked to a multi-billion naira property in Los Angeles, and published another report concerning her personal life. The prosecution contended that the publications were false and constituted cyberstalking and defamation under the Cybercrimes Act and the Penal Code.
With the court now ordering his remand at the Kuje Correctional Centre, Ugagbe will remain in custody pending the next hearing, which has been fixed for September. The court is expected to consider issues relating to his bail and continue proceedings on the substantive charges at the adjourned date.
Recall that Ugagbe’s ordeal began on July 1, 2026, when armed men reportedly abducted him on his way home from work. The operatives confiscated his mobile phones and laptop before taking him away in an unmarked vehicle. For several days, neither his family nor his employer knew his whereabouts.
His disappearance sparked widespread condemnation from media organizations, including the Nigeria Union of Journalists (NUJ), which demanded that security agencies disclose his whereabouts, grant him access to his family and legal representatives, and either charge him before a competent court or release him.
International organizations also reacted. The Committee to Protect Journalists (CPJ) called on Nigerian authorities to investigate his disappearance and ensure his immediate safety, while the International Press Institute (IPI Nigeria) intervened in efforts that eventually led to his release from police custody.
Following his release on July 6, Ugagbe was granted bail while police reportedly continued investigating allegations, including espionage, cyberstalking, and other computer-related offences.
General News
ICPC Probes News Agency of Nigeria Over Alleged Recruitment Irregularities After Secrets Reporters Expose
SecretsReporters
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced an investigation into alleged recruitment irregularities at the News Agency of Nigeria (NAN), seeking records relating to the agency’s employment and staff regularisation exercises conducted between 2024 and 2026.
The development comes days after SecretsReporters publication, titled “Alleged Sexual Harassment, Recruitment Controversy Rock News Agency of Nigeria as Female Employee Questions Grade Level Placement”.
The anti-corruption agency has formally requested a comprehensive range of recruitment and personnel records from NAN as part of an ongoing investigation into possible violations of the Corrupt Practices and Other Related Offences Act, 2000.
In a letter dated July 6, 2026, and addressed to the Managing Director/Chief Executive Officer of NAN, the ICPC directed the agency to produce the requested documents and designate a competent officer to appear before investigators at the Commission’s headquarters in Abuja.
The letter, signed by the Director of Operations on behalf of the Chairman of the ICPC, stated that the request was made pursuant to Section 38 of the Corrupt Practices and Other Related Offences Act, 2000, which empowers the Commission to obtain documents and information required for the purpose of investigations.
According to the letter, investigators requested all records relating to NAN’s recruitment and staff regularisation exercises between 2024 and 2026.
The Commission specifically requested recruitment advertisements, eligibility and selection criteria, lists of shortlisted applicants, names of successful candidates, and minutes of meetings of committees involved in the recruitment process.
The ICPC also requested the personnel file of Ogunola Folashade Adunni, together with any additional information that could assist investigators in determining whether due process was followed during the recruitment exercise.
Part of the letter reads: “This Commission is investigating an alleged violation of the Corrupt Practices and Other Related Offences Act, 2000 and it has become necessary to obtain certain documents/information from your office.”
It further directed NAN to ensure that a competent officer appeared before investigators with all relevant recruitment and personnel records requested by the Commission.
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