Naira Scarcity: APC Governor Threatens To Revoke Banks' Land in His State

Naira Scarcity: APC Governor Threatens To Revoke Banks' Land in His State

  • Amid difficulty to access naira notes, banks in Borno state have been given a serious threat from Governor Babagana Zulum
  • Zulum on Saturday, February 4, said if commercial institutions in the state do not release cash into the system, their land will be revoked
  • Zulum said this after his tour around the state to see for himself what residents are going through over the scarcity of cash

PAY ATTENTION: See you at Media Literacy Webinar! Register for free now!

Borno - Governor Babagana Zulum of Borno on Friday, February 3, threatened that any bank which refuses to dispense new naira notes would have its land revoked by the state government.

Zulum sent the warning in Maiduguri, the Borno capital, after visiting branches of banks to see first-hand the ordeals residents go through in trying to obtain new naira notes.

Gov Zulum
Zulum said civil servants in the state can't withdraw their salaries at the moment (Photo: @ProfZulum)
Source: Twitter

The governor expressed anger after seeing hundreds of people queuing at a bank’s branch, with only one out of 10 automated teller machines (ATMs) dispensing cash.

Read also

Naira redesign: "Mandate from heaven" - Father Mbaka sends a bang on Buhari, CBN

What is more is that, according to him, the state just released salaries of about N5 billion but the banks were not paying customers.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

He, therefore, declared:

“Any bank in Borno state that is not willing to ensure their ATMs are fully dispensing new naira notes to ease the suffering of our people, we will withdraw their land title immediately.
“We will only spare banks with genuine constraints that are verifiable.
“As you can see here, only less privileged people are queued up. I didn’t see rich people here.
“Many people are said to have been here since 3:00 am, some could not even eat anything.
“The new naira note and even the old ones are not available and that is adversely affecting commercial activities in the state and people are suffering.

Read also

'I'm begging in God's name": CBN sends message to Nigerians, Commercial Banks over scarcity of new naira notes

“We don’t have any problem with the CBN policy or the withdrawal limit, they said individuals can only withdraw N20,000, but why can’t everyone have access to that N20,000?
“Yesterday I was in Gubio with a population of over 70,000 people but it was impossible to source N100,000 in the entire local government, neither of the new notes nor the old notes.”
“Right now in Borno state, I have visited more than ten ATMs and there’s no cash."

Naira redesign: "Mandate from heaven", Father Mbaka sends a bang on Buhari, CBN

Rev Fr. Ejike Mbaka, the spiritual director of the Adoration Ministry Enugu Nigeria (AMEN), has given a low scorecard on President Muhammadu Buhari and the Central Bank of Nigeria (CBN) amid the hardship experienced by Nigerians in the wake of the naira redesign policy.

In a recent sermon, Mbaka who opined that “the timing (of the policy) is very wrong” lamented that “Nigerians are now suffering” because of it.

The fiery cleric argued that suddenly, citizens are paying through their noses to withdraw money from banks as the focus shift from dollar to naira.


Online view pixel