United Bank for Africa(UBA) through UBA Foundation, its corporate social responsibility arm, has donated the sum of N500 million to the Lagos State Security Trust Fund (LSSTF), as part of its continued commitment to secure environment for individuals and businesses

l-r: Group Deputy Managing Director, United Bank for Africa (UBA), Muyiwa Akinyemi; Lagos State Governor Babajide Sanwo-Olu; and Group Chairman, UBA, Mr. Tony Elumelu, during the presentation of N500m to Lagos State Security Fund by UBA Foundation, the corporate social responsibility arm of UBA, held at Lagos House, Marina on Sunday.

The N500m cheque was presented to the Lagos State Governor, Babajide Sanwo-Olu, by the UBA Group Chairman, Tony Elumelu, who was accompanied by the bank’s Deputy Managing Director, Mr. Muyiwa Akinyemi, at the State House, Marina, Lagos on Sunday.

Speaking during the presentation, Elumelu reiterated the bank’s dedication to supporting initiatives that ensure the safety and prosperity of communities across Nigeria adding that “At UBA, we understand that security is critical for economic growth and societal well-being.

“Our donation to the Lagos State Security Trust Fund is a reflection of the bank’s belief in building safer communities to enhance the quality of life for all.

“We are proud to partner with the Lagos State Government to achieve this shared vision of a secure environment conducive to investment and development.”

While receiving the N500m cheque, the Lagos State Governor expressed appreciation to the UBA Group and UBA Foundation for the significant contribution and commended Mr. Tony Elumelu for its unwavering commitment to impactful projects, state’s progress and well-being.

He said, “we are grateful to the UBA Group for their significant contribution to the Lagos State Security Trust Fund.

“This donation will strengthen our efforts to enhance security and protect our citizens. Together we are building a safer Lagos for all”

This latest gesture aligns with UBA Foundation’s Special Projects initiative, which focuses on addressing pressing societal issues through strategic partnerships and impactful interventions.

Over the years, UBA Foundation has actively contributed to enhancing education, the environment, and economic empowerment and special projects such as these critical donations across Africa.

The Foundation’s commitment to security as a driver of sustainable development is evident in its support for programs like the LSSTF.

Group Chairman, United Bank for Africa (UBA), emphasised the bank’s role as a leader in giving back to society.

He explained that in pledging its support to the state’s efforts at improving security, UBA recognizes the vital link between safety and economic stability.

He said, “This partnership with the Lagos State Government reinforces the Bank’s belief in collaborative efforts as the key to addressing security challenges and creating environments where individuals and businesses can thrive.

“We believe that a secure Lagos State is integral to a secure Nigeria. UBA Foundation will continue to support transformative initiatives that uplift lives and drive development.”

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

Central Bank of Nigeria (CBN) has announced a fine of N150 million on Deposit Money Banks (DMBs) found guilty of illegally distributing mint naira notes to currency hawkers across the country.

This move follows the apex bank’s recent clarification on the validity of the old N1000, N500, and N200 banknotes, which remain legal tender in line with a Supreme Court ruling issued on November 29, 2023.

A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed the validity of these denominations and warned against hoarding.

In a circular signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi, the CBN expressed concern over the increasing prevalence of mint naira notes being traded by hawkers, describing the practice as impeding efficient and effective cash distribution to customers and the general public.

The circular, which referred to an earlier directive dated November 13, 2024, highlighted the CBN’s determination to address the commodification of the naira. Under the directive, any branch of a financial institution found culpable will face a penalty of N150 million for the first violation. Subsequent infractions would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the CBN stated that it would increase periodic spot checks in banking halls and ATMs while deploying mystery shoppers to uncover illicit cash hawking spots across the country.

The CBN further urged DMBs to strengthen controls, processes, and procedures around their Cash Management Centres, branches, and teller operations to prevent their systems from being exploited for illegal transactions.

Central Bank of Nigeria (CBN) has said that all denominations of Naira banknotes currently in circulation remain indefinitely valid as legal tender and cannot expire or be phased out.

A statement on Friday by Mrs Sidi Ali Hakama, acting director, Corporate Communications, CBN, said all banknotes, including the old and new designs of N1,000, N500, and N200, were valid.

Hakama urged the public to disregard misinformation regarding the validity of the old notes.

“In line with the bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the N1,000, N500, and N200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the Naira, including the old and new designs of N1000, N500, and 4200 denominations, as well as the commemorative and previous designs of the 100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024.

“We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity,” she said.

The director encouraged the general public to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.