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Tackle Cash Scarcity, Embrace Financial Inclusion, Shettima Urges Banks

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By Alexis Uchendu

Vice-President, Kashim Shettima has issued a clarion call to Nigeria’s Deposit Money Banks (DMBs), to ensure the seamless availability of cash, emphasizing its critical role in advancing financial inclusion across the country.
Speaking on Friday at the 2024 Bankers’ Committee Retreat in Abuja, Shettima, represented by his Special Adviser on Economic Affairs, Tope Fasua, highlighted the pressing need to address cash scarcity and exploitative practices by some Point of Sale (PoS), agents.
“Millions of Nigerians struggle to access even minimal cash for essential needs, a situation compounded by rogue PoS operators imposing arbitrary charges,” Shettima stated.
He urged banks to intensify efforts to clear these bottlenecks, which undermine the government’s push for economic inclusion.
The Vice-President also spotlighted the dominance of Nigerian banks in West Africa and beyond, lauding recent achievements such as the establishment of Nigerian bank branches in France.
He urged the banking sector to build on this success by embracing innovative capabilities and leveraging technology to enhance global competitiveness.
Amid discussions on cash shortages, Shettima commended the sector’s role in strengthening the economy, citing significant gains in non-oil exports.
He noted that Nigeria recorded a $4.5 billion trade surplus in the second quarter of 2024, driven by a weakened Naira spurring export growth.
“The economic impact of the currency unification policy is clear.
“Exports have surged, foreign education dependency is waning, and local institutions are witnessing unprecedented growth,” Shettima said.
He called on banks to embrace the rise of FINTECHs, Neobanks, and decentralized finance while developing robust strategies to remain at the forefront of risk management in the evolving financial landscape.
“This is a defining moment for Nigeria’s banking industry to consolidate its leadership, not just locally but globally, while ensuring that no Nigerian is left behind in the journey toward financial inclusion,” Shettima concluded.

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Abuja Reports

Tinubu Orders More Road Projects Across FCT Area Councils –Wike

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By Our Correspondent 

President Bola Tinubu has mandated the expansion of road infrastructure across all area councils in the Federal Capital Territory (FCT), Minister Nyesom Wike revealed on Saturday.

Speaking at the commissioning of the Saburi Road in the Abuja Municipal Area Council (AMAC), Wike announced the reconstruction of the Dei-Dei Market Road to Life Camp.

The project, set to begin in February, will include streetlights to restore the market’s international status.

Wike commended AMAC Chairman Christopher Maikalangu for delivering impactful projects, saying, “Your chairman has shown exceptional capacity and deserves recognition.”

He also disclosed plans to include the Zaudna to Kagini Road in the 2025 budget, ensuring every council benefits from development projects.

The Minister highlighted Tinubu’s commitment to equitable governance, promising upgrades to schools and urging residents to remain patient as challenges are addressed.

Maikalangu, who described Wike as a “God-sent leader,” praised the timely completion of the Saburi Road, which has boosted economic activities in Gwagwa Ward.

He appealed for additional interventions, including roads and bridges in neglected communities like Zaudna and Kaba.

Residents expressed satisfaction with the government’s efforts and pledged their support for ongoing initiatives.

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Abuja Reports

Abuja Doctors Suspend Strike After Wike’s Intervention

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By Jesusemen Oratokhai
The Association of Resident Doctors (ARD), in Abuja has ended its warning strike following the intervention of the FCT Minister, Nyesom Wike.
The strike, which began on Wednesday, had paralyzed services in FCTA-owned hospitals, with doctors demanding payment of salary arrears and other entitlements.
Dr. George Ebong, ARD President, announced on Friday that the FCTA had fulfilled key demands, including the payment of six months’ salary arrears, disbursement of accoutrement allowances, approval of a two-year residency bonding program, employment of additional doctors and health workers, and payment of outstanding wages for locum staff.
Doctors are set to resume work on Saturday, January 25, 2025, averting an indefinite shutdown of healthcare services.
While expressing gratitude to Minister Wike for his swift response, Dr. Ebong urged the government to address other lingering issues, including hazard allowances and facility upgrades, to avoid future industrial actions.

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Abuja Reports

Hoodlums Unleash Terror on Saburi Community

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By Patrick Idowu
Residents of Saburi in the Dei-Dei area of Abuja are gripped with fear as hoodlums continue to terrorize the community, carrying out multiple attacks since the start of the year.
The assailants, who reportedly use scavengers to survey the area before striking, have attacked at least three times, stealing valuables worth millions of naira.
The first incident occurred during the New Year crossover night, with subsequent attacks targeting homes on Ikejani Street, Osumeayi Street, Sani Abacha Lane, and other parts of Saburi.
During one attack, the hoodlums severely injured a security guard, Sunday Ogbor, slashing his face with a knife.
Ogbor recounted, “They tied me up, hit me, and cut my face from ear to ear. I can no longer see properly.”
Another resident, Gift Udago, narrated how the robbers, armed with machetes, axes, and guns, invaded his house, broke windows, and demanded money and phones.
“They destroyed everything and took valuables. It was a terrifying experience,” he said.
Princess Amaka Chijioke, the community’s women leader, described how the robbers stormed her home after learning she had withdrawn money.
“They threatened to kill my son and took everything,” she said, urging the government to intervene.
Residents expressed frustration over the slow response of the police, claiming it often takes an hour for officers to arrive after an attack.
Many have resorted to organizing vigilante patrols to protect themselves.
The Vice Chairman of the Saburi residential district, Engr. Gerald Aziegbe, lamented the lack of a strong police presence, saying, “This is the fifth time in over three years that we have been attacked, and no arrest has been made.”
The community is calling on the government and security agencies to address the escalating insecurity in the area.

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