The Central Bank of Nigeria has announced that it will slam a fine of N150m per branch on Deposit Money Banks found guilty of facilitating the illegal flow of mint naira notes to currency hawkers and unscrupulous agents.

The apex bank disclosed this in a circular issued on Friday, December 13, 2024, signed by the Acting Director of the Currency Operations Department, Mohammed Olayemi.

The circular revealed that the CBN is concerned about the increasing prevalence of mint naira notes being traded by hawkers, a practice the bank described 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 apex bank’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 N150m for the first violation.

Subsequent infractions, the CBN warned, would attract stricter sanctions under the provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020.

To ensure compliance, the apex bank 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 circular read, “The CBN has noted with dismay the prevalence of illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify Naira banknotes, thus impeding efficient and effective cash distribution to banks’ customers and the general public.

“CBN will continue to intensify the periodic spot checks to the banking halls/ATMs to review cash payouts to banks’ customers, as well as mystery shopping to all identified cash hawking spots across the country.

“In this regard, any erring deposit money banks or financial institutions that are culpable of facilitating, aiding, or abetting, by direct actions or inactions, the illicit flow of mint banknotes to currency hawkers and unscrupulous economic agents that commodify Naira banknotes shall be penalised at first instance N150,000,000.00 (One hundred and fifty million Naira) only, per erring branch, and at later instances, apply the full weight of relevant provisions of BOFIA 2020.”

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.

Elon Musk, chief executive officer (CEO) of Tesla, an electric vehicle company, has reclaimed the world’s richest person title.

According to the latest Bloomberg Billionaires Index, the South African-born American billionaire overtook Jeff Bezos, Amazon CEO, to cross a threshold of over $400 billion — the first time ever.

The net worth of Musk rose to $447 billion on Thursday — over $190 billion more than Bezos, who has held the top spot since early this year, according to the Bloomberg index.

On December 11, Tesla shares closed at a record high, hitting $424.77.

Also, xAI, Musk’s artificial intelligence startup, more than doubled in value in November amid a new funding round, surging to $50 billion from a few months ago, according to the Wall Street Journal.

Musk, also the owner of X, the microblogging platform previously known as Twitter, is also Tesla’s largest individual shareholder.

The billionaire was an avid supporter of Trump during the campaigns leading up to the November 5 presidential election.

On November 13, Trump appointed Musk to lead a soon-to-be-established department of government efficiency (DOGE).

A federal high court in Lagos has granted an interim order restraining the Advertising Regulatory Council of Nigeria (ARCON) or its agents from demanding N60 billion from Facebook Nigeria over an alleged violation.

Yellim Bogoro, the presiding judge, gave the order in suit FHC/L/CS/2205/2024, following a November 29, 2024, motion ex-parte application filed by Facebook through its counsel Mofesomo Tayo-Oyetibo.

“I have considered the ex parte application made, the reliefs sought particularly relief number two of the ex parte application, the affidavit in support, the facts deposed thereto in the affidavit,” Bogoro said.

“I find merit in the application. I shall grant the reliefs in part. I make this Order.

“It is hereby ordered as follows: That an Interim order of Injunction is hereby made pending the determination of the motion on notice herein filed for interlocutory injunction restraining the defendant whether by itself or through its officers, agents, servants and any other person acting under its authority from enforcing or further enforcing in any manner whatsoever the notice of violation/demand for compliance dated 21 October 2024 issued by the defendant to the applicant.

“I strongly feel the second relief sought is subsumed in the first relief.”

Bogoro, therefore, adjourned the matter to February 20, 2025, for a hearing.

Facebook had sought two reliefs, with the first being an interim order of injunction, pending the determination of the motion on notice for interlocutory injunction, restraining the defendant, “whether by itself or through any person acting under its authority from enforcing or further enforcing in any manner whatsoever the Notice of Violation/Demand for Compliance dated 21st October 2024 issued by the Defendant to the applicant”.

The second relief sought an interim order of injunction restraining ARCON, whether by itself or through its prosecutors or anyone acting under its authority, “from instituting or commencing criminal proceedings in the Advertising Offences Tribunal to prosecute the Applicant, its officers, agents or representatives, with respect to the allegations and/or decisions made by the Defendant and/or subject matter of the Notice of Violation/Demand for Compliance dated 21st October 2024 issued by the Defendant to the Applicant”.

In seeking the reliefs, the applicant filed 11 grounds for the application.

The microblogging company had said ARCON issued it a notice of violation and demand for compliance dated October 21, 2024, making certain allegations and decisions against Facebook, including imposing the N60 billion fine.

However, Facebook challenged “the constitutionality of the ARCON Notice based on grounds of denial of fair hearing, its unlawfulness under the Advertising Regulatory Council of Nigeria Act 2022 (ARCON Act) and as an ultra vires act of the Defendant”.

“The defendant threatened that it will enforce the ARCON Notice against the Applicant by criminal prosecution in the advertising offences tribunal if the Applicant does not satisfy its demands,” the application reads.

“The applicant issued a statutory pre-action notice demanding the Defendant to withdraw the threat of enforcement, yet the Defendant has not done so.

“Order Vill Rule I of the Advertising Offences Tribunal Practice Direction mandates that a hearing in the Tribunal must be completed within 180 days of filing the charge.

“Section 306 of the Administration of Criminal Justice Act 2015, which applies in the Tribunal, prohibits the grant of an order for a stay of proceedings in a criminal matter.

“The Defendant appoints the prosecutor in the Tribunal, while the Chairman and other members of the Tribunal were appointed on the recommendation of the defendant.”

Facebook also said it would be vexatious and oppressive to the applicant and unconscionable for the defendant to initiate criminal proceedings against the applicant based on the allegations and decisions made by the defendant in the notice.

Also, the applicant’s suit challenging the constitutionality and legality of the ARCON Notice is pending in the court.

On July 19, a federal high court in Abuja struck out a suit filed by the ARCON against Meta Platforms Incorporated, owners of Facebook, Instagram, and WhatsApp social media channels.