Deposit Money Banks in the Federal Capital Territory have increased their maximum over-the-counter withdrawal limit to N50,000 per day, findings by The PUNCH have shown.

A survey conducted by our correspondent on Tuesday revealed that banks, including Guaranty Trust Bank and Zenith Bank, have increased the withdrawal limit, enhancing it from N5,000 that was allowed to customers last month.

At the GTBank branch located along the airport road, customers were allowed to withdraw N50,000 over the counter but a limit of N20,000 at its Automated Teller Machines.

An official who spoke to our correspondent said the bank is now in possession of more cash and that is the reason why the limit was increased.

“We now have more cash and that is why we are giving out more money. Simple.”

Meanwhile, Point of Sales operators have stated that an increase in the withdrawal limit would not reduce their service charge.

Currently, POS operators charge N800 for a withdrawal of N20,000 and N2,000 for a withdrawal of N50,000.

An operator, Faith, said a steady supply of cash would reduce service charges and not a one-time compliance by banks.

He said, “How will I reduce my charges because banks are now giving N50,000? Let it be stable first, then it would reduce.”

The National Pension Commission (PenCom) has lifted its suspension on investment in commercial papers by licensed pension fund administrators (LPFAs).

The development comes more than one month after PenCom suspended investments on commercial papers due to an unestablished regulatory framework by the Securities Exchange Commission (SEC).

The PenCom had warned the LPFAs to desist from investing in the affected portfolio pending the provision of guidelines on the issuance of commercial papers by the SEC.

A commercial paper is a short-term debt instrument issued by corporations to finance inventory, accounts payable, payroll, and other short-term liabilities.

In a statement on Tuesday, PenCom said the suspension has been lifted.

“The National Pension Commission (PenCom) refers to its circular of 23 October 2024 on the above subject, in which it directed all Licensed Pension Fund Administrators (LPFAs) to immediately suspend further investment in commercial papers where capital market operators (non-banks) are engaged as Issuing and Paying Agents (IPAs) due to the absence of rules governing the issuance,” the statement reads.

“PenCom has noted that SEC has developed draft rules and an amendment to rule 8 (Exemptions) to regulate the issuance of Commercial Papers by its regulated entities.

“Accordingly, SEC is addressing PenCom’s concern about the role of non- bank IPAs in Commercial Paper transactions by bringing them within regulatory boundaries.

“Consequently, to facilitate capital raising and ensure continued market stability, PenCom has lifted the restriction on LPFAs investing in commercial papers where capital market operators act as IPAs.”

The commission said LPFAs must ensure that appropriate legal and financial due diligence are undertaken on all prospectus and offer documents of all commercial papers prior to investment “as stipulated in Section 2.9 of the Regulation on Investment of Pension Fund Assets”.

Lagos State Governor, Babajide Sanwo-Olu, on Tuesday signed the Lagos State Electricity Bill 2024 into law, setting the stage for an independent power supply system aimed at providing reliable electricity to residents.

The signing ceremony, held at Lagos House, Alausa, Ikeja, was attended by key officials, including Deputy Governor Dr. Femi Hamzat, Chairman of the Lagos State House Committee on Energy and Mineral Resources Sabur Oluwa, Attorney General and Commissioner for Justice Pedro Lawal, Commissioner for Energy and Mineral Resources Biodun Ogunleye, and Commissioner for Information and Strategy Gbenga Omotoso.

Describing the law as a milestone, Sanwo-Olu emphasized its potential to transform electricity production and distribution in Lagos State.

The Lagos State Electricity Law 2024 aims to: Establish a technically sound, financially viable, and well-regulated Lagos Electricity Market.

Ensure access to affordable, reliable, and sustainable electricity for all residents.

Promote diverse energy sources, including renewable energy, and encourage energy efficiency.

Foster investment, competition, and innovation in the electricity sector.

Extend electricity access to underserved areas to support sustainable development.

Commissioner for Energy and Mineral Resources Biodun Ogunleye announced that the law’s implementation will begin within six months, pending final approval from the Federal Government.

The law creates several regulatory bodies to manage the electricity market:

Lagos State Electricity Regulatory Commission (LASERC): Ensures compliance and oversees licensing.

Lagos Independent System Operator (ISO): Responsible for maintaining system reliability and operational efficiency.

Lagos State Electrification Agency: Tasked with expanding electricity access to underserved communities.

Electrification Funds: Allocated for financing electrification projects and sustainable energy solutions in underserved areas.

Community Trust Fund: Requires power generating companies to allocate a percentage of their previous year’s operating expenditure to host community development.

Power Enforcement Unit: Charged with addressing electricity theft and infrastructure damage.

The Lagos State Electricity Law 2024 represents Governor Sanwo-Olu’s commitment to resolving longstanding energy challenges, laying the foundation for economic growth, industrial development, improved quality of life, and environmental sustainability.