The Central Bank of Nigeria (CBN) has set a daily withdrawal limit on point-of-sale (PoS) terminals to N100,000 per customer.

In a circular to all deposit money banks (DMBs), microfinance Banks, mobile money operators and super-agents, titled ‘Cash-out limits for agent banking transactions,’ CBN said the restriction is in line with the apex bank’s ongoing efforts to advance a cash-less economy.

According to the circular, the interventions aim to address identified challenges, combat fraud and establish uniform operational standards across the industry.

“In view of the above, ALL principals of agents are to comply with the following directives immediately:
i. Issuers shall set a cash withdrawal limit (cash-out) per customer (regardless of channel) to N500,000.00 per week,” the circular reads.

“ii. Ensure that all agent banking terminals are set to a daily maximum transaction cash-out limit of N100,000.00 per customer.

“iii. Ensure that each agent’s daily cumulative cash-out limit shall not exceed N1,200,000.00.

“iv. Ensure that agent banking services are clearly demarcated from merchant activities and that agents apply the approved Agent Code 6010 for agent banking activities.

“v. Ensure that agency banking activities are consummated exclusively through agent float accounts maintained with the principals.

“vi. Monitor accounts associated with the agents’ BVN(S) with a view to identifying agent banking activities which may be conducted outside the designated float account(s).

“vii. Ensure that all agent terminals are connected to a PTSA

“viii. Ensure that all daily transactions per agent, including withdrawals, limits of transactions and balances in the float accounts of each agent, are sent electronically to NIBSS as a repot to the CBN. The template of this report will be sent to principals.”

CBN said as stated in the guidelines for the regulation of agent banking and agent banking relationships in Nigeria, principals would be held fully responsible and liable for all actions and omissions of their agents related to agent banking services.

The apex bank also warned that it would conduct oversight activities, including impromptu back-end configuration checks to ensure compliance.

CBN said breach of the directives contained in the circular will attract appropriate penalties including monetary and/or administrative sanctions.

Transcorp Hotels Plc has announced the appointment of Mrs. Uzo Oshogwe as its new Managing Director/Chief Executive Officer (MD/CEO), effective January 1, 2025.

Mrs. Oshogwe, currently the MD/CEO of Afriland Properties Ltd, brings a wealth of experience to her new role at Transcorp Hotels.

She now succeeds Mrs. Dupe Olusola, who served as the MD/CEO until her recent exit. Recall Dupe Olusola was appointed as the MD/CEO of Transcorp Hotels Plc, effective from March 25, 2020. She was then the Group Head, Marketing at United Bank for Africa Plc.

She is also very popular on social media using her page and influence to inspire hundreds thousands of followers.

Mrs. Oshogwe, currently the MD/CEO of Afriland Properties Ltd, brings a wealth of experience to her new role at Transcorp Hotels.

Her professional journey spans over 30 years, including leadership roles at United Bank for Africa Plc and Accenture UK.

Mrs. Oshogwe’s academic background includes a Bachelor’s degree in Chemistry from Ambrose Alli University, Edo State, and a Master’s degree in Information Systems Design from the University of Westminster, London.

She also holds a professional certificate in Real Estate Management from Harvard Business School, USA.

Her professional qualifications are equally noteworthy. She is a Fellow of the Institute of Management Consultants and a RICS-accredited Civil and Commercial Mediator.

Additionally, she is an alumna of prestigious executive programs, having completed the Advanced Management Programme (AMP) at Lagos Business School and the Chief Executive Programme at IESE Business School, Spain.

Afriland Properties is one of Nigeria’s leading property management, investment, and development companies, and Mrs. Oshogwe has been at its helm, driving strategic growth and innovation.

The company recently reported a 150% increase in total revenue, reaching a total of N4.72 billion, compared to N1.89 billion in the previous year.

The company’s Profit Before Tax (PBT) also witnessed a substantial surge, standing at N2.41 billion, reflecting a 34% increase from N1.80 billion in the preceding year.

Strategic leadership for the future of Transcorp Hotels

The appointment comes at a time when Transcorp Hotels is looking to deepen its footprint in Nigeria’s hospitality sector. Commenting on Mrs. Oshogwe’s appointment, Mr. Emmanuel N. Nnorom, Chairman of the Board of Directors, expressed confidence in her ability to drive the company’s growth.

“Uzo Oshogwe’s exceptional leadership skills and extensive experience in driving organizational growth make her the right person to continue building on Dupe Olusola’s remarkable achievements at Transcorp Hotels Plc. Her expertise aligns perfectly with our vision to create value and deliver excellence in the hospitality industry,” Mr. Nnorom stated.

Mrs. Oshogwe will step into a legacy shaped by Mrs. Dupe Olusola, whose tenure saw remarkable achievements, including strategic expansions and operational excellence at Transcorp Hotels.

Under Mrs. Oshogwe’s leadership, the company is expected to further strengthen its position as a leading player in Nigeria’s hospitality industry. The company share price also rose 51% this year and was one of the best performing stocks of 2023.

Transcorp Hotels Plc, a subsidiary of Transnational Corporation Plc (Transcorp Group), remains one of Nigeria’s most iconic hospitality brands, renowned for its flagship property, Transcorp Hilton Abuja, and its focus on delivering world-class experiences.

Investors and stakeholders will be keenly watching as Mrs. Oshogwe brings her expertise to bear in shaping the next phase of growth and innovation for Transcorp Hotels Plc.

The Naira yesterday appreciated to N1,660 per dollar in the parallel market from N1,662 per dollar last weekend.

However, the Naira depreciated to N1,550 per dollar in the official foreign exchange market.

Data from the Daily Nigerian Foreign Exchange Market (NFEM) published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,550 per dollar from N1,540 per dollar last weekend, indicating N10 depreciation for the naira.

Data from FMDQ showed that the indicative exchange rate depreciated to N1,545.1 per dollar from N1,533 per dollar last week Friday.

Consequently, the margin between the parallel market and NFEM rate narrowed to N110 per dollar from N122 per dollar last week Friday.