This is a really great call by the Central Bank of Nigeria and the Presidency to phase out cash withdrawal from public bank accounts in Nigeria. Yes, the Central Bank of Nigeria governor, Godwin Emefiele, is having one  of his most fascinating quarters. He is working. That does not mean we like everything he is doing. But the CBN team is putting real efforts. And you can add Mr. President in that list also. I give Buhari credit because he can shut down all these new initiatives Emefiele is putting in place.  I wish this started earlier instead of a few months to the end of this administration. To the CBN team, I salute.  This is what we have been asking: show energy and serve the nation.

When I wrote this ”So, CBN, it’s the government that needs a cash withdrawal limit and not companies and citizens”, I posited that a cash withdrawal policy should focus on the government, as I withdrew my support of clipping citizens and companies, when we unable to reconcile electronic-based stamp duty cash collection.

Magically, that is the case: “The federal government of Nigeria has moved to implement a new policy that will restrict cash withdrawal from all public accounts. The policy, which will take immediate effect, mandates public office holders to open both domiciliary and local bank accounts.”

The statement explained that the introduction of the new policy became necessary due to “the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.”

The move comes on the heels of the decision by the Central Bank of Nigeria (CBN) to redesign naira notes and introduce a new policy that limits cash withdrawal to N100,000 for individuals and N500,000 for corporate organizations per week. The policy, which also limits the POS withdrawal to N20,000 per day, is geared toward promotion of the country’s cashless policy and tackling vote-buying among other ills as the general election nears.

The statement said the policy prohibiting cash withdrawal from public accounts was initiated following the observation that most cash withdrawals from government accounts, including payments for estacode for public officials, are often in excess of the cash withdrawal limit provided by the Money Laundering Act.

If they can sustain this new playbook especially in the military and security-focused agencies, Nigeria will enter a new dawn. Well done Mr. President, Mr. Governor. Charity begins at home, and the government should be cashless first before companies and the citizens. Hello estacodes….no more cash for that.

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Comment 1: Ndubuisi Ekekwe I always enjoy reading your post because your words are always so powerful and factual. As you have rightly said sir this is a welcome development I just hope and pray the NASS and Senate won’t come and kick against it again.

Comment 2: I do not believe that this decision is coming too late, rather, it is the appropriate time. I applaud the CBN Team as well as Mr president, for taking these bold decisions.Our nation is on the verge…..the Nation is edgy, and thus, critical steps, though albeit painful, they have to be taken. I believe Nigeria will be better. I believe the Nation can still get back and better. God bless Nigeria.

Comment 3: A very thoughtful policy, if implemented to the letter, we will see corruption reduced by minimum of 50%.

The federal government of Nigeria has moved to implement a new policy that will restrict cash withdrawal from all public accounts.

The policy, which will take immediate effect, mandates public office holders to open both domiciliary and local bank accounts.

According to a statement signed by the Nigerian Financial Intelligence Unit (NFIU)’s Chief Media Analyst, Ahmed Dikko, the new policy was made known by the Director/CEO of the unit, Modibbo Hamman Tukur in Abuja, at a parley with the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu.

The statement explained that the introduction of the new policy became necessary due to “the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.”

The move comes on the heels of the decision by the Central Bank of Nigeria (CBN) to redesign naira notes and introduce a new policy that limits cash withdrawal to N100,000 for individuals and N500,000 for corporate organizations per week. The policy, which also limits the POS withdrawal to N20,000 per day, is geared toward promotion of the country’s cashless policy and tackling vote-buying among other ills as the general election nears.

The statement said the policy prohibiting cash withdrawal from public accounts was initiated following the observation that most cash withdrawals from government accounts, including payments for estacode for public officials, are often in excess of the cash withdrawal limit provided by the Money Laundering Act.

Public office holders are notorious for withdrawing massive cash from public accounts, which does not only violate the Money Laundering Act but also enables corruption. Tukur said the new policy will create transparency and accountability, exposing public officials to being liable to imprisonment.

He said the NFIU is already developing an advisory to the Secretary to the Government of the Federation, state governors and local government chairmen across the country. The aim is to direct all public servants in their employ to open both domiciliary and naira accounts before the policy, which becomes compulsory by law, is fully implemented.

President Muhammadu Buhari’s administration appears to be on a last minute push to make changes to some policies in the Nigerian financial sector. Despite public outcry about the naira redesign and the new withdrawal limits, the financial industry regulator has said there is no going back in their implementation.

The central bank had earlier lamented about the excess amount of the naira in circulation, saying there is much less in the banks’ vaults.

Part of the concerns raised by experts, the public and lawmakers is that the cash withdrawal policy will negatively impact Small and Medium Enterprises (SMEs), stifling the country’s economic growth.

But the CBN governor Godwin Emefiele said he has presidential backing to implement the policies, allaying concern that the cash withdrawal policy will harm small businesses in rural areas. He said the apex bank has put measures in place to ensure that rural dwellers get the needed financial inclusion.

As part of the drive to promote financial inclusion, Tukur said governors and LG chairmen will need to organize training for market men and women on how to use ATM and POS Services.

Many have written (video here), praising the president of France and using the word “Leadership” on the viral videos. My take…People abuse the word “Leadership” in this world. That is the reason when Nigerian governors allow citizens to be killed endlessly, and their wives visit and cry-along with bereaved mothers, journalists hail them as showing leadership. What is leadership in comforting a millionaire who lost a leather game? Common people. If I write in Harvard Business Review and explain this as leadership, my first editor will throw away the piece.

Macron showed compassion and by doing that, he demonstrated that he is a human. Give him credit for that. He’s a nice dude but he also over-did it. It was not necessary to spend those huge seconds comforting Mbappe.

But note: this is not a sign of leadership. Every nursing mother with a teenager does this daily and we have not awarded them leadership laurels. So, Macron cannot get one here.

Mbappe, I hope grows up next time. His feelings, while genuine, were embarrassment to the spirit of sports. You cannot mourn losing a game this way because this is all entertainment. Common on, there are more important issues in the world – nobody died here, and this guy is making it look like the world has fallen for him. His father must tell him to man-up next time.

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Comment 1: Prof Ndubuisi Ekekwe, I believe empathy is a quality a good leader should possess (if it is genuine which I believe it is). Remembering it was Monsieur Macron that convinced Mbappe not to leave the French league for Real Madrid earlier in the summer tells me they have a kind of close relationship hence this “public display of affection” is not out of place.

On Mbappe “growing up”, Prof Ndubuisi Ekekwe I will leave you with a quote from legendary Liverpool coach Bill Shankly “Some people think football is a matter of life and death. I assure you, it’s much more serious than that.”

My Response: Empathy is a subset of leadership but it is not leadership, in isolation. You can visit any of the terrorizing fields across Nigeria, as a governor/president, and mourn with any of the families, that is empathy/compassion, but that’s not leadership. Leadership is when you stop the next attack after that first mistake.

I leave a quote for you: “Some people fail to understand that the spirit of the game is more important than the score of win and loss. That even in loss or victory, respecting the united spirit of all nations is the original mission of World Cup”

Comment 2: Prof Ndubuisi Ekekwe I don’t agree. We feel things differently. We feel a loss as fans but to Mbappe it’s his career and legacy. If a Start-up heavily funded by Tekekia liquidates, the customers will not feel it like a major investor.

His reaction is justified based on how much this means to him and asking him to grow up next time is “out of place”. Even the most experienced players with centuries of caps cry at the loss of a major trophy. Also, the president has also shown leadership qualities by coming down to offer moral support. Let’s not make it feel less important.

I think making a light of it does no good. In life, sometimes the little things go a long way. Mbappe could end up being depressed with no moral support….that’s very possible.

My Response: The worst sports-men and -women are those who think sports work only when they win. And that is the demon that brings doping, etc. The whole essence of the World Cup is to bring the world together and unite as a people on this planet. When we make it become what it is not, we have problems. You feel sad that you lost but if you want to play this game at that level, you must be conditioned to grow up because you will lose some and you will win some. Four years ago, he was all smiles at the same stage. This is a global party and losing should not be made to look like somebody died. Mbappe needs to understand the grand purpose of World Cup football: it is not the goals or the wins, but having a stage to unite the world. He must celebrate that and work towards that.

Comment 2A: Ndubuisi Ekekwe I quite agree with you on the Idea of what the World cup means to the world morally. We cannot measure that expectation for a man who:
1. Goes to training twice a day
2. Has his food conditioned
3. His sexual life conditioned
4. Is managed literally like an asset.

Even though the cup means unification for the world, to the players, its a life.

I agree with your postulation Prof Ndubuisi Ekekwe but lets be aware it means more to the folks running around for 120minutes.

My follow up: He is a great star. But he needs to learn how to celebrate and lose. That is all. Mbappe does not put more efforts than miners toiling in Chile or some working in dangerous places in Congo, etc. That we tune in to watch it does not mean he is the greatest among us. He needs to show a heart that in this world, it is the rise of all, not just me. He disrespected the winners with his attitude!

Comment 3: I think Mbappe was being human, he put in a whole lot to ensure his team brought it home. That Hat trick was everything and more. It’s okay to be disappointed.

In my opinion, he handled his emotions quite reasonably – we’ve seen teams with swollen eyes from crying after losing a less-critical match than the finals of a World cup.

My Response: But if he handled it “quite reasonably”, the world would not be discussing that video. To my knowledge, other players also felt bad but everyone has been discussing one person. If that is the case, can we say it was “quite reasonably”. Sure, he is the best player, maybe he can also feel bad the “hardest” or “worst” way to be unique. But “reasonably”, not sure; otherwise, none would be writing about it. All the players were sad; natural. But Mbappe was exponentially sad.

Comment 4: I am quite disappointed that you’d call Mbappe’s reaction an “embarrassment to the spirit of sports”. Cristiano Ronaldo, Neymar, Lionel Messi, Romelu Lukaku, John Terry…. These are all legends that have cried at different points in their career for losing a final.

I also feel that comment is very dismissive, and this is one of the reasons why the world as a whole continues to see an increase in mental health issues. Because of comments like this that would condemn and dismiss a person’s feelings / emotions without any iota of sensitivity.

You are allowed to have that as your opinion, but I think you could’ve have been a bit more kind with your words, and this is regardless of who might have been involved, or what the stakes were.

I do agree that Macron didn’t necessarily show Leadership, it was more of sympathy, and encouragement.

My 2 cents ??

My Response: More than 2 cents indeed…60 cents. Your views noted. Leave this quote (mine) with footballers you know: “Some people fail to understand that the spirit of the game is more important than the score of win and loss. That even in loss or victory, respecting the united spirit of all nations is the original mission of World Cup”

Comment / Response: Thanks Chiazo Anyaso for helping me, on clarity, with this comment: “Mbappe’s attitude is a demonstration of that base, insatiable human greed on world stage. Self first and nothing but self before others. Dude won the golden boot. Won this cup 4yrs ago…and with age on his side, will likely win it again in its next edition.

Comment: Footballers are very passionate about the sport. Messi once cried when he lost the copa America cup. I don’t think Mmbappe overreacted at all.

My Response: “Messi once cried when he lost the copa America cup. ” – I wish all that Mbappe did was “cry”. The problem was he did not cry as most did. Ronaldo cried when Portugal exited; others did. But in those cries, you saw reverence for the game as emotions overcame men. Natural. There is a big difference between “crying” and Mbappe’s attitude.