Eteng makes N20k a day selling Agidi in Akwa Ibom

 

• A man in Uyo is making a name and fortune for himself by the uniqueness of his dresses to a common product known as Agidi
• The tray on his head gives him away, else he would be mistaken for a big salary earner in Nigeria.

24-year-old Eteng from Uyo in Akwa Ibom State dorns a neat suit and well-fitted tie daily as he goes to work hawking corn flour jello, popularly called Agidi in Nigerian languages.

Moses Eteng, hawking on the street of Uyo Credit: Premium Times Source: UFC

The Agidi carefully wrapped and placed on the tray on his head sells for N100 each and he has N20,000 worth on it.

Many consider the trade a low-class business and those who hawk it are not usually accorded respect because of their dress sense.

But Moses Eteng has cut a niche for himself by his unique dress style.

Premium Times reports that Eteng chose the type of dressing in order to woo more clients and stand out from the pack of hawkers on the streets of Uyo.

Eteng told the newspaper that in order to get customers, he has to study people and understand what they like. 

He says what he is doing is appealing to people and that many hawkers like it but are unable to and that makes him different. According to him, he dresses to promote his brand.

He said anyone who looks at him will understand his products look like him. He says his neat dressing boosts his business

Eteng has also cut a name for him himself as educated Agidi among those who patronise him,

He is a self-sponsored secondary school leaver and has sold the product for another person for 10 years.

He began his own business in 2018 after he was sent back to the village when he fell out with his proprietor.

The Yankurr Local Government Area indigene said he served a woman who treated him shabbily and when he returned back to Uyo, began to make and sell his own Agidi.

According to Eteng, with the business, he was able to see himself through senior secondary school.

Eteng employs a rigorous process in making the Agidi in order to ensure good hygiene.

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CBN increases weekly cash withdrawal limit for individuals to N500k

 The Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively.

The apex bank announced this in a letter addressed to banks and other financial institutions.

The CBN has increased the maximum weekly limit for cash withdrawals by individuals and corporate organisations to N500,000 and N5 million, respectively. Photo credit: Central Bank of Nigeria Source: Facebook

"The maximum weekly limit for cash withdrawal across all channels by individuals and corporate organizations shall be #500,000.00 and #5,000,000.00 respectively," the letter signed by Haruna B. Mustafa, the director of banking supervision read.

The CBN explained that it made the decision based on feedback received from stakeholders.

The apex bank warned that any bank that aids and abets the circumvention of the policy will be severely sanctioned. The new police takes effect nationwide from Monday, January 9, 2023.

The CBN further gave room for withdrawals above N500,000 and N5 million in "compelling circumstances".

In such situations, the apex bank said the withdrawals will be subject to a processing fee of 3% and 5% for individuals and corporate organizations, respectively.

Also, to process such withdrawals, banks and other financial institutions must obtain some relevant information from the customers and upload the same to the CBN portal created for the purpose.

The information includes:

a. Valid means of identification of the payee (National ID, International Passport, or Driver's License).

b. Bank Verification Number (BVN) of the payee.

c. Tax Identification Number (TIN) of both the payee and the payer

d. Approval in writing by the MD/CEO of the financial institution authorising the withdrawal.

Giving further directives, the CBN said third-party cheques above N100,000 shall not be eligible for payment over the counter.

The apex bank added that the extant limit of N10 million on clearing cheques still subsists.

According to the CBN, monthly returns on cash withdrawal transactions above the new specified limits should be rendered to the Banking Supervision, Other Financial Institutions Supervision and Payments System Management Departments as applicable.

It reminded banks that compliance with extant AML/CFT regulations relating to KYC, currency and suspicious transaction reporting etc. is mandatory in all circumstances.

The CBN also directed banks to encourage customers to use alternative channels (internet banking, mobile banking apps, USSD, cards/POS, eNaira, etc.) to conduct their banking transactions.

The CBN further noted that it recognised the importance of the roles that Bank and Mobile Money Agents play in the financial system, which include enabling access to financial services in underserved and rural communities.

"They will continue to perform these strategic functions, in line with existing regulations governing their activities.

"The CBN recognizes the vital role that cash plays in supporting underserved and rural communities and will ensure an inclusive approach as it implements the transition to a more cash-less society," the letter read.

 Nigerians woke up on Tuesday, December 6, to the news of the policy by the CBN which directed banks to ensure that Over-the-Counter (OTC) cash withdrawals by individuals in a week stood at N100,000, while corporate entities must not exceed N500,000.

The policy, however, caused a nationwide uproar as financial experts, businessmen, politicians and other stakeholders stood against it.

Meanwhile, the CBN has said its governor, Godwin Emefiele, would not be appearing before the House of Representatives on Thursday, December 22 as expected.

The apex bank stated that Emefiele would be represented by the deputy governor on financial system stability, Aisha Ahmad.

The CBN governor had been summoned by the lawmakers to give an explanation about the new cash withdrawal policy

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Doyin Okupe, sentenced to 4 years in prison over money laundering

 

 Doyin Okupe, the director general of Peter Obi's presidential campaign council, has been sentenced to 2 years imprisonment for money laundering.

Justice Ijeoma Ojukwu of the federal high court in Abuja found Okupe guilty of 26 of the 59 charges the Economic and Financial Crimes Commission (EFCC) had preferred against him.

Court sentences Okupe to prison.  Photo Credit: Nigerian Lawyer Source: Twitter

The former aide to ex-President Goodluck Jonathan will serve the sentence concurrently, thus, he will spend 2 years in jail.

His son and wife, Adesunkanmi and Omolola Okupe, had pleaded with the court to tamper justice with mercy.

However, the court ruled that Okupe is at liberty to pay a sum of N500,000 fine for each of the charges, which is a total of N13 million.

His wife and son had spoken as witnesses soon after the court reconvened following Okupe's conviction.

Okupe was earlier convicted for breaching the money laundering act, he was found guilty to have contravened sections 16(1) and (2) of the act.

The EFCC has dragged Okupe before the court for receiving hundreds of millions in cash from ex-national security adviser, Col. Sambo Dasuki (Rtd).

 Earlier the Labour Party chairman in Ogun state, Michael Ashade, alleged that Okupe mishandled about N20 million meant for mobilising members of the party for campaigns.

According to Ashade, Okupe received the money to mobilise members of the party for Peter Obi's presidential campaign rally billed to hold in Oyo, but the leader only remitted N4m for the state chapter.

The state chapter of the party had earlier suspended Okupe for some gross misconduct but the national  body of the party stepped into the matter.

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