Business

NRC suspends erring staff seen in viral video

Published

3 years ago

October 5, 2023

545 Views

The Nigerian Railway Corporation (NRC) has suspended members of staff who were seen in a viral video negotiating with passengers on the Lagos-Ibadan Train Service without obtaining tickets.

On Tuesday, the corporation promised to punish erring members of staff who are bent on tarnishing the image of the state-owned enterprise.

NRC issued this threat on Tuesday via a statement on X (formerly Twitter) following a complaint lodged by Daramola E. Adenike (@Dara4Enjoyment) about its official.

Adenike explained in details how several passengers in one of the coaches did not obtain tickets, but the NRC officials collected cash from them.

On Wednesday, the management of NRC swung into action by suspending the erring staff in the viral video through a statement signed by spokesman Yakub Mahmood.

“Following a viral video that has been trending on various social media platforms vividly showing Railway Staff negotiating with our esteemed passengers on-board Lagos-Ibadan Train Service (LITS) to pay without obtaining official boarding tickets, the general public is invited to note that the NRC seriously condemns such acts of misconduct, which is a flagrant disobedience to laid down rules and utter betrayal of the confidence reposed on such workers, especially at this time that the Federal Government is making all efforts to revitalizing and modernizing the Corporation,” Mahmood said.

“This misconduct is regrettable and unacceptable as it negates the tenets and norms of the corporation.

“The Corporation has therefore placed the identified erring officers on immediate suspension pending the outcome of the in-depth investigation already ongoing by the Management Committee set up to look into the issue.

“Our esteemed passengers and the general public are assured that this unwholesome attitude and image dent to the Corporation by any staff will not be tolerated nor treated with any levity.

“Accordingly, disciplinary proceedings in line with the extant rules citing relevant sections of the NRC General Rules and Public Service Rules (PSR) will definitely be visited on all those found wanting or connected to this irresponsible act.”

The Management of the NRC also used this medium to enjoin all its intending passengers on LITS and other train corridors to insist on and demand for boarding tickets after making appropriate payments at the designated stations or book online appropriately.

Mahmood also called on the public to please note that the electronic ticketing system is being deployed and will be available on both the Lagos-Ibadan Train Service and the Warri-Itakpe Train Service (WITS) by the end of October 2023.

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

5 hours ago

July 21, 2026

OCHEFA

18 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

14 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.