The Central Bank of Nigeria (CBN) spent a total of ₦464 billion on printing, distributing, processing and destroying worn-out naira notes in 2025, according to its latest report.
The figure represents a 94 per cent increase from the ₦238.6 billion recorded in 2024, making currency management one of the apex bank’s largest operational expenditures during the year.
The report also disclosed that the CBN and its subsidiaries incurred ₦416 billion in personnel-related expenses. This included ₦56.2 billion for salaries, ₦28.2 billion for defined benefit plans, ₦226 billion for staff allowances, and ₦87.1 billion for other employee-related costs.
On the digital payments front, the bank reported a significant decline in losses from payment fraud, which fell to ₦25.85 billion in 2025 from ₦52.26 billion in 2024.
Despite the improvement, the CBN cautioned that Nigeria’s financial system remains exposed to cyber threats, systemic risks, the dominance of a few major payment service providers, and the activities of unlicensed operators.
The apex bank stressed the need for stronger cybersecurity measures, enhanced fraud detection systems, and closer collaboration among financial institutions to safeguard the country’s rapidly expanding digital payment ecosystem.
The grand finale of the Purple Preneur Star, organised by Purple Rain Galore, took place at the Zumji Event Centre in Jos with the theme, “Empowering the Next Generation of Entrepreneurs, Innovators and Change-makers.”
The event attracted entrepreneurs, innovators, movie producers, actors, entertainers, political figures, students and other stakeholders committed to promoting youth entrepreneurship, innovation and creativity across Africa.
Speaking at the event, the Chief Executive Officer of Purple Rain Galore, Ahmed Oyiza, said Purple Preneur Star was established to discover, develop and empower entrepreneurs, innovators and creators through mentorship, technology, enterprise development and sustainable opportunities.
She said the initiative was inspired by the conviction that talent is universal but opportunities are not, adding that the organisation is determined to ensure that no talent is wasted and no dream is abandoned.
“Purple Rain Galore exists because potential should never be determined by circumstances. We are transforming ideas into businesses, businesses into jobs, and jobs into communities that will prosper. We discover talent, build entrepreneurs, create opportunities and empower young people through mentorship, technology and enterprise development,” she said.
Oyiza described Purple Preneur Star as an African entrepreneurial reality show designed to provide visibility for businesses, develop leadership capacity and connect participants with opportunities that will help them build sustainable enterprises.
Veteran Nollywood actor Sani Mu’azu urged young entrepreneurs and aspiring filmmakers not to underestimate their potential because of their location, insisting that success can be achieved from Plateau State.
He noted that Jos has played a significant role in the growth of both Nollywood and Kannywood, urging participants to leverage networking opportunities and learn from experienced professionals.
“You can make it from Plateau. Don’t be deceived by anyone who tells you otherwise. Network, learn and remain committed to your dreams,” he advised.
Presenting a paper titled “Old Wisdom, New Ideas,” Dr. Jekse Le’an, Director of Administration and Finance at PLASMIDA, emphasised that successful businesses are built on character, integrity and excellent customer experience.
He said branding is not merely about logos or designs but about the lasting impression customers have after interacting with a business.
Dr. Le’an encouraged young entrepreneurs to acquire practical skills, exercise patience and learn from experienced business owners, warning that many businesses fail within their first two years due to lack of experience and poor customer service.
Speaking on “Innovation, Branding and Sustainability,” Victor Kuchili said innovation remains the only sustainable competitive advantage in today’s business environment.
He warned that many businesses collapse because they fail to adapt to changing market realities, urging entrepreneurs to understand their target audience, build strong brands and consistently engage their customers.
“People don’t buy products; they buy benefits. If you’re not listening to your customers, someone else will, and they will win the market,” he said.
Also delivering a lecture on “Business Growth and Entrepreneur Mindset,” Sylvia Matlong challenged participants to cultivate positive attitudes towards business and continuous learning.
She identified upbringing, environment and life experiences as the three major factors influencing entrepreneurial mindset, urging participants to surround themselves with positive influences and remain committed to personal development.
Matlong advised entrepreneurs to understand their customers, create value, market consistently and never stop learning, stressing that business growth requires deliberate effort and resilience.
The event was further enlivened by captivating performances from Living Scroll, Edge and energetic dance presentations, which entertained guests and added colour to the grand finale.
The organisers also announced that the official Purple Preneur Star website would soon be launched to enable aspiring entrepreneurs to register for the reality show and access mentorship and business development opportunities.
The event climaxed with the presentation of the Purple Legacy Awards to distinguished individuals for their outstanding contributions to entrepreneurship, leadership and the creative industry.
Among the recipients were veteran Nollywood actor Sani Mu’azu, Sir Edward Fom Pam, Dr. Ulan Victoria Jatau, alongside other notable personalities honoured for their impact in their respective fields.
A suspected gun runner has allegedly disappeared after collecting ₦95 million from a notorious bandit leader in Matazu Local Government Area of Katsina State, promising to procure and deliver firearms.
The allegation was made by the member representing Musawa/Matazu Federal Constituency, Hon. Abdullahi Aliyu, popularly known as General. According to him, the suspect received the money to supply sophisticated weapons but fled with the entire amount and has not been seen since.
Hon. Aliyu disclosed the incident during an interview with NTA Hausa, as reported by News Century TV.
The lawmaker said the development comes amid rising security concerns in the Matazu axis, linking it to reports that a feared bandit leader, Kachalla Maha, recently withdrew from local peace agreements.
According to him, since abandoning the truce, the bandit kingpin has allegedly imposed heavy livestock levies on several communities, worsening insecurity and placing additional pressure on residents.
The incident underscores the volatile nature of criminal networks involved in illegal arms trafficking and the growing security challenges confronting parts of Katsina State.
In a separate development, more than 60 suspected bandits, including a notorious kingpin identified as Idi Abasu Aiki, were reportedly killed during an intelligence-led security operation in Bakori Local Government Area of the state.
According to security analyst Zagazola Makama, the operation was carried out by operatives of the Department of State Services (DSS), with support from members of the Katsina State Community Vigilante and specially trained local hunters.
The operation was reportedly launched to thwart a planned reprisal attack on communities in the area, although security authorities have yet to issue an official statement on the reported casualties.
The presidential candidate of the Democratic Leadership Alliance (DLA), Dr. Johnson Emmanuel Chukwuka, has declared that Nigeria is confronting an economic existential threat, citing widespread hardship under the current administration and a series of security challenges that endanger the nation’s future.
In a strongly worded statement, Dr. Chukwuka described the severe economic difficulties facing ordinary Nigerians as a direct consequence of policies pursued by the present government. He warned that the situation has pushed the country to a critical point where the very survival of its people and institutions is at risk. Highlighting the recent attacks on educational institutions, the DLA candidate said such violence constitutes “a flagrant attack on our future.” He stressed that children represent the nation’s tomorrow and that any assault on schools undermines the foundation of national progress.
Dr. Chukwuka also drew attention to the persistent farmer-herder clashes in the North Central region. He noted that states such as Benue, widely regarded as the food basket of the nation, along with Plateau, Kogi and neighbouring areas, continue to suffer from these conflicts. These clashes, he argued, amount to a direct assault on Nigeria’s food security and threaten the livelihoods of farming communities essential to national sustenance.
Turning to the nature of governance, the presidential hopeful observed a troubling reversal of democratic principles. “In a democracy, the government is supposed to fear the people,” he said. “But in our nation’s case, the people fear the government. This is another serious threat to the existence of our citizens.”
Dr. Chukwuka concluded by calling on Nigerians to rise above politics of tribe, religion and ethnicity. Only by setting aside these divisive factors, he insisted, can the country effectively confront the multiple crises currently endangering its survival and chart a path toward genuine national recovery.
Kuje Area Council Chairman in the Federal Capital Territory (FCT), Danjuma Shekwolo, has clarified the appointment of Ibrahim Danladihttp://4wardwego.com.ng as his Special Assistant, saying the role is focused on the entertainment sector and not solely on dance as widely reported.
Shekwolo, who confirmed the appointment on Friday, said the decision was made to strengthen and promote entertainment activities within Kuje Area Council while recognizing individuals contributing to the sector.
The clarification followed public reactions to an appointment letter dated July 13, which identified Danladi as Special Assistant (Dance). The letter, referenced KAC/CHM/30/VOL.1, stated that the appointment took immediate effect.
According to the letter, Danladi was selected in recognition of his selflessness, hard work, dedication, and contributions to the development of Kuje Area Council. It also urged him to justify the confidence reposed in him by carrying out his duties diligently.
Reacting to the public attention surrounding the appointment, Shekwolo said the portfolio had been misunderstood.
“Yes, I made an appointment. But it is the wrong perception that they gave. It is an appointment for a Special Assistant on Entertainment, not Dance,” he said.
The appointment has generated widespread discussion due to the unusual designation, but the council chairman maintained that the position is intended to support the growth of the entertainment industry and encourage creativity within the council.
Shekwolo, who contested on the platform of the All Progressives Congress (APC), emerged Chairman of Kuje Area Council after winning the February chairmanship election with 17,269 votes, defeating the Peoples Democratic Party (PDP) candidate, Zakwoyi Danlami, who secured 15,824 votes.
