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BREAKING: Access Bank Finally Speaks on Viral Shutdown Claims

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Access Bank Plc has dismissed as false a purported shutdown notice circulating on social media and WhatsApp, assuring customers and stakeholders that it remains financially strong and fully operational.

Access Bank gave the clarification in a statement, saying all its banking operations and subsidiaries were functioning normally and delivering uninterrupted services to customers.

The bank said it was working with relevant regulatory and law enforcement agencies to identify those responsible for originating and circulating the false information.

According to the bank, legal action will be taken against anyone found culpable in accordance with applicable laws.

Access Bank reminded the public that creating and disseminating false information capable of causing public alarm, damaging reputations or undermining confidence in institutions is an offence under Section 24 of the Cybercrimes (Prohibition, Prevention, etc.) (Amendment) Act, 2024.

The bank urged members of the public to disregard the fake notice and refrain from sharing or forwarding it.

It also advised customers and other stakeholders to rely only on information published through its official and verified communication channels.

Access Bank thanked its customers, partners and stakeholders for their continued trust and confidence in the institution.

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JUST IN: Tinubu’s Minister Speaks on Increasing Electricity Tariff

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The Minister of Power, Joseph Tegbe, said President Bola Tinubu’s administration has no plan to increase electricity tariffs beyond the current level.

Tegbe disclosed this during a media briefing in Abuja on Friday.

According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.

The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.

“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.

“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.

He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.

“Our ambition is clear: reliable electricity that powers our homes.”

Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.

Nigerian electricity consumers have kicked against the proposed electricity tariff hike.

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CBN Crashes Dollar Prices as New Rate Emerges 

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Naira Stable In Official Market

The Nigerian naira remained relatively stable at the official foreign exchange market on Monday, trading around ₦1,362 to the US dollar after the Central Bank of Nigeria, CBN, stepped up interventions to support the local currency.

Fresh data from the Nigerian Foreign Exchange Market, NFEM, showed that the naira closed at ₦1,362.2064 per dollar, compared with the opening rate of ₦1,362.0866 recorded at the start of the trading week.

Although the local currency posted a marginal decline during Monday’s session, analysts said the broader market trend points to improved stability, supported by increased dollar supply from the apex bank and sustained foreign exchange inflows.

Naira records weekly appreciation

The naira strengthened at the official market over the previous trading week, appreciating by 1.31% to close at ₦1,362.09 per dollar on Friday, compared with ₦1,380.18 recorded a week earlier.

The improvement followed renewed interventions by the CBN, which injected significant foreign exchange liquidity into the market to reduce pressure from persistent dollar demand.

Data released by the apex bank showed that eligible foreign exchange transactions were conducted within a range of ₦1,359 to ₦1,365.50 per dollar.

Broadstreet analysts said the movement in the spot exchange rate reflects relative stability in the official market, driven by the CBN’s interventions and steady inflows from foreign investors and other market participants.

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FG Increases Workers’ Allowance By 35%

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The Federal Government has approved a 35 percent increase in hazard allowances for junior and senior members of the Non-Academic Staff Union of Educational and Associated Institutions (NASU) working in federal universities.

The revised allowance package, which takes effect from January 1, 2026, follows an agreement reached between the government and NASU on June 29, 2026.

According to The PUNCH, the approval was conveyed in a circular issued in Abuja on July 20, 2026, by the National Salaries, Incomes and Wages Commission (NSIWC).

The circular, signed by the commission’s Acting Secretary, Adighiogu Chiadi, was addressed to the Chief of Staff to the President, Femi Gbajabiamila; the Secretary to the Government of the Federation, George Akume; the Head of the Civil Service of the Federation; ministers; and heads of government agencies.

“Following the agreement between the Federal Government of Nigeria and the Non-Academic Staff Union of Educational and Associated Institutions dated 29th June 2026, the Federal Government has approved the payment of the following allowances to non-teaching staff members of NASU in Federal Universities,” the circular stated.History

Under the new package, workers on CONTISS 1–5 will receive an annual laboratory hazard allowance of ₦243,000, up from ₦180,000, representing a 35 percent increase.

Employees on CONTISS 6–15 will now earn ₦486,000 annually, an increase from ₦360,000, also representing a 35 percent rise.

The union had sought annual hazard allowances of ₦360,000 and ₦720,000 for the two categories, respectively.

Responsibility Allowances Reviewed

The government also approved increases in responsibility allowances for senior non-teaching staff.

Annual responsibility allowances for registrars and bursars were raised from ₦750,000 to ₦840,000, representing a 12 percent increase, although NASU had requested ₦1.5 million annually.

Deputy registrars, deputy bursars and deputy directors will now receive ₦480,000 annually, compared with the union’s demand of ₦600,000.

For the first time, directors will receive an annual responsibility allowance of ₦600,000, matching NASU’s request.

Similarly, heads of sections, who previously had no approved responsibility allowance, will now receive ₦150,000 annually, against the union’s demand of ₦900,000.

Other Allowances Adjusted

The government also reviewed allowances for field trips, teaching practice and industrial supervision.

Staff on CONTISS 1–5 will receive ₦81,000 annually, up from ₦60,000, while those on CONTISS 6–12 will earn ₦108,000, compared with the previous ₦80,000.

Employees on CONTISS 13–15 will now receive ₦135,000 annually, an increase from ₦100,000.

The revised package also includes higher allowances for the Students’ Work Experience Programme (SWEP).

Workers on CONTISS 1–5 will receive ₦81,000 annually, up from ₦60,000, while those on CONTISS 6–12 will earn ₦108,000, an increase from ₦80,000.

For employees on CONTISS 13–15, the previous allowance range of ₦60,000 to ₦100,000 has been harmonised at ₦135,000 annually, although NASU had proposed ₦200,000.

The circular further stated that the Provision Tools Allowance (PTA) has been absorbed into the Consolidated Non-Teaching Tools Allowance (CATA), while laboratory student-to-staff ratio supplementation will now be covered under existing excess workload provisions.

The review follows months of negotiations between the Federal Government and NASU after the union argued that the allowances introduced under the 2009 agreement had become inadequate due to rising inflation and the increasing cost of living.

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