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Reps Ask CBN To Stop Commercial Bank From Delaying Customers Reversed Funds

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By Gloria Ikibah
The House of Representatives has directed the Central Bank of Nigeria (CBN) to stop commercial banks in the country from holding customers reversed funds beyond the stipulated period.
This was sequel to the adoption of a motion by Rep. Emmanuel Ukpong-Udo, member representing Ikono/Ini Federal Constituency of Akwa Ibom State, on the ” Need to restrain commercial banks from holding funds reversal beyond the date prescribed by the Central Bank of Nigeria”, on Tuesday at plenary.
Rep. Ukpong-Udo,  in his motion, informed the House that the apex bank, in a statement on June 8, 2020,  announced timelines for reversals and resolution of refund complaints including Failed “On-Us” automated teller machines transactions.
The lawmaker explained that, according to the CBN, “Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours; refunds for failed “Not-on-US” ATM transactions (where customers use their cards on other banks’ ATM) shall not exceed 4 per cent hours from the current 3-5 days
“Resolution of disputed/ ailed POS or web transactions shall be concluded within 72 hours from the current five days,” stressing that “All banks are directed to resolve the backlog of all ATM, POS, and web customer refunds within two weeks starting June 8, 2020.”
Nevertheless, he expressed worry that the  financial sector, in the country, “is facing serious concerns due to persistent complaints of failed customer transactions, with over 69 per cent of complaints in July 2023 encompassing failed transactions. “
Ukpong-Udo added that ” the rapid increase in numbers of failed banks and the magnitude of the problem which has reached an unprecedented level and
alarmed that the high rate of failed bank transactions is causing a decrease in business investments and lending across the country. “
The lawmaker  urged the CBN to direct banks to work on their systems in mitigating failed transactions without the customer’s prompting, and to ” reverse customers’ funds within the stipulated periods whether or not the customers lodge complaints.”
The House unanimously adopted the motion and mandated its Committees on Banking Regulations, Banking and other Ancillary Institutions, and Digital and Electronic Banking,  to liaise with the apex bank and Nigeria Interbank Settlement System to look into the issues, provide solutions.
The joint  committee is expected to report back to the House within four weeks for future legislative action.
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Ambassador Omokri Amid Rejection Rumours Says World Cup Cause of his delayed resumption

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Nigeria’s Ambassador-designate to Mexico, Reno Omokri, has dismissed claims that the Mexican government rejected his diplomatic appointment, attributing his delayed resumption instead to the ongoing FIFA World Cup being co-hosted by Mexico and the United States.

Speaking during an interview on Channels Television’s Politics Today last Monday, the former presidential aide said the delay was due to logistical and diplomatic considerations linked to the global football tournament, stressing that he was not the only Nigerian envoy yet to assume duty. Omokri said reports suggesting that Mexico had declined to accept him as Nigeria’s ambassador were false and were being promoted by political opponents.

“Mexico has not rejected me. Not at all,” he said.Politics He explained that the Mexican government is currently focused on hosting the World Cup alongside the United States, leaving little room to process the arrival of new diplomats. “You should understand that Mexico is right now hosting the World Cup, along with the United States of America, and all of their focus is on that,” Omokri stated.

According to him, several Nigerian ambassadors-designate are also yet to resume at their respective postings for similar reasons.Executive Branch “Most of us ambassadors have not resumed. So, I’m not the only one. A lot of my colleagues are in my situation, but it’s okay. These things happen,” he said. The ambassador-designate also accused members of the opposition of spreading misleading narratives about his appointment, insisting that such claims have no basis in reality. “The opposition will always say things like I have been rejected. We do not work on the basis of the opposition. We work on the basis of reality,” he said.

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Omokri expressed confidence that Nigeria continues to enjoy cordial diplomatic relations with countries around the world and maintained that host nations would receive Nigerian envoys in due course. “The reality of it is that we have countries in the world that respect Nigeria, and they’re going to be taking Nigeria’s envoys,” he added.

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Sad: Young Nigerian reportedly trafficked for commercial s*x dies after rescue

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A young Nigerian girl who was trafficked to Cotonou, Benin Republice for prostitution has d!ed.

Sewuese passed away on Friday, July 24, 2026 in Benue State after she was brought home.

Activist, Zege Orkwande, who has been facilitating the rescue of trafficked Benue girls said investigation is ongoing and those who trafficked her will face the full wrath of law.

“People are asking “who took Sewuese to Cotonou”. Trust my process,” he wrote.

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“The people that trafficked/smuggled her to Cotonou for prostitution will sure face the law and serve in prison uniform.

“All information gathered. I’m waiting for her to be buried first. REST WELL.”

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ICPC investigates Permanent Secretary over delayed Tinubu’s approved agency funds

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has launched a probe into the alleged withholding of operational funds approved by President Bola Tinubu for six federal information agencies by the Permanent Secretary of the Federal Ministry of Information and National Orientation.

The investigation follows reports by Premium Times alleging that the Permanent Secretary failed to process payment files for the Nigerian Television Authority (NTA), Federal Radio Corporation of Nigeria (FRCN), Voice of Nigeria (VON), News Agency of Nigeria (NAN), National Orientation Agency (NOA), and National Broadcasting Commission (NBC), despite presidential approval. The delay reportedly affected the operations of the agencies, with sources alleging that Mrs. Ukaire insisted that agency heads make detailed presentations on their projects and financial utilisation before the payments could be processed.
Agency heads and civil service experts reportedly argued that the demand contravened established procedures.

They cited a circular from the Secretary to the Government of the Federation (SGF), which directs supervising ministries not to interfere in the financial administration of parastatals, noting that the agencies are accountable to their governing boards and supervising ministers rather than the Permanent Secretary for routine operational releases.

In response to the allegations, the ICPC invited Mrs. Ukaire and the heads of the affected agencies for questioning to determine the circumstances surrounding the delayed funds. Although those invited were questioned, no one was detained, and the investigation remains ongoing.

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Following the report and the ICPC’s intervention, Mrs. Ukaire reportedly approved the payment files and forwarded them for disbursement. Heads of the affected agencies confirmed that the documents have now been transmitted and are awaiting final release into their respective accounts, bringing relief after months of uncertainty.
Source: Rewritten from a report by Premium Times without altering the original facts.

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