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SERAP wants reversal of ATM transaction fees hike, hammers CBN

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…gives CBN 48hrs ultimatum

By Kayode Sanni-Arewa

The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria a two-day ultimatum to reverse the newly announced hike in Automated Teller Machine transaction fees, calling it “unlawful, unfair, unreasonable, and unjust.”

In an open letter dated February 15, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation urged CBN Governor Olayemi Cardoso to immediately reverse the policy.

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The organisation argued that it would worsen the financial hardship faced by Nigerians, particularly low-income earners.

Details of this letter were issued in a press release titled, “SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction,” on Sunday.

According to the CBN’s February 10, 2025 circular, ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.

The directive takes effect March 1, 2025.

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SERAP contended that the increase contradicts Section 42(1)(a) of the CBN Act 2007, which mandates the apex bank to ensure “adequate and reasonable financial services for the public” in the national interest.

It also cited Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, which seeks to “protect and promote the interests and welfare of consumers” and prohibits “restrictive or unfair business practices.”

“The increase in ATM transaction fees will hit the hardest those at the bottom of the economy and exacerbate the growing poverty in the country,” SERAP stated.

“CBN policies should not be skewed against poor Nigerians and in favour of banks that continue to declare trillions of naira in profits at the expense of their customers.”

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The organisation argued that imposing exorbitant fees at a time when many Nigerians are struggling economically is “manifestly unfair, unreasonable, and unjust.” It warned that the policy creates a two-tiered financial system, discriminating against economically vulnerable citizens who may not afford the extra charges.

“The increase in fees contradicts the Tinubu administration’s commitment to addressing poverty,” SERAP said.

“The CBN is failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act, and international human rights obligations.”

SERAP demanded that the CBN reverse the decision within 48 hours of the receipt and/or publication of its letter or face legal action.

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“If we have not heard from you by then, we shall take all appropriate legal actions to compel you and the CBN to comply in the public interest,” the letter concluded.

Meanwhile, bank customers also kicked as CBN scrapped free ATM withdrawals, decrying the rate of increase.

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Just in: Iran seals Strait of Hormuz again, blames US

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Fear in the Middle East as Iran announced the closure of the Strait of Hormuz, accusing the United States of violating prior understandings amid an ongoing naval blockade.

In a statement on Saturday, the Islamic Revolutionary Guard Corps (IRGC) declared that control of the strategic waterway had “returned to its previous state,” citing continued US restrictions on Iranian ports as justification for the move.

The Strait of Hormuz, a vital global transit route, is a chokepoint through which a significant share of the world’s crude oil passes daily. Any disruption is expected to send immediate shockwaves through global energy markets.

Reacting to the development, US President Donald Trump insisted that Washington would not back down, stating that the naval blockade “will remain in full force” until “our transaction with Iran is 100% complete.”

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He did not elaborate on the specifics of the “transaction.”

Earlier, Iran’s Foreign Minister Abbas Araghchi had offered a contrasting position, saying the strait remained “completely open” to commercial vessels.

He emphasized that maritime activities were proceeding “in line with the ceasefire in Lebanon” and along “the coordinated route as already announced.”

The conflicting statements have added to confusion over the actual status of the waterway, with shipping companies and global observers scrambling to assess risks in real time.

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Meanwhile, President Trump also disclosed that Israel had been “prohibited” from launching further strikes on Lebanon, as a fragile 10-day ceasefire entered its first full day.

The pause in hostilities has allowed tens of thousands of displaced civilians to begin returning to their homes after weeks of intense Israeli bombardment.

The situation remains fluid, with fears mounting that any miscalculation in the Gulf could trigger a wider regional confrontation.

Observers say the coming hours will be critical in determining whether diplomatic channels can ease tensions or if the standoff will deepen further.

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Expulsion: Bala, Abejide vow to battle Mark-led ADC faction to finish

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The leadership crisis rocking the African Democratic Congress (ADC) deepened on Friday as the faction led by the party’s National Chairman, Nafiu Bala Gombe, and House of Representatives member, Leke Abejide, has rejected their reported expulsion, describing it as illegal and the product of a “hijacked structure.”

The duo also dismissed claims that they were being sponsored by President Bola Tinubu, insisting that allegations of external sponsorship were mere propaganda aimed at discrediting their stance.

Addressing journalists in Abuja, Bala maintained that those who announced their expulsion lacked the legal standing to do so, arguing that they were not recognised members of the party.

“Our suspension is nullity. These individuals are not even members of our party, so they lack the locus to take such decisions. We will fight it to the last point,” he said.

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He further ruled out any form of negotiation with the rival bloc, stating that there was no agreement between his leadership and the coalition-backed faction.

“I cannot negotiate with people who are not members of our party. There is no understanding or arrangement with them whatsoever,” Bala added.

The crisis follows a convention held in Abuja on April 14 by a faction aligned to former Senate President, David Mark, where the expulsion of Bala, Abejide and others over alleged anti-party activities was announced.

But the Bala-led leadership has dismissed the exercise as unlawful, insisting it violates subsisting court orders and lacks the recognition of the Independent National Electoral Commission (INEC).

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He warned that actions taken in defiance of a Court of Appeal judgment delivered on March 12, 2026, were liable to be voided by the courts.

According to him, the matter has gone beyond internal party disagreement, alleging that forged documents bearing his signature had surfaced as part of efforts to legitimise the actions of the rival group.

On his part, Abejide described the purported expulsion as laughable, accusing the opposing faction of attempting to destabilise the party.

“These are people who came to destroy this party. They have no stake here and cannot dictate the future of ADC,” he said.

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The lawmaker, who represents Yagba Federal Constituency of Kogi State, warned that the lingering crisis could jeopardise the party’s electoral prospects if not urgently resolved.

“I am not a political merchant running from one party to another party. I have been in ADC since 2017 and never changed party but many of the coalition’s leaders have moved from PDP to ACN to APC back to PDP to APGA to Labour Party to NNPP to ADC, and so on. Our insistence in resisting them is because of their habitual character of political use and dump.

“My so-called suspension and that of Nafiu Bala Gombe is in contempt of the orders of both the Court of Appeal and Federal High Court and as such I have briefed my Lawyers on possible litigation against their purported suspension for record purpose, which is a visitation of hostility on me while my case is in court. The principles of law forbid this; in our jurisprudence it is called Lis pendis.”

Abejide cautioned that his camp would not hesitate to walk away if the party was pushed to the brink.

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“At the stage we are now, if this is not resolved quickly, anyone contesting on this platform risks their political career,” he added.

He also questioned the credibility of the coalition figures, alleging that many of them had a history of moving across multiple political parties.

Abejide warned that the ongoing crisis could prevent the ADC from fielding candidates in future elections, blaming the rival faction for any such outcome.

“If at the end of these shenanigans ADC cannot field candidates, then the coalition people should be blamed for the failure,” he added. (The Guardian)

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Just in: Bandits reportedly kidnap newly installed monarch, wife, one other in Kwara

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Suspected bandits have reportedly attacked the palace of a traditional ruler in Olayinka community, Ifelodun Local Government Area of Kwara State, abducting the monarch, his wife, and one other person in the early hours of Saturday.

According to sources who spoke to newsmen, the armed men stormed the palace around 1:40 a.m., firing sporadically before taking the royal father to an unknown destination.

Yes. At Olayinka at about 1 am. His wife and one other person were also abducted.

The Monarch is one of the recently graded.”

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Another source added, “The bandits invaded the palace around 1:40 a.m. on Saturday. They came heavily armed and took the monarch away without resistance because everyone was terrified.”

The abducted monarch was said to have been recently elevated and officially installed by the Kwara State Government earlier this year, a development that has made the incident particularly shocking to residents.

The attack is the third reported case of a traditional ruler being kidnapped in Kwara South within a year. In 2025, two monarchs in the region were abducted by suspected bandits and were only released after ransom payments were made.

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