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FCCPC backs Central Bank’s 48-hour refund for customers
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The Federal Competition and Consumer Protection Commission (FCCPC) has announced its support for the Central Bank of Nigeria’s (CBN’s) draft guidelines requiring all banks to refund customers’ money in cases of failed Automated Teller Machine (ATM) transactions within 48 hours.
In a statement by its Director of Corporate Affairs, Ondaje Ijagu, the FCCPC said the exposure of the CBN’s Draft Guidelines on the Operations of Automated Teller Machines (ATM) in Nigeria followed the commission’s Consumer Complaints Data Report published last month.
“The report, which covered the period from March to August 2025, showed that the banking and Fintech sectors accounted for the highest number of complaints nationwide, over 3,000 cases in banking alone, with about N10 billion recovered for customers across 30 sectors,” the statement said.
The findings highlighted recurring issues, such as failed transactions, unauthorised deductions, and delayed refunds, all of which the CBN draft guidelines seek to address.
FCCPC’s Executive Vice Chairman and Chief Executive Officer, Mr. Tunji Bello, described the proposal as a timely and long-awaited correction to a persistent consumer challenge.
He noted that even at the draft stage, it demonstrates stronger alignment between regulatory agencies committed to consumer protection.
“It is consistent with what the FCCPC has been advocating, given the number of complaints we receive about failed transactions. We commend the CBN for this decisive step, which will ease the burden on consumers and rebuild trust in financial services,” Bello said.
The commission stated that the proposed directive was consistent with the provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018, particularly Sections 17(g), (h), (l), (s), and (t). These sections mandate the elimination of unfair practices, the promotion of fair dealings, the resolution of consumer complaints, the protection of consumer interests across all sectors, and the adoption of measures to ensure that goods and services are safe for their intended use.
“The commission advocates the prompt adoption and implementation of the proposed directive, as its early enforcement would provide immediate relief to consumers who continue to experience delayed or unresolved electronic transaction reversals. Timely adoption would also reinforce accountability within the banking sector and demonstrate a shared regulatory commitment to fairness, efficiency, and consumer confidence.
“To make the policy effective, the FCCPC will work with the CBN to establish systems for monitoring compliance and ensuring timely redress when banks fail to meet the 48-hour deadline. The commission maintains that closer collaboration among regulators will lead to faster resolutions, prevent recurrence, and strengthen consumer confidence in Nigeria’s growing digital economy,” Bello added.
The statement explained that under the proposed directive, consumers with unresolved ATM or electronic transaction issues would first be required to report to their banks or the CBN. If the issues remain unresolved, the customers would escalate their complaints to the FCCPC through the Complaint Portal (complaints.fccpc.gov.ng), by calling 08056002020.
The Police Command in Kwara has condemned the killing of three worshippers and abduction of 15 others at a prayer ground in Ekiti Local Government Area of the state on Saturday.
A statement by the Police Public Relations Officer, SP Adetoun Ejire-Adeyemi, on Sunday in Ilorin, said that the incident occurred at Ori-Oke Ajaiye, on the outskirts of Ikiran Village in Ekiti LGA.
The Police spokesman stated that the incident was reported on Sunday by Pastor Adebayo Abiodun of Ijo Ajaye Ati Igbala, Ekerin Village, Ekiti LGA.
She said that the pastor reported that armed men invaded the prayer ground during a vigil on Saturday at about 8:30 p.m., firing sporadically and killing three persons while abducting 15 others to an unknown destination.
“Upon receipt of the distress report, the Divisional Police Officer in Ekiti Division immediately mobilised operatives to the scene.
“The Commissioner of Police, CP Ojo Adekimi, directed a comprehensive tactical and intelligence-driven operation involving the Police Drone Team, PMF personnel, intelligence units and other operational assets for a coordinated rescue mission,” Ejire-Adeyemi stated.
The CP described the attack as barbaric, callous and unacceptable, assuring families of the victims that the command was committed to rescuing those abducted and apprehending the perpetrators.
He also assured residents of Ekiti LGA and the state of ongoing security operations, including bush combing and intelligence gathering, to track down the assailants.
Adekimi urged members of the public to remain calm and vigilant, and to provide credible information that could assist ongoing operations.
(NAN)
Nigeria’s pioneer Head of Mission to the Socialist Republic of Vietnam, Ambassador Sani Bako, has stated that diplomatic relations between the two post-colonial states, which began as political solidarity 50 years ago, have evolved into a partnership delivering results in trade, investment, and cultural exchange.
The partnership deepened with the establishment of resident missions. Nigeria opened its Embassy in Hanoi, the administrative capital, in 2007, and Vietnam reciprocated by opening an Embassy in Abuja in the same year.
Reflecting on the 50th anniversary of Nigeria-Vietnam relations, which took effect on 25th May 1976, Ambassador Bako noted that the volume of trade between the two countries stood at $1 billion as of 2024.
“Vietnam currently exports electronics, garments, textiles, and other consumer goods to Nigeria, while importing crude oil, cashew nuts, and several raw materials,” he said. “Interestingly, the trade balance favours Nigeria.”
He stressed that the time has come for economic ties between both countries to evolve into a partnership that would lead to technology transfer, manufacturing, and agricultural investment. He added that Vietnam has expertise in modern agriculture that Nigeria could leverage.
Ambassador Bako, who is the Chairman of the Nigeria-Vietnam Trade and Cultural Association (NVETCA), added that the association is facilitating private sector engagement to deliver visible partnerships in farming, manufacturing, and other ventures that will strengthen economic ties in the near future.
He recalled that President Bola Ahmed Tinubu, in a recent meeting with Vietnamese Ambassador Bui Quoc Hung, emphasized that Nigeria is open for business with Vietnam. “Vietnam is a partner we want to grow with,” the President stressed.
Ambassador Bako also noted that Ambassador Hung has called on Nigeria to address lingering visa obstacles affecting officials and business travelers. He pointed out that a 2019 visa waiver agreement reached by both countries has not been fully implemented, adding that resolving this would be critical to sustaining momentum in bilateral relations.
President Bola Ahmed Tinubu has clinched the APC presidential ticket for 2027 after a landslide win in the party’s primaries held Saturday across 36 states and the FCT.
The results were declared Sunday at the Bola Ahmed Tinubu International Conference Centre in Abuja. Tinubu polled 10,999,967 votes, defeating sole challenger Stanley Osifo who got 16,504 votes.
Osifo failed to register a single vote in 21 states and the FCT. His only recorded vote came in Edo State.
His best showings were in Niger with 5,248 votes, Kano with 2,675, Bauchi with 2,650, and Abia with 1,007.
Tinubu swept every state, with his highest tallies in Lagos at 814,988, Adamawa at 644,149, Kaduna at 618,914, and Imo at 582,960. Kano delivered 500,852 votes, Katsina 467,003, and Gombe 450,517.
Other notable results:
– Bayelsa: 227,192
– Delta: 407,646
– Borno: 414,988
– Enugu: 383,382
– Akwa Ibom: 389,197
– Benue: 374,787
– Ogun: 322,485
– Kwara: 310,990
– Sokoto: 301,000
The party said the primaries covered all 484 wards in Kano, where Tinubu also swept every ward.
With the outcome, Tinubu is now the official APC candidate heading into the 2027 general election.
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