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CBN Plans Stricter Fines on Banks for Non Compliance with Regulations
The Central Bank of Nigeria is preparing to impose stricter fines on banks that fail to comply with regulatory standards.
This move, according to the Deputy Director of CBN’s Consumer Protection Department, Jamiu Rabiu, is in response to banks’ lacklustre compliance with consumer protection standards.
Speaking on Monday at a high-level policy roundtable on financial inclusion for Persons with Disabilities, organised by the Consumer Advocacy and Empowerment Foundation, Rabiu highlighted the ineffectiveness of the current N2 to N3 fines in deterring recurring issues in the banking sector.
His remarks were in response to concerns raised by Persons with Disabilities who criticised the CBN for insufficient efforts to promote inclusivity in the financial sector.
They argued that the current penalties are not strong enough to deter banks from repeatedly violating their rights.
Rabiu said efforts were ongoing to increase the fine imposed on erring banks.
He said, “We’ve made several efforts, even reaching out to the Bankers’ Committee, because they work closely with the banks to address issues at the level of senior government. They’ve created groups aimed at preventing fraud.
“We’ve held discussions and gone over everything, but when things go back to the status quo, the same issues arise. I believe we need to strengthen our regulations and even increase the fines imposed.
“For instance, Madam mentioned that when we imposed fines of around N2m to N3m, it wasn’t yielding significant results. Whenever there’s an issue, the banks don’t always act.
“Recently, our Deputy Governor questioned why we were imposing only 2 million in fines. We are now considering increasing these fines. If payments are not made within a specified period, there will be an additional 2 million charge per day.”
He added, “Or if payment takes 6 months, we would calculate the total days to determine the accumulated fine. I believe increasing these fines is essential. This is a work in progress.”
He noted that the CBN would have to get the buy-in of the banking authorities to increase the fines to ensure better compliance from banks.
Rabiu said, “We need to coordinate with the banking authorities so that the Deputy Governor can approve higher fine amounts, not just 5 or 10 million. We are aiming to raise it to around 100 million, which we believe would drive better compliance from the banks.”
The Executive Director of CADEF, Professor Chiso Ndukwe-Okafor, stressed the importance of these changes, particularly for PWDs, who often struggle to access digital financial services due to inadequate infrastructure.
She said, “The meeting with stakeholders was organised because of the challenges PWDs encounter accessing digital financial services. We realise that their needs are not being met. by the financial institutions whether online or offline.
“We are collaborating with CBN, FCCPC and a technical committee that would come up with a person with Disabilities bill of rights so that enforcement and sanction can be given. “
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Senator Manu hosts Taraba Queens and Kings in NASS (Photos)
The Senator representing Taraba Central, Manu Haruna on Tuesday hosted Taraba Queens and Kings in his office at the National Assembly Complex on Tuesday.
Miss Taraba Queen Grace Sunday, the 7th titleholder, and Miss Taraba Queen Comfort Williams, the 10th titleholder, led the newly crowned state kings and queens in paying a courtesy visit to the former Deputy Governor of Taraba State.
Grace Sunday on behalf of the team expressed their appreciation for the Senator’s support and dedication to youth empowerment and community development within the Taraba Central and Taraba at large.
Senator Haruna hailed their achievements and encouraged them to continue serving as positive role models for the youth of Taraba State.
See photos below:
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*Kemi Ayelabola Sustains Tempo On Gender Equality For Women, Salutes Efforts Of Hon. Ogbara, House Leadership*
By Kayode Sanni-Arewa
The Chairperson and Convener of Asiwaju Renewed Hope (ARH’23), Kemi Olokode-Ayelabola has added her voice to the call for gender equality for women, describing it as a moral imperative, as well as a key driver of sustainable development and social progress.
Kemi, a behavioral, developmental and child/young persons care professional currently based in the Republic of Ireland also commended the leadership of the House of Representatives, especially the Speaker, Rt Hon. Tajudeen Abbas (CFR) and the Deputy Speaker, Rt. Hon. Benjamin Kalu (CON) for their deliberate efforts to involve more women in critical decision-making, particularly in elective offices across the various tiers of government.
She further applauded the House leadership for the genuine commitment they exhibited at the international legislative dialogue on women and the constitutional amendment process in Nigeria, recently organised by the House of Representatives Committee on Constitution Review.
Similarly, Kemi equally gave kudos to the Chairman House of Representatives Committee on Women Affairs and Social Development, Hon. Kafilat Ogbara for her immense contributions in making a case for the women folks towards societal cohesion, gender parity, political participation/leadership so as to engender national development.
Olokode-Ayelabola stated this in a statement she made available to the media on Tuesday, October 29, 2024 noting that there was urgent need for collaboration and collective action by all stakeholders in tackling legal, social, religious and cultural vices and other societal challenges, that serve as impediments to women’s participation and empowerment in every strata of life.
“I must commend Hon. Kafilat Ogbara, the Chairman House Committee on Women Affairs and Social Development, for revisiting all the gender-based legislations of the 9th Assembly on women’s participation in politics and other sectorial matters and this is essentially crucial to building a stable and peaceful society and developing policies that respond to the specific needs of women while also creating a place of pride and dignity for them in the society through right legal and legislative frameworks.
“There is, therefore, an urgent need for the women to be adequately represented in political and economic decision-making at every level,” she said.
Continuing, “As Nigeria strives for gender equality, women’s participation in political leadership remains a critical focal point. Sadly women face pitiable challenges in the political arena, therefore necessitating tailored approaches to enhance their opportunities and ensure protection from discrimination must never be compromised.
“I once appealed to President Bola Ahmed Tinubu in March this year to step up the full implementation of 35% affirmative action of women in public governance and leadership; I have not backed out from this laudable advocacy and thankfully we have a compassionate and listening President who is already taking meaningful decisions in that direction and we must applaud His Excellency for that.
“We must however redouble our efforts to support women in decision-making roles, enabling them to effectively advocate for legislation and policies that advance the interests of women and girls. In alignment with these efforts, there should be legislative and constitutional reforms to ensure women’s equitable access to political spheres as voters, candidates, elected officials, political appointees and civil service executives as the case may be,” Olokode-Ayelabola stated.
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