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CBN Plans Stricter Fines on Banks for Non Compliance with Regulations

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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.

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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.

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“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.

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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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New Owa Obokun of Ijesaland Emerges

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The Bilaro Oluodo Ruling House of Ilesa has announced Prince Clement Adesuyi Haastrup as the new Owa Obokun of Ijesaland.

The confirmation, which was made on Friday, was contained in a statement signed by the spokesperson of the ruling house, Isaac Haastrup.

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Prince Adesuyi Haastrup, previously the Looja of the Bilaro Oluodo Ruling House, emerged as the Owa Obokun Ajimoko III and Paramount Ruler of Ijesaland following a selection process.

“He defeated nine other candidates in a free and fair selection process held at the Ilesa West Local Government Secretariat along the Ilesa-Oshogbo motorway,” the statement read.

The selection process was conducted by the kingmakers, including six Iworo mefa—Obaala, High Chief Ibitoye; Ogboni Ipole, Oba Omokehinde Oyeleye; Ogboni Ijebu-Jesa, Oba Olufemi Agunsoye (Elegboro); Ogboni Ibokun, Oba Festus Awogboro; Ogboni Ilesa, High Chief Saka Fapohunda; and Oba Odo of Ilesa—as well as seven Agba Ijesa: Risawe of Ilesa, High Chief Adefioye Adedeji; Lejoka of Ilesa, High Chief Omoniyi Ojo; Lejofi, High Chief Adebusoye Onigbogi; Arapate of Ilesa, High Chief Oluwagbemiga Fadunsin; Igbarool, Loro of Ilesa, High Chief Lekan Folorunso; Odole of Ilesa, High Chief Bola Orolugbagbe; and Mr. Abimbola Aluko, a warrant officer representing the Saloro of Ilesa, whose stool is currently vacant.

The Head of Local Government Administration in Ilesa West LGA, Felicia Olabimtan, announced the outcome of the selection process, and stated that Looja Clement Adesuyi secured the highest number of votes to become the Owa Obokun-elect.

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Mrs Olabimtan explained that six of the kingmakers participated in the voting process, while High Chief Adefioye Adedeji was absent, and seven others were deemed ineligible.

Following the exercise, the Ogboni of Ibokun, Oba Festus Awogboro, and the Elegboro of Ijesaland, Oba Olufemi Agunsoye, described the process as peaceful while briefing journalists.

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Governor Alia Unhappy, Says Perpetrators of Benue killings’ll be arrested

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Benue State Governor Hyacinth Alia said that perpetrators of Christmas Day killings at Anwase community in Kwande Local Government Area of the state would be apprehended and made to face justice.

Alia made the vow in a statement issued by his Chief Press Secretary, Sir Tersoo Kula, on Friday, December 27, 2024.

Gunmen had killed about 11 persons during an attack on Anwase on Christmas Day.

The governor, who condemned the continued attacks on the people of Benue State, said: “Such heinous acts have continued in the state despite the efforts of my administration to ensure the safety of his people.

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“I can assure you that the perpetrators of this act will pay dearly for it.

“They may think they are not known, but they cannot be allowed to continue perpetrating this. It’s a matter of time.

“We are determined to continue to use lawful procedures to protect Benue people.”

Alia urged security personnel to improve their surveillance and also ensure that vulnerable communities were not left unguarded.

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The governor condoled with the families that had lost their loved ones in the attack and sympathised with the injured, saying his thoughts of comfort and prayers were with them at a difficult time.

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Sad! Popular Actor Dies At 16 After Falling From Moving Car

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Hudson Meek, a young actor celebrated as the younger version of Ansel Elgort’s character in the 2017 hit film ‘Baby Driver’ and his voice work in the preschool series Badanamu Stories, has died after falling from a moving vehicle.

According to a statement from the Jefferson County coroner’s office, the 16-year-old fell from a moving vehicle in Vestavia Hills, Alabama, on December 19.

He sustained severe blunt force injuries and was rushed to the University of Alabama at Birmingham Hospital.

Despite medical efforts, he succumbed to his injuries two days later.

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The Vestavia Hills Police Department is investigating the incident, though no official comments have been made.

“Our hearts are broken to share that Hudson Meek went home to be with Jesus tonight,” his family announced on Instagram, describing his passing as a “sudden and tragic loss.”

In his official obituary, Meek’s family highlighted his achievements and shared that he was an organ donor, adding, “He will continue to help others for years to come.”

Meanwhile, recall that beyond his acting career, Meek appeared in notable productions such as Legacies, Genius on Hulu, and NBC’s Found.

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His family shared that he “absolutely loved spending time on set and learning the names and stories of every member of the cast and crew.”

An Alabama native and sophomore at Vestavia Hills High School, Meek was an active participant in the school’s football team, the Fellowship of Christian Athletes, and the honour choir.

His adventurous spirit extended to water sports, outdoor activities, and traveling, having visited all 50 U.S. states and aiming to explore all seven continents.

“Hudson was reflective and thoughtful, however, he was tenacious when he set his mind to something,” his obituary noted.

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Among his achievements was becoming a certified open-water scuba diver at 13.

He also cherished time with friends, loved watching sports, and was a devoted fan of the Auburn Tigers.

“Hudson’s personality was one of a kind,” his family wrote.

“He was confident, convicted in his beliefs, spontaneous, and quick-witted. Hudson thrived in settings that allowed him to meet and serve new people.”

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He is survived by his parents, Derek Firth Meek and Lani Wells Meek, his brother Tucker Firth Meek, his grandmothers, and numerous extended family members.

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