News
SERAP wants reversal of ATM transaction fees hike, hammers CBN
…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.
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circular, ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.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.
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.”
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.
“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.
The Osun State Chapter of the People’s Democratic Party (PDP) has received thousands of decampees from the All Progressives Congress and other political parties into its fold.
The decampees, who are mostly from the Omisore Youth Support Forum (OYSF) joined the party at a ceremony held at party secretariat in Osogbo, the capital of Osun State, on Wednesday.
The were received by the Chairman of the PDP in Osun, Hon. Sunday Bisi, former Deputy Speaker of the House of Representatives, Lasun Yusuff and other party leader.
While receiving the decampees, Bisi renamed the group as Adeleke Youth Support Forum (AYSF) as they declared their support for Adeleke’s 2026 re-election bid.
One of the leaders of the decampees, Mr Francis Fasogbon said they were “inspired by the good governance delivered by Governor Ademola Adeleke”.
Hon. Dennis Agbo, representing Igboeze North/Udenu Federal Constituency in the 10th House of Representatives, has resigned from the Labour Party (LP) and defected to the Peoples Democratic Party (PDP).
Addressing aa gathering in his ward, Ezzodo, Agbo cited his admiration for Enugu State Governor, Dr. Peter Ndubisi Mba’s performance, as the reason for his decision.
“I acknowledge Governor Mba’s outstanding work, and I believe it’s essential to support him,” Agbo said. “As a federal legislator from Enugu State, I’m joining hands with him to provide a link between the state and federal government, promoting the good work he’s doing to uplift our state.”
Agbo, who was elected on the LP ticket, expressed his desire to work with Governor Mba, citing the governor’s vision and achievements since his inauguration in 2023.
He also emphasized that the internal crisis and division within the Labour Party was part of the factors influencing his decision to leave the party and return to PDP.
The lawmaker invited his supporters and members of Labour Party to a formal ceremony marking his transition to PDP, scheduled for May 1, 2025, at the PDP State Secretariat in Enugu.
Governor Alex Otti says he is not bothered about the noise coming from members of the opposition parties in Abia State.
Otti said his critics should not be taken serious as they are not coming out to contest elections but to seek negotiations and relevance.
Governor Otti stated this while receiving the member representing Bende North constituency in Abia State House of Assembly, Nnamdi Ibekwe who recently dumped the PDP and joined the Labour Party, LP in Abia State.
“We are not bothered about the oppositions and their noise. There are different reasons why people show up for elections.
Sometimes, they just want recognition; that their names showed up for the primaries, knowing fully well that they will not win the election.
“Some of them also come for negotiations and then of course, some others also show up for projections; they look at themselves and say, ‘if I start the noise in 2025, maybe by 2040, they will know that I have been in the race and they will call me and recognize me’, so they are projecting themselves,” Gov. Otti explained.
Governor Otti said he is rather focused on doing the job the people elected him to do and respond to the noise of the opposition across the State.
He congratulated Nnamdi Ibekwe for dumping the PDP for LP, explaining that nobody pressured him to come over to the LP, reiterating that he does not emphasize much on political platforms.
Earlier while presenting himself to the Governor, the member representing Bende North constituency, Nnamdi Ibekwe said he was attracted to the Labour Party by the achievements of Governor Alex Otti which he described as unprecedented.
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