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Reps Direct CBN to Suspend Increase in ATM Transaction Charges

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By Gloria Ikibah
The House of Representatives has directed the Central Bank of Nigeria (CBN) to immediate suspend the new policy increasing ATM transaction charges and scrapping free ATM withdrawals for customers using other banks’ ATMs.
The resolution was sequel to the adoption of a motion of urgent public importance by Rep. Marcus Onobun for the “SUSPENSION OF THE CENTRAL BANK OF NIGERIA INCREASE IN ATM TRANSACTION CHARGES AND STOPPAGE OF FREE ATM WITHDRAWALS FOR CUSTOMERS FROM OTHER BANKS IN NIGERIA”, on Tuesday at plenary.
Naijablitznews.com recalled that the CBN’s new policy, which was effective March 1, 2025, imposes a fee of N100 per N20,000 withdrawals for customers using other banks’ ATMs within bank premises, and an additional surcharge of N500 for transactions outside bank premises.
According to Rep. Onobun, the new CBN policy will be burdensome on Nigerians who are already grappling with economic hardships.
He expressed worries that the new charges will limit financial inclusion, particularly for low-income earners, and contradict the CBN’s financial inclusion agenda.
The lawmaker further noted that the banking sector has continued to record significant profits without corresponding improvements in service delivery or infrastructure, making the new charges unjustifiable.
The motionreadsinpart: “Aware that the said section 10.7 of this Guide was last reviewed in 2019, reducing ATM transaction fees from N65 Naira to N35 per transaction.
“Note that according to this new policy, customers withdrawing from their Bank’s ATMs will continue to enjoy free withdrawals. However, a fee of N100 per N20,000 withdrawals will be applied to customers from other Banks transacting from ATMs within the Bank premises.
” Similarly, Customers from other Banks transacting from ATM outside the premises of the Bank (Malls, Market places, and other public places) will be charged N100 and an additional surcharge of N500.
“The citizens of Nigeria are already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and service charges that significantly reduce disposable income and negatively impact the economic welfare of citizens.
“Imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.
“The fact that the banking sector has continued to record significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.
“The role of government includes protecting citizens from exploitative financial practices that may lead to further economic distress”.
The House unanimously adopted the motion and referred the motion to the  committees on Banking, Finance, and Financial Institutions.for further legislative action.
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FRESH TWIST! Obasa Drags Meranda To Court Over N5BN SUV Purchase

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…insists on spending N7BN he had budgeted for the SUV before removal

A fresh palaver has erupted in the Lagos State House of Assembly as Speaker Mudashiru Obasa has taken legal action against his former deputy, Mojisola Meranda, over her approval of N5 billion for the purchase of 40 luxury SUVs for lawmakers during her brief tenure as Speaker.

Before his impeachment, Mr. Obasa had reportedly planned a N7 billion budget for 45 Toyota Fortuner SUVs—40 for lawmakers, one for the house clerk, and four for himself and his two wives.

However, Ms. Meranda’s decision to approve the purchase of Land Cruisers instead of Fortuner SUVs disrupted his original plan, leading to mounting tensions in the assembly.

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“Obasa had his own plans for purchasing vehicles before his removal,” a source revealed. “Now that he’s back, he wants the ₦5 billion returned so he can execute his initial plan, but the lawmakers are refusing to give up their newly acquired SUVs.”

The development has triggered resistance among lawmakers, many of whom opposed Mr. Obasa’s return as Speaker.

They are reportedly standing firm against his demand to return the Land Cruisers in exchange for the Fortuner SUVs he initially intended to buy.

“Mr. Speaker is not letting this matter go and has ordered Meranda and the lawmakers to return the Land Cruisers,” another source stated. “But they are all refusing because they prefer the latest model over the 2020 Fortuner SUVs Obasa had planned to buy.”

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As the legal battle unfolds, the Lagos State House of Assembly remains embroiled in controversy, raising concerns about leadership disputes and financial accountability within the legislative body.

Lagos Reporters will continue to provide updates on this unfolding political drama.

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Video: WATCH tearful Senator Natasha reporting Akpabio to IPU

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A video clip trending on the social media network shows tearful Senator Natasha Akpoti-Uduaghan reporting the Nigerian Senate over her unusual suspension.

It’s the first of its kind in the Nigerian legislature where the voice of a whole constituency will be silenced for six months.

Akpabio and his men used a sledgehammer to kill a fly.

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Alleged Terrorism: Judge to issue hearing notice on Nnamdi Kanu case

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The new judge of the Federal High Court in Abuja who is to handle the treason trial of self-acclaimed leader of proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu, may issue hearing notices to the parties in the case before the week runs out.

The Nation learnt that the case has now been re-assigned by the Chief Judge of the court, Justice John Tsoho, from Justice Binta Nyako to Justice James Omotosho.

It was not clear last night if the case file had been transmitted to the new judge’s court.

Hearing notices and other relevant information could only be communicated to the parties after the new court would have received the case file, a source told our correspondent.

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Also, the court’s Chief Registrar, Sulaiman Hassan, has faulted reports that the new judge, to whom Kanu’s trial has been assigned, has withdrawn from handling it.

In a statement yesterday, Hassan described the report as false and misleading.

The statement reads: “The court unequivocally refutes the false and misleading report, alleging that the Honourable the Chief Judge, the Hon. Justice John T. Tsoho, has stepped down from Nnamdi Kanu’s case and made statements regarding the legality of his arrest.

“This claim is entirely unfounded, fictitious, grossly mischievous, damaging in intent and should be disregarded in its entirety.

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“The true position is that the Honourable Justice Tsoho, in his capacity as the Chief Judge, has reassigned Nnamdi Kanu’s case from Honourable Justice Binta Nyako to another (‘new’) judge.

“The report referred to is, therefore, totally spurious.

“The defence team should hence prepare to receive instructions regarding the case, as may be issued by the new judge.

“The Federal High Court strongly cautions against deliberate misinformation to mislead the public and erode confidence in the judicial system.

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“We urge the general public to be wary and rely only on verified information from official court sources.

“The court remains steadfast in upholding justice through due process of the law.

“Any further enquiries should be directed to the court’s Information Department.”

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