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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. “
By Gloria Ikibah
Speaker of the House of Representatives, Rep. Abbas Tajudeen, has expressed concern over the prolonged delay in conducting a national population census in Nigeria, emphasizing its importance in establishing the country’s actual population.
While commending President Bola Ahmed Tinubu’s directive for the National Population Commission (NPC) to conduct a biometric-based census, the Speaker described the exercise as long overdue.
He affirmed his commitment to engaging with the President, following consultations with the Senate President, Senator Godswill Akpabio, on the matter.
Speaking in Abuja during a courtesy visit by the NPC board and management, led by Chairman Hon. Nasir Isa Kwarra and Director-General Dr. Ojogun Tellson Osifo, the Speaker criticized the 19-year gap since the last census, calling it unacceptable for a nation of Nigeria’s size and significance.
Rep. Abbas noted that a fresh population census would help dispel doubts and counter claims of population overestimation by critics. The NPC chairman confirmed that the President had approved the biometric census to take place in 2025.
He said: “Statistics don’t lie,” expressing his belief that the biometric system is the only way to determine the actual population with less deployment of resources.
“I will be part of those who will engage Mr. President on the issue of conducting census this year”.
Speaket Abbas who noted that the budget of NPC was inadequate to conduct a successful census, said the Federal Government may consider other sources of funds, including the Sovereign Wealth Fund (SWF).
“I will see my counterpart in the Senate on how to see Mr President. It will be a historic thing in Nigeria while it would also be something that will immortalise his (President Tinubu’s) name”, he said.
Earlier, the Chairman of NPC briefed the Speaker on the plans for the census and the preparations made so far. He solicited the support of the House, and National Assembly by extension, with regards to funding and enabling laws.
According to Hon. Kwarra, part of the plans for the census included acquisition of technology, recruitment and training of officials, establishment of a situation room as well as advocacy/stakeholders engagements, including visits to former Presidents and ex-Heads of State.
By Gloria Ikibah
The Chairman, House of Representatives Committee on Federal Capital Territory (FCT), Rep. Aliyu Muktar Betara, has commended the FCT Minister, BarrIster Nyesom Wike, for his exceptional leadership and commitment to developing the nation’s capital.
In a congratulatory message, Betara, who represents Biu/Bayo/Shani and Kwaya Kusar Federal Constituency of Borno State, praised Wike for earning the prestigious “Best Minister of the Year” award by THISDAY/Arise TV, citing his dedication to infrastructure and transformation in Abuja.
He said: “On behalf of the House of Representatives Committee on FCT, I wish to extend my warmest congratulations to the Honourable Minister of the Federal Capital Territory, His Excellency Bar Nyesom Wike (CON, GSSRS), on your well-deserved recognition as the Minister of the Year by THISDAY/Arise TV.
“This prestigious honour is a testament to your visionary leadership, tireless dedication, and exceptional contributions to the infrastructural transformation of the Federal Capital Territory.
“Your unwavering commitment to service and your determination to improve the lives of residents and visitors alike to the FACT has been nothing short of exemplary.
“Through your bold initiatives and strategic policies, you have not only enhanced the aesthetics and functionality of Abuja, but have also reaffirmed the FCT’s position as a beacon of progress and modernity in Nigeria.”
According to Betara, the award reflects the Minister’s positive impact and the widespread admiration he has garnered across different sectors.
“I celebrate this outstanding achievement with you and express my gratitude for your leadership and passion for development.
“May this milestone serve as an inspiration for even greater accomplishments as you continue to serve with integrity and purpose.
“Once again, congratulations on this remarkable feat. I wish you continued success in your endeavours,” he noted.
Betara described Wike as an outstanding leader whose transformative vision for the FCT is delivering remarkable results.
By Kayode Sanni-Arewa
The faction of Afenifere led by Pa Ayo Adebanjo, a notable Yoruba sociopolitical organization, has appointed lawyer and activist Dele Farotimi as its new National Organising Secretary.
This decision was reached during a general meeting held on Tuesday at Pa Adebanjo’s residence in Isanya Ogbo, Ogun State.
The announcement was contained in a communiqué jointly signed by Afenifere’s Deputy Leader, Oba Oladipo Olaitan, and National Publicity Secretary, Prince Justice Faloye. The statement confirmed: “The General Meeting considered and approved the appointment of Barrister Dele Farotimi as the National Organising Secretary of Afenifere.”
Farotimi’s appointment comes amidst recent developments in his legal battle with legal luminary Aare Afe Babalola, who has chosen to withdraw a defamation lawsuit against him. The lawsuit had been tied to statements made in Farotimi’s book, Nigeria and Its Criminal Justice System.
Earlier, Farotimi was arraigned at the Ekiti State High Court in Ado-Ekiti and granted bail set at ₦30 million. The case attracted significant public attention, with prominent figures like the Ooni of Ife intervening to mediate. These efforts ultimately contributed to Babalola’s decision to drop the defamation suit.
Farotimi’s new role within Afenifere signifies an important step in his activism and engagement with Yoruba sociopolitical issues, further highlighting the group’s trust in his leadership capabilities.
Speaker Abbas Hails President Tinubu’s Order For Biometric Headcount
Betara Hails Wike’s Transformation Efforts, Celebrates Best Minister of the Year Award
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