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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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Simon Ekpa May Be Released From Detention, Biafra, Says His Deputy

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Ngozi Ezeobika Orabueze, the Deputy Prime Minister of the Biafra Government In Exile, has said efforts are ongoing to ensure Simon Ekpa’s release from detention and the actualisation of the independent nation of Biafra.

Ekpa, the self-proclaimed Prime Minister the Biafra Government In Exile, is being detained in Finland.

Orabueze who made the vow in her Christmas message to the ‘people of Biafran Nation,’ said she and others were working to achieve the actualisation of the United States of Biafra and ensure Ekpa’s release.

Recall Finland district court in Lahti had ordered that Ekpa should be remanded in prison following his arrest for suspected terrorist activities.

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Ekpa was accused of using social media platforms to spread separatist propaganda linked to the Indigenous People of Biafra (IPOB), a group advocating for the secession of southeastern Nigeria.

The court alleged that the offences dated back to August 23, 2021.

Finland authorities have also investigated Ekpa in the past for alleged financial crimes, including the collection of funds through questionable means.

Orabueze in her message said, “As we celebrate this festive season, I extend my warmest Christmas wishes to every law-abiding Biafran, and especially to the Biafra Defense Forces for their unwavering defense of the territory of the United States of Biafra against the occupying Nigerian terrorist state actors.

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“May this Yuletide bring joy, peace, and an abundance of love into your homes.

“We stand on the cusp of a new year, and with it, we look forward to a future filled with great promise and prosperity.

“I urge you to continue placing your trust in and supporting our government-the United States of Biafra Government-under my stewardship.

“Together, we are working tirelessly toward the recognition of our country and preparing for the triumphant return of our able Prime Minister, Ekpa Simon Njoku.

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“He leads and will continue to lead us through the final stretch of our journey to realize the dream of the United States of Biafra as an independent, sovereign nation, guided by the principles of justice, fairness, and equity.”

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HoR minority caucus condemns crackdown on citizens by FG, calls for immediate release of detained persons

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By Kayode Sanni-Arewa

The House of Representatives Minority Caucus has slammed the Federal Government over crackdown on citizens criticisms and demanded for the immediate release of detained persons.

The caucus also reiterated the importance of dissenting opinions in a democracy, reminding President Bola Tinubu of his critical stance during the reign of President Goodluck Jonathan.

This was contained in a statement dated December 22, 2024 and signed by the Minority Caucus Leader, Rep Kingsley Chinda, stating that:

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“The Minority Caucus of the House of Representatives is very concerned about the growing controversial clampdown of citizens criticizing government.

“It is equally disturbing that agents of state are fingered in the brazen, callous, and ill-tempered harassment, and intimidation of citizens who on various medium express their respective disagreement, and apprehensions about some government policies which they believe will further exacerbate the near-zero situations of Nigerians.

“As a responsive and responsible group, we condemn in strong terms any, and every actions by the government; through security, and law enforcement agencies geared towards creating fears, panic, and make people to cow-tow to submission.

The Caucus further explained that: “We wish to reiterate that democracy can only thrive where there is virile opposition, and dissenting voices, as well as enabling alternative opinions
to express their differing views without fear or let.

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“The Caucus recalls that, before 2015 when the All Progressives Congress (APC) came to power, the party was very brazen, sharp-shooting, and sometimes not courteous in it’s vilification, and pillorying of the government in power.

” Indeed, President Bola Tinubu in 2011, as the National Leader of the Action Congress of Nigeria (ACN) was very frontal in his criticisms of (then president) Goodluck Jonathan.

” It is surprising that a party that went roughshod in attacking, and castigating the PDP, now abhors, rejects, and hates criticism with much derision.

“As a Caucus, while we counsel that every criticism should be civil, and align with accepted regulations, we enjoin government to eschew every action of citizenry intimidation, coercion, and prosecution which may have negative effects on democracy.

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” We also encourage the government to evolve results-yielding, and life-changing policies, and initiatives that will impact positively on Nigerians as an ingenious strategy to “defeat” its critics.

“While the Caucus calls for immediate release of anyone detained by state agencies for criticizing government policies, or under any guise, we also promise to resort to legislative actions against continuous abuse.

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BREAKING: Tension in Delta as soldiers invade another community

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Fear grips Okpare-Olomu town, located in the Olomu Kingdom of Ughelli South Local Government Area in Delta State, after Nigerian military personnel invaded the community with three Hilux vehicles.

The incident, which occurred on Thursday morning around 7:30am, has left residents on edge, with reports indicating that the soldiers took control of the community town hall by force. It was learnt that locals are concerned about the military’s presence in their community.

It was gathered that the military stormed the community in search of some of the community’s leaders, especially its President-General, Okiemute Otoka.

The sudden appearance of the military in Okpare-Olomu community sparked widespread panic, with residents fleeing in all directions, while women and children ran for safety to avoid a repeat of a similar incident in Okuama community.

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According to Otoka, Okpare-Olomu community President-General, the military’s true intention was to disrupt the community’s annual conference, scheduled for Thursday, where crucial decisions on growth and development were to be made.

Otoka’s allegations suggest that the military’s presence was not just a coincidence, but a deliberate attempt to interfere with the community’s affairs.

Otoka further accused some elders and leaders of the community of unlawfully selling communal land without the approval of the annual conference as those behind the invasion of the community by the military.

Meanwhile, at the time of filing this report, there was apprehension in the community as the invading military personnel were still in the community.

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Source: Saharareporter

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