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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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Olorogun Olori hails Wike’s political sagacity in South South

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Elder statesman, Olorogun Morrison Olori, has hailed the Minister of the Federal Capital Territory, Chief Nyesom Wike, for his outstanding political leadership in the South-South region and his strategic role in advancing President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Olori, an octogenarian and chieftain of the All Progressives Congress (APC) in Delta State, particularly praised Wike for his transformative work as Minister of the Federal Capital Territory (FCT).

In a statement made during a public policy dialogue in Abuja, Olorogun Olori hailed Chief Wike as “a tireless bridge-builder and result-oriented leader who has brought stability and strategic political direction to the South-South and beyond.”

Chief Wike has not only strengthened the political base of the South-South region but has also become a key player in driving the Renewed Hope Agenda of President Tinubu through inclusive governance and infrastructural transformation,” Olori said.

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Highlighting Wike’s impact as FCT Minister, Olori pointed to the minister’s record-setting performance in the signing of over 5,000 Certificates of Occupancy, as well as his aggressive infrastructure renewal across the city, including road expansions, urban beautification, and housing developments. He described Wike’s efforts as “a masterclass in leadership and vision.”

“His work in Abuja has demonstrated that the Renewed Hope Agenda is not just a slogan—it is being implemented in concrete ways. He is delivering real, visible change,” Olori noted.

Olorogun Olori also emphasized Wike’s political courage in rallying support for national unity and economic revival, particularly in the South-South geopolitical zone, where he continues to serve as a stabilizing force and a voice of progress.

“Wike has used his influence not for personal gain, but to elevate the South-South and to help President Tinubu consolidate the gains of this administration,” Olori added. “This kind of partnership between the presidency and regional leaders is exactly what Nigeria needs right now.”

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Olori, however, urged other political leaders to emulate Wike’s commitment to excellence and patriotism, emphasizing that Nigeria needs more leaders who “serve with sincerity and deliver with impact.”

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Nigeria Felicitates with South Africa on 31st Freedom Day Anniversary

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By Gloria Ikibah 

Nigeria has congratulated South Africa on the celebration of its 31st Freedom Day anniversary, marking more than three decades since the end of apartheid rule.

This was contained in a statement issued by the Ministry of Foreign Affairs, on Sunday in Abuja, the Minister, Ambassador Yusuf Maitama Tuggar, extended warm greetings to his South African counterpart, His Excellency Ronald Lamola, Minister of International Relations and Cooperation.

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Ambassador Tuggar described the day as a reminder of the historic victory of democracy over apartheid and a celebration of the resilient and unified spirit that continues to shape South Africa’s journey.

“Nigeria and South Africa share a profound bond forged through decades of solidarity in the liberation struggle. As we reflect on this milestone, we recall Nigeria’s unwavering support for the anti-apartheid movement, including diplomatic, material, and moral contributions that underscored our commitment to justice and the ethos of pan-Africanism,” the statement read.

Highlighting the strong bilateral ties between the two countries, Tuggar emphasized the shared responsibility Nigeria and South Africa have in promoting peace, security, and inclusive development across the African continent.

He noted that as Africa’s two largest economies and democracies, there is a need to strengthen collaboration in areas such as trade and investment through the African Continental Free Trade Area (AfCFTA), as well as cultural exchanges and youth empowerment.

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“Therefore, on this Freedom Day, we stand with South Africa in honouring the sacrifices of heroes like Walter Sisulu, Nelson Mandela, Govan Mbeki, Thabo Mbeki and recommit to working together to realize the vision of a prosperous, peaceful, and united Africa,” he added.

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Enugu Reps caucus backs concessioning of Enugu airport

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The Enugu Caucus in the House of Representatives has thrown its weight behind the Federal Government’s plan to concession the Akanu Ibiam International Airport, Enugu, describing it as a potential catalyst for the Southeast economy.

The caucus commended the Federal Government for the initiative and urged it to hasten the process to enable the people of the Southeast and the nation to benefit from it in earnest.

It also called on the people of the region to support the concession as the only way to guarantee sustainable investment to fully develop the airport into a truly international facility.

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