News

Reps Pass For Second Reading Bill To Stop Fraudulent Deductions By Commercial Banks

Published

3 weeks ago

October 30, 2024

By Gloria Ikibah

As a way to find lasting solutions to issues of fraudulent deductions from customers’ accounts by commercial banks, the House of Representatives has passed for second reading a “Bill for an Act to amend the Banking and Other Financial Institutions Act 202 and Other for Other Related Matters,” sponsored by Rep. Moses Fayinka, member representing Mushin II Federal Constituency of Lagos State.

In his lead debate Tuesday plenary, on the general principles of the bill, Rep. Fayinka regretted the frequent cases of withdrawals from customers’ accounts, and noted that billions of naira have been lost in the process.

“There is an alarming rise of bank fraud or unauthorised withdrawal of deposit funds in Nigeria. In the banking industry, about 101,801 cases were reported in 2022 and 48,703 cases were reported in 2023, making bank customers lose several billions of naira.

The objective of this piece of legislation, aims to stop illegal funds transactions where monies are moved from the customer’s account without the authorisation of the customer for such transaction to take place.

It is also to stop banks from the cover-up of such syndicates without reporting such action to the receiving bank and the police for necessary actions and for both the paying and receiving banks to get the culprits arrested and prosecuted and to pay all necessary bills in the course of the recovery processes.

The bill when into law also seeks to make a refund back to the victim’s account without charges.

“This Bill is in consideration to the uprising of various financial crimes within the country, with many of such passing through financial institutions or we can call it the commercial banking system.

‘We all know that virtually all banking transactions are done electronically, which means that transactions can either be ATM, POS, direct cash transfer, fast cash and many others, in which many bank customers have fallen victims and have lost their hard-earned fortune without help from any side”, he stated.

Contributing to the bill, Rep. Ahmed Jaha, the member representing Damboa/Gwoza/Chibok Federal Constituency of Borno State, criticized the multiple deductions.

He said: “Even today, people in the National Assembly saw debit alerts that they did not know where it came from. We ignore these deductions because they are negligible amounts but when you put it together, it runs into millions of Nigeria.”

Also contributing to the debate, Rep. Mohammed-Bello El-Rufai, member representing Kaduna North Federal Constituency of Kaduna Statep, called on the Central Bank of Nigeria to impose stiffer penalties on commercial banks found to be imposing charges on their customers.

News

Bill On 6 Years Single Term, Rotational Presidency/Governorship To Be Introduced – Rep Ugochinyere

Published

15 minutes ago

November 22, 2024

Gloria Ikibah

By Gloria Ikibah

Leader of the opposition coalition Rep. Ikenga Ugochinyere and 33 other members of the House of Representatives who sponsored the bill seeking to amend the 1999 constitution to provide for a single term of six years for the Offices of the President, State Governors and Local Government Areas Chairmen, have said the bill will be reintroduced again on the floor of the House.

In a statement issued by the lead sponsor and member representing Ideato North South Federal Constituency in the House of Representatives on Thursday in Abuja, Rep. Ugochinyere said all hope is not lost as more consultation will be done on the bill and represented at a later time.

Naijablitznews.com recalled that the bill which also seeks zonal rotation of presidential and governorship seats, as well as holding of the elections in one day was rejected at the plenary on Thursday 21 November, 2024.

Rep. Ugochinyere said, “the decision on the floor of the House today does not put an end to agitation and hope as they will realize this objective.

“The struggle to reform our constitutional democracy to be all inclusive and provide Avenue for justice, equity and fairness has not been lost. The decision on the floor of the House today not to allow the bill for 6 year single tenure for presidency/governorship and for power to rotate between north and south, all elections to hold in one day, not to scale 2nd reading does not put an end to agitation and hope that we will realize this objective.

“This is a temporary set back which does not affect the campaign for all inclusive democratic process. We are going to review these decision and find possible ways of reintroducing it after following due legislative procedures. All I can tell Nigerians is that we will continue the advocacy and convince our colleagues to see reason with us. If elections are held in one day, it will reduce cost, reduce rigging. If power rotates, it will help de-escalate. political tensions and six year single term will go a long way in helping elective leaders focus on delivering their democratic mandate. All hope is not lost, we will continue the advocacy and we hope that when reintroduced our colleagues will support it.”

News

Trump Announces Pam Bondi For Attorney General after Rep Gaetz Withdrawal

Published

1 hour ago

November 22, 2024

Naijablitznews

After Republican Rep. Matt Gaetz of Florida abandoned his quest for U.S. attorney general, President-elect Donald Trump wasted no time in choosing another candidate for the position.

On Thursday evening, Trump announced his decision on social media.

“I am proud to announce former Attorney General of the Great State of Florida, Pam Bondi, as our next Attorney General of the United States,” he posted on Twitter. “Pam was a prosecutor for nearly 20 years, where she was very tough on Violent Criminals, and made the streets safe for Florida Families,” according to him.

“Then, as Florida’s first female Attorney General, she worked to stop the trafficking of deadly drugs and reduce the tragedy of Fentanyl overdose deaths.”

News

SAD! 38 Casualties As Gunmen Ambush Shiite Convoys

Published

1 hour ago

November 22, 2024

Naijablitznews

No fewer than 38 people, most of them Shiite Muslims, were killed in northwestern Pakistan on Thursday as gunmen ambushed convoys of vehicles that had been under the protection of security forces.

The attack was one of the deadliest in months of sectarian violence in the Kurram region, a scenic mountainous district bordering Afghanistan. Pakistan is overwhelmingly Sunni Muslim, but Kurram’s population of 800,000 is nearly half Shiite Muslim, contributing to a cauldron of tribal tensions.

Conflicts, often rooted in disputes over land, frequently escalate into deadly sectarian clashes. The violence highlights the government’s persistent struggle to maintain control in the region.

The vehicles had been traveling in opposite directions on the main road connecting Parachinar, a Shiite-majority town in Kurram, to Peshawar, the provincial capital 135 miles away.

The road, a vital lifeline for the district, had only recently reopened after being closed for three weeks because of an ambush on Oct. 12 that left at least 16 people dead.

During the closure, residents of Parachinar were cut off from essential supplies, including food and fuel, leading to a growing humanitarian crisis.