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

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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.
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Jubilation as Senator Manu links Gunduma to national grid, commissions, power project (Photos/Video)

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…provides another transformer for Emir’s Palace and environs

Finally, after 15years of blackout, Senator Manu Haruna of Taraba Central Senatorial District has officially commissioned the Gunduma Ward Electricity Power Project.

Senator Manu during the electioneering period had promised to link Gunduma to the national grid.

It’s indeed a promise well fulfilled as his constituents Jubilate.

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This marks a historic moment for the community, which has been without electricity for the past 15 years. This transformative initiative underscores Senator Manu’s commitment to addressing critical infrastructure challenges and improving the lives of his constituents.

During the commissioning ceremony, former Federal Lawmaker of Taraba Central, Senator Dahiru Bako, commended Senator Manu for his dedication and vision in delivering this essential project.

Hon. Musa Chul Member House of Assembly Gassol II,Constituency TRHA described the achievement as a monumental milestone, emphasizing its potential to significantly enhance economic activities and improve the standard of living for the residents of Gunduma Ward.

The Gunduma Ward Electricity Power Project represents a significant step towards infrastructural development in Taraba Central and reflects Senator Manu’s proactive approach to governance and service delivery.

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Manu also presented a new Transformer with specifications of 300KVA Valtage CL: 35KV and standard TS:EN60076-1 to the His Royal Highness Alhaji Justice Sani Sulaiman Duna the Emir of Mutum-Biyu for the Mutum-Biyu Environs.

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Allegations by Niger Republic attempt to incite northerners against Tinubu – Presidency

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The Special Adviser to President Bola Tinubu on Policy Communication, Daniel Bwala, says claims by the military leader of Niger Republic, Abdourahamane Tchiani that Nigeria is colluding with France to destabilise his county are despicable propaganda.

He declared that the claims were aimed at inciting Northern Nigeria against President Bola Tinubu.

Bwala said the military leader deliberately chose a local language in the North.

The media recalls that Abdourahamane Tchiani, military leader of Niger Republic, made the claims in an interview on Wednesday.

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Tchiani, who spoke in Hausa, alleged that France is negotiating with terrorists in Nigeria to destabilise his country.

According to him, France made a substantial payment to President Bola Tinubu to establish a military base in Nigeria.

The Minister of Information and National Orientation, Mohammed Idris, shortly afterwards, dismissed the allegations and described them as baseless.

Reacting to the allegations in a video posted on his X page on Friday, Bwala said the claims are baseless propaganda, designed to create chaos and incite bad blood in northern Nigeria against Tinubu.

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“Yesterday I came across a video, a despicable propaganda piece by the military head of state of the Niger Republic against the president of the Federal Republic of Nigeria, and this is what you often see with military interregnum,” he said.

“The honeymoon is over; he has not been able to address economic situations in his country; everything is turning against him, and in the desperate gasp for breath, he decided to resort to cheap false lies and propaganda against Nigeria.

“The choice of words used by the military leader is quite insultive for what his intentions are; probably in cohoot with politicians in Nigerians; you never know.

“But the whole idea is to create chaos and bad blood in Northern Nigeria against the President,” he added.

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Bwala explained Nigeria’s longstanding leadership role in West Africa and its commitment to fostering bilateral relations with neighbouring countries.

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Police deny investigating VeryDarkMan’s missing N180m NGO funds

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The Federal Capital Territory (FCT) police command has said it is not investigating the claim by online personality, Vincent Martins Otse aka VeryDarkMan’s that N180 million meant for his non-governmental organisation, NGO, has gone missing.

Vanguard reported, Friday, that VDM had alleged that over N180 million was stolen from his NGO’s account after it was hacked.

In October, Otse launched the Martins Vincent Osei Initiative, raising over N35 million in donations within hours. Shortly after, he announced receiving a N100 million contribution from music producer Michael Collins Ajereh, popularly known as Don Jazzy.

Otse further explained that he had to shut down the NGO’s app for maintenance to prevent further breaches and promised to provide updates on the situation.

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VDM has in the video claimed that he had reported the matter to the police and he was also travelling to Jos because one of the hackers had been found.

According to reports, the FCT Police Command spokesperson, Josephine Adeh, clarified that the command was not involved in the matter.

She said, “The FCT Police Command has no information regarding any missing funds involving VDM, nor is there any ongoing investigation into the matter. The individual concerned should be contacted directly for details on where the case was reported, as we have no record of such a case with our command.”

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