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

Enugu ready to provide evidence against Ekpa, hails arrest

Published

2 hours ago

November 22, 2024

Naijablitznews

Enugu State Government has hailed the Government of the Republic of Finland for the arrest of the Finland-based leader of the criminal gang, Autopilots, Simon Ekpa, describing him as a common criminal, con man, and terrorist, who has no interest of Igbo people at heart.

The government also described Ekpa as a murderer and fraudster, who delights in killing his people and living large off their misery, saying that Enugu State was ready and willing to provide evidence of Ekpa-sponsored atrocities against Ndigbo to aid his trial and conviction, whether in Finland or Nigeria.

This was contained in a statement issued by the Secretary to the State Government, Prof. Chidiebere Onyia, on Friday.

“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa.

“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.

“This arrest is in line with the demand of Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster, who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region.

See also Bauchi: Head teacher bags 11 years jail term for sexually assaulting 6-year-old pupil
“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work. He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra,” the government said.

News

“Men Need To Submit Too”, says Pastor Olumide, Quotes Bible Passage To Back His Statement (Video)

Published

2 hours ago

November 22, 2024

Naijablitznews

A pastor has stated that submission in a marriage is not a requirement for women alone.

Pastor Olumide Emmanuel explained that a Christian marriage is not based on “culture” but on the teachings of the kingdom and as a result, men should respect their wives’ opinions and superior judgment and submit when appropriate.

He said: “Men, I will tell you for free, respect a woman’s sensitivity if you want to do well in life.

“Ask any married man that will be honest with you, there are things that if we did not listen to our wife we’d be in trouble by now. And there are times that we didn’t listen, we enter trouble.

“So if you’re a young person now, don’t let Africa kill you. ‘I’m a man of this house, I’m a man of this house, you can’t tell me what to do’. Forget that nonsense.

“Marriage is not an African culture, it’s a kingdom culture and in the kingdom the bible says, submitting yourself one to another. Mutual submission is a kingdom agenda for the marriage.

“So there are times you need to submit to your wife. Submit to your woman.”

View this post on Instagram

Advertisement

A post shared by Lindaikejiblog (@lindaikejiblogofficial)

Amiloadednews

News

SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 22 November 2024

Published

3 hours ago

November 22, 2024

Naijablitznews

The black market dollar to Naira exchange rate on Friday 22 November 2024 can be accessed below.

NewsOnline Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1750 on Friday, November 22, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1730
Selling Rate N1740
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1745
Selling Rate N1750
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.