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SERAP wants reversal of ATM transaction fees hike, hammers CBN

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…gives CBN 48hrs ultimatum

By Kayode Sanni-Arewa

The Socio-Economic Rights and Accountability Project has given the Central Bank of Nigeria a two-day ultimatum to reverse the newly announced hike in Automated Teller Machine transaction fees, calling it “unlawful, unfair, unreasonable, and unjust.”

In an open letter dated February 15, 2025, signed by SERAP Deputy Director Kolawole Oluwadare, the organisation urged CBN Governor Olayemi Cardoso to immediately reverse the policy.

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The organisation argued that it would worsen the financial hardship faced by Nigerians, particularly low-income earners.

Details of this letter were issued in a press release titled, “SERAP gives CBN 48 hours to withdraw ‘unlawful, unfair hike in ATM transaction,” on Sunday.

According to the CBN’s February 10, 2025 circular, ATM withdrawals made at machines outside a bank’s branch premises will now attract a N100 charge per N20,000 withdrawn, while withdrawals at shopping centres, airports, and standalone cash points will carry an additional surcharge of up to N500 per N20,000 withdrawal.

The directive takes effect March 1, 2025.

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SERAP contended that the increase contradicts Section 42(1)(a) of the CBN Act 2007, which mandates the apex bank to ensure “adequate and reasonable financial services for the public” in the national interest.

It also cited Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018, which seeks to “protect and promote the interests and welfare of consumers” and prohibits “restrictive or unfair business practices.”

“The increase in ATM transaction fees will hit the hardest those at the bottom of the economy and exacerbate the growing poverty in the country,” SERAP stated.

“CBN policies should not be skewed against poor Nigerians and in favour of banks that continue to declare trillions of naira in profits at the expense of their customers.”

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The organisation argued that imposing exorbitant fees at a time when many Nigerians are struggling economically is “manifestly unfair, unreasonable, and unjust.” It warned that the policy creates a two-tiered financial system, discriminating against economically vulnerable citizens who may not afford the extra charges.

“The increase in fees contradicts the Tinubu administration’s commitment to addressing poverty,” SERAP said.

“The CBN is failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act, and international human rights obligations.”

SERAP demanded that the CBN reverse the decision within 48 hours of the receipt and/or publication of its letter or face legal action.

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“If we have not heard from you by then, we shall take all appropriate legal actions to compel you and the CBN to comply in the public interest,” the letter concluded.

Meanwhile, bank customers also kicked as CBN scrapped free ATM withdrawals, decrying the rate of increase.

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Akpabio drags Natasha to court over satirical apology

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Senate President Godswill Akpabio has petitioned the Federal High Court in Abuja to compel suspended Kogi Central Senator Natasha Akpoti-Uduaghan to delete a satirical apology she posted on her social media pages.

On 27 April, Akpoti-Uduaghan shared a short video in which she mockingly apologised to Akpabio, claiming it was for not allowing him to have his way with her.

Akpoti-Uduaghan stated she was ‘sorry for the crime of maintaining dignity and self-respect’ and for rejecting the advances of the Senate President, whom she implied believed no one could refuse him.

The dispute between the two senators stems from an altercation in the Senate chamber over seating arrangements.

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This led to Akpoti-Uduaghan initiating a suit that sought to stop the Senate from investigating her for alleged misconduct.

In particular, the senator asked the court to prevent the Senate Committee on Ethics, Privileges and Public Petitions, chaired by Senator Neda Imasuen, from taking any disciplinary action against her.

Akpoti-Uduaghan was later suspended following her accusations against the Senate President, accusing him of sexual harassment.

The presiding judge, Justice Binta Nyako, on 4 April 2025, restrained all parties involved in the suit from making public comments about the ongoing case.

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Meanwhile, Akpabio’s legal team, led by Kehinde Ogunwumiju, has filed a fresh application asking the court to direct Akpoti-Uduaghan to delete the video, arguing it violated a judge’s directive.

In his application, Akpabio’s lawyer also requested the court to order Akpoti-Uduaghan to remove the post from all her social media accounts.

Additionally, Ogunwumiju urged the court to mandate Akpoti-Uduaghan to publish a written apology in at least two national newspapers and file an affidavit confirming her compliance.

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Real reason APGA snubbed Obi, adopts Tinubu

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Governor Charles Soludo of Anambra on Thursday announced that the All Progressives Grand Alliance, APGA, has officially adopted President Bola Tinubu as its candidate for the 2027 presidential election.

Mr Soludo made the announcement at Alex Ekwueme Square in Awka during the President’s working visit to the state.

According Mr Soludo, APGA and the All Progressives Congress, APC, will work together, as both parties share a common belief in progressivism.

Mr Soludo said: “Progressives are working together.”

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Earlier, the President described Mr Soludo as a competent governor.

While inaugurating several major projects executed by the Soludo administration, the President described Mr Soludo as a friend and a visionary leader.

He said: “I am honoured to be here. I commend my friend, Governor Chukwuma Soludo, who is a visionary and competent leader for the work he has been doing in Anambra State.”

The projects set to be commissioned by the President include Emeka Anyaoku Center at Nnamdi Azikiwe University, the new Government House, the Solution Fun City, and the 8-lane Aroma–Government House Boulevard in Awka.

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Senate endorses Tinubu’s full tax reform package

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On Thursday, the Senate passed the final two tax reform bills submitted by President Bola Tinubu’s administration, completing the approval of all four proposed laws.

This comes a day after the Senate had already passed two of the bills, with the remaining pair receiving the green light today.

The legislation will now undergo harmonization by a joint committee of the Senate and House of Representatives before being presented to President Tinubu for assent.

The four executive bills include the Joint Revenue Board Establishment Bill, the Nigeria Revenue Service Establishment Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill—all aimed at overhauling and modernizing Nigeria’s tax system.

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Senate President Godswill Akpabio, in an earlier statement, praised the move, calling it “a step in the right direction” that would significantly improve governance and transform the country’s revenue collection processes.

In another major development, Nigeria has cleared all outstanding debts to the International Monetary Fund (IMF), officially exiting the list of debtor nations.

As of 2023, Nigeria owed the IMF $1.61 billion. However, under a repayment strategy initiated by President Tinubu’s administration, the debt was reduced to $472 million by January 2025 and has now been fully repaid as of May 2025.

This milestone was confirmed in the latest update on the IMF’s website, and reiterated by O’tega Ogra, Senior Special Assistant to the President on Digital Engagement and Strategy, via a post on his account.

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