Group issues 48hr ultimatum to CBN to reverse illegal ATM fee hike
Group issues 48hr ultimatum to CBN to reverse illegal ATM fee hike
The Socio-Economic Rights and Accountability Project (SERAP) has called on the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to immediately reverse the recent hike in Automated Teller Machine (ATM) transaction fees, labeling the increase as “unlawful, unfair, unreasonable, and unjust.”
In an open letter issued on February 15, 2025, SERAP urged Cardoso to use his position of authority to prevent the fee hike from exacerbating the hardship faced by ordinary Nigerians, particularly those at the lower end of the economic ladder.
The organisation emphasized that the CBN’s actions should not contribute to further human rights abuses or cause unnecessary suffering to vulnerable populations.
The controversial policy, which was recently announced by the CBN, imposes a charge of N100 for every N20,000 withdrawn from an ATM outside a bank’s branch premises.
ATM transactions at shopping centers, airports, or standalone cash points will incur the same N100 charge, in addition to a surcharge of up to N500 per N20,000 withdrawal. The new fees are set to take effect on March 1, 2025.
SERAP’s Deputy Director, Kolawole Oluwadare, stated in the letter that the increased fees would have a disproportionate impact on low-income Nigerians, deepening the nation’s ongoing poverty crisis.
The organization called for immediate action to ensure that the CBN’s policies do not further burden those already struggling financially.
SERAP said, “The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public. The increase only benefits the CBN and commercial banks at the expense of poor Nigerians.
According to SERAP, “CBN policies should not be skewed against poor Nigerians and heavily in favour of banks that continue to declare trillions of naira in profits mostly at the expense of their customers.
“The increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuses.”
The letter reads in part: “The increase in ATM transaction fees is also entirely inconsistent with the oft-expressed commitment by the government of President Bola Tinubu to address the growing poverty across the country.
“We would be grateful if the recommended measures are taken within 48 hours of the receipt and/or publication of this letter.
“If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.
“The exorbitant and unlawful increase in ATM transaction fees at a time the country is facing economic and financial crises would contribute further to the impoverishment of the population.
“Imposing exorbitant ATM transaction fees on socially and economically vulnerable Nigerians at a time several Nigerian banks are declaring trillions of naira in profits yearly is manifestly unfair, unreasonable and unjust.
“The increase cannot be justified under the Nigerian Constitution 1999 [as amended], the CBN Act, Federal Competition and Consumer Protection Act, and the country’s international human rights obligations.
“The patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees also inherently contributes to violations of the human rights of socially and economically Nigerians.
“The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased fees.
“While the government of President Tinubu has primary responsibility for protecting the rights of Nigerians, the CBN also has the responsibility to ensure that its practices and guidelines do not cause or contribute to human rights abuses.
“The CBN could play an important role in promoting economic opportunities for Nigerians where the majority of the people live in poverty.
“The CBN is failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act and the country’s international human rights obligations in the exercise of its statutory powers and functions.
“The CBN is also compromising its stated mission to advance the management of the country’s economy, and ultimately, sustainable development.
“According to our information, the CBN through a Circular to all banks and other financial institutions dated February 10 2025 stated that it has reviewed and increased the ATM transaction fees prescribed in section 10(7) of the CBN Guide to Charges by Bank, Other Financial and Non-Bank Financial Institutions 2020.
“Section 42(1)(a) of the CBN Act 2007 provides that ‘The Bank shall wherever necessary seek the co-operation of and co-operate with other banks in Nigeria to – (a) promote and maintain adequate and reasonable financial service for the public.’ It also provides that any policy of the CBN ‘shall be in the national interest.’
“Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018 provides that the objectives of the Act are to ‘protect and promote the interests and welfare of consumers’ and ‘prohibit restrictive or unfair business practices’ such as the exorbitant and unreasonable increase in ATM transaction fees by the CBN.
“Significantly, the provisions of the Federal Competition and Consumer Protection Act are directly binding on the CBN, as the provisions constrain the exercise of the statutory powers and functions of the institution.
“Specifically, section 2(1) the Act provides that its provisions ‘apply to all undertakings [such as the CBN] and scope of application to all commercial activities within, or having effect within, Nigeria.
“Section 2(2) provides that, ‘This Act also applies to and is binding upon- (a) a body corporate or agency of the Government of the Federation; (b) a body corporate; (c) all commercial activities aimed at making profit and geared towards the satisfaction of demand from the public.’
“According to section 70(1) of the Act, ‘For the purpose of this Act, an undertaking [such as the CBN] is considered to be in a dominant position if it is able to act without taking account of the reaction of its customers or consumers.’
“The Act prohibits abuse of dominant position by the CBN including charging excessive ATM transaction fees to the detriment of consumers.
“Section 104 of the of the Act asserts the supremacy of the Act over ‘the provisions of any other law’, such as the CBN Act. The only exception to the provision is the Nigerian Constitution 1999 [as amended].
“Section 127(1) of the Act also prohibits the CBN from making any policy or providing “any services at a price that is manifestly unfair, unreasonable or unjust.
“The CBN has clear responsibilities under the United Nations Guiding Principles on Business and Human Rights (UNGPs) to undertake human rights due diligence to identify and mitigate contributions to human rights violations of not only its own activities but also activities to which it is directly linked by its business relationships.
“The CBN has responsibilities under the UNGPs to take effective steps to avoid or mitigate potential human rights harm and to consider ending any charges or transaction fees where severe negative human rights consequences cannot be avoided or mitigated.”
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Police crack down on viral ‘self-kidnapping’ schemes, issues directives to DPOs, Area Commanders
Police crack down on viral ‘self-kidnapping’ schemes, issues directives to DPOs, Area Commanders
The Police Command in Lagos State, says it is monitoring social media spaces, to uncover and tackle the wave of staged kidnappings in parts of the state.
The command revealed that several social media videos of kidnapping incidents which had sparked fear and consequent ransom payment, were carefully orchestrated scams.
In an interview with the News Agency of Nigeria (NAN) on Sunday, the command’s spokesperson, SP Abimbola Adebisi, said that the Commissioner of Police, Mr Olohundare Jimoh, had deployed Tactical Squads and anti-crime units, to strengthen rapid response.
She said that Area Commanders and Divisional Police Officers (DPOs) had also been directed to engage community leaders and residents, to improve information sharing.
“The command is also closely monitoring reports on social media and other platforms to promptly verify and address any incidents that may cause public anxiety,” she said
She said that in recent days, the command had recorded several fake abductions and consequent extortions.
“One such case involved a 26-year-old housewife whose supposed abduction set off alarm bells across borders.
“Her husband, living in South Africa, received frantic reports that armed men had kidnapped his wife in Lagos.
“The ransom demand was steep N10 million before it was negotiated down to three million naira,.hoping to save his wife’s life, he paid N2.5 million, yet, she was not released.
“It was that inconsistency that triggered deeper police scrutiny; A special squad of the Lagos State Police Command was deployed and wat they uncovered was not a hostage situation, but a carefully choreographed scam,” she said
The police said that the alleged victim had staged the kidnapping with the help of an accomplice in Osun state, who supplied a SIM card used to negotiate the ransom on WhatsApp.
According to the police, the victim later confessed, adding that even the iphone she claimed was stolen during the abduction, had already been sold.
“In a related development, the Command apprehended five suspects aged between 15 and 20 years, for orchestrating another fake kidnapping that went viral on social media.
“Police investigations revealed that a 15-year-old boy, with the help of four friends, staged his own abduction in a friend’s room in the Ago Palace area of Lagos to extort money from his mother.
“A ransom of N1.7 million was paid before detectives traced the transaction through a POS terminal, leading to the arrest of the suspects.
“The case, initially reported as a missing person incident on Nov. 26, 2025, had triggered widespread panic before the truth emerged.
“Similarly, the police apprehended a young couple for allegedly faking the wife’s kidnap, to extort N10 million from relatives and friends.
“Investigations showed that the scheme was motivated by financial hardship and the husband’s failed attempts to return to the United States,” she said
The police said that the plot unraveled at a school in Cappa, Lagos, after security personnel became suspicious of the couple’s conduct and alerted the police.
Th police said that the 19-year-old wife had admitted to planning what she described as a “prank kidnapping,” claiming that she had “acted” to help her husband cope with frustrations over his travel plans.
The spokesperson urged the public to remain vigilant and promptly report suspicious activities, stressing that security is a shared responsibility.
Adebisi urged residents to remain law-abiding and to verify distress calls before taking action.
The image maker warned the public against false reporting, criminal deception and acts capable of diverting critical security resources.
She advised families to establish internal verification codes and maintain regular communication with their loved ones.
Meanwhile, Adebisi warned criminal elements to desist from all forms of crime, assuring residents that the command would continue to intensify efforts to safeguard lives and property across the state.
She urged citizens to cooperate with the police by providing credible and timely information, as public support remains vital in tackling crime.
“Avoid rushing to transfer money without confirmation and promptly report suspicious activities to the nearest police station or through the command’s emergency numbers: 07061019374, 08065154338, 08063299264 and 08039344870, ” she said.(NAN)
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ICPC files criminal charge against Senior Lawyer over alleged UK property fraud
ICPC files criminal charge against Senior Lawyer over alleged UK property fraud
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed a criminal charge against Chief Mike Ozekhome, SAN, over allegations bordering on fraud in relation to a London property.
The ICPC, in a three-count charge filed by its lawyer, Osuobeni Akponimisingha, Head, High Profile Prosecution Department, at the Abuja High Court, accused Ozekhome of complicity in the large-scale corruption case.
The News Agency of Nigeria (NAN) reports that the fresh charge, marked: FCT/HC/CR/010/26 dated and filed Jan. 16, named the senior lawyer as sole defendant.
The charge was sighted on Sunday.
Count one alleged that Ozekhome, 68 years, of No. 53, Nile Street, Maitama, Abuja, sometime in August 2021 or thereabout in London, within the jurisdiction of the court, directly received House 79, Randall Avenue, London NW2 7SX, purportedly given to him by one Mr Shani Tali.
The act he knew constitutes a felony and thereby committed an offence contrary to Section 13 and punishable under Section 24 of the Corrupt Practices and Other Related Offences, Act, 2000.
In count two, Ozekhome was alleged to have, sometime in August 2021 or thereabout, while being a legal practitioner and Senior Advocate of Nigeria did make a false document with a Nigeria passport: A07535463, bearing the name of Mr Shani Tali.
The commission alleged that the senior lawyer did this with plan to use same to support claim of ownership of property known and described as “79, Randall Avenue, London NW2 78X with intent to commit fraud.”
It said the offence is contrary to Section 363 and punishable under Section 364 of the Penal Code CAP 532 Laws of the Federal Capital Territory Abuja, 2006.
Count three accused Ozekhome of dishonestly used as genuine, a false “Nigeria passport A07535463, bearing the name of Mr Shani Tali to support claim of ownership of property known and described as ’79, Randall Avenue, London NW2 7SX,’ when he had reason to believe that the said document was false.
The ICPC said the offence is contrary to Section 366 and punishable under Section 364 of the Penal Code CAP 532 Laws of the Federal Capital Territory Abuja, 2006.
In support of the charge are the list of exhibits which include a case number: REF/2023/0155 (judgment) dated Sept. 11, 2025; extra-judicial statement of the defendant dated Jan. 12, 2026.
Others are interim forfeiture proceeding in respect of House 79, Randall Avenue, London NW2 7SX at the Federal High Court; a letter dated Dec. 18, 2025; a data page of Shani Tali and any other relevant documents being awaited relating to the case.
The anti-corruption commission, in its proof of evidence, listed the witnesses to testify against the defendant, including Mr Wakili Musa and Mr Tosin Olayiwola, who are both investigators with ICPC.
Besides, a representative of Nigerian Immigration Service (NIS), whose name was not mentioned in the proof of evidence, is also expected to give evidence to establish the case against the senior lawyer.
Others are Mr Ebenezer Nduo and Mr Blessing Monokpo who are also investigators with the ICPC, and any other vital witness by way of subpoena or filing additional list of witnesses.
As at the time of filing the report, the case is yet to be assigned to a judge.
NAN recalls that ICPC had opened an investigation into the prominent Nigerian lawyer, Ozekhome, following a damning judgment of a London property tribunal that linked him and others to a web of fraud and forged documents.
The commission’s probe was triggered by a petition from Olanrewaju Suraj, head of the Human and Environmental Development Agenda (HEDA).
The petition had referenced the British court judgment and accused Ozekhome and several others of conspiring with corrupt Nigerian officials to procure fake national identity documents in a bid to “fraudulently claim ownership” of the North London house.(NAN)
News
Tinubu’s Minister’s nine Children set to wed same day in Abuja
Tinubu’s Minister’s nine Children set to wed same day in Abuja
Plans are nearing completion for the wedding ceremony of nine children of the Minister of State for Defence, Bello Matawalle, as details of the event continue to gain attention online.
An invitation card for the ceremony, featuring the minister’s photograph, circulated widely on social media on Saturday.
The card states that the weddings will be held at the Central Mosque, Abuja, by 1:30 pm on February 6.
The names of the children listed on the invitation are Ibrahim, Suraj, Safiya, Maryam, Aisha, Fahad, Muh’d, Nana Firdausi, and Farida.
Providing further clarification, the spokesperson for the All Progressives Congress in Zamfara State, Yusuf Idris, confirmed to Sunday PUNCH that the group includes five sons and four daughters.
He said, “By the grace of God, the ceremony will be conducted at the Abuja Central Mosque on February 6. I also want to say that the minister’s children who are getting married are five sons and four daughters.
“I am among the committee members for this great occasion, and as I speak to you now, arrangements have reached an advanced stage to ensure a smooth ceremony in Abuja next month.”
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