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The controversial policy, which was recently announced by the CBN, imposes a charge of N100 for every N20,000 withdrawn from an ATM outside a bank’s branch premises.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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BREAKING; Police rescue Adelabu’s sister, twin sons alive, kill two kidnappers
BREAKING; Police rescue Adelabu’s sister, twin sons alive, kill two kidnappers
Operatives of the Nigeria Police Force have rescued Mrs. Olaide Busayo Adegoke John-Paul and her 12-year-old twin sons, Peter and Paul, during a rescue operation conducted on Saturday evening, three days after they were abducted in Oyo State.
The victims, including the younger sister of former Minister of Power, Chief Adebayo Adelabu, were freed at about 7:30 p.m. following sustained intelligence-led operations by security personnel.
Police sources said two suspected kidnappers were killed during a gun battle with operatives, while two firearms were recovered from the gang.
Mrs. John-Paul and her children were reportedly kidnapped at about 7:30 a.m. on June 3 while on their way to school.
According to security sources, intelligence gathering and continuous tactical pressure mounted on the kidnappers forced the criminals into a confrontation with police operatives, leading to the successful rescue of the victims.
The victims were rescued unharmed and have since been reunited with their family.
Meanwhile, security operatives have launched a manhunt for other members of the kidnapping syndicate who escaped during the operation.
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Senator Ndume hails President Tinubu saysNorth would reward him with votes
Senator Ndume hails President Tinubu saysNorth would reward him with votes
Senator Ali Ndume, who represents Borno South in the National Assembly, has commended President Bola Ahmed Tinubu for approving the reconstruction and dualisation of the Gombe–Biu highway, describing it as a strategic intervention that will transform connectivity and economic activity in the North-East.
The federal government had on Thursday flagged off the 125-kilometre Gombe–Biu road project at a cost of N1.245 trillion under a major infrastructure renewal programme.
In a statement on Saturday, Ndume said the project would significantly improve regional integration, boost commerce, and strengthen security operations across affected corridors in the North-East.
He noted that he had consistently advocated for the rehabilitation of the highway under successive administrations, citing repeated engagements with key government officials over the years.
“In 2019, during a high-level engagement with the then Minister of Works and Housing, Babatunde Raji Fashola, which I initiated, I expressed concerns regarding the deplorable condition of the Biu–Gombe Road, emphasizing its strategic significance to economic integration, inter-state mobility, security operations, and regional development within the North-East subregion,” he said.
The senator added that he renewed his advocacy in 2021 during discussions on national infrastructure financing, where he again pushed for the inclusion of the corridor in federal priority projects.
“Also in July 2021, during an engagement with the Ministry of Works, during deliberations connected to national infrastructure financing frameworks, including projects tied to African Development Bank-supported facilities, I also made presentation on the urgent need to include the Biu–Gombe corridor within federal rehabilitation priorities, strategic funding windows, and long-term infrastructure development frameworks,” he said.
Ndume further disclosed that a letter he sent to the Minister of Works, David Umahi, on February 11, 2026, helped reinforce the case for the project’s approval.
“It is heart warming to note that my interaction with the present Minister of Works, Engineer Dave Umahi in a letter dated February 11, 2026, in which I drew his attention to the exclusion of the Biu/Damboa/Maiduguri all in Borno state in the 2026 Budget Four Legacy Projects of the present administration finally paid off as the Federal Executive Council (FEC) eventually approved the Biu–Gombe Road project under the federal tax credit and infrastructure intervention framework,” he said.
“The project was subsequently captured among strategic national road interventions financed through the Nigerian National Petroleum Corporation (NNPC) tax liabilities arrangement.”
Ndume described the highway as a “strategic” economic and security corridor linking the North-East with other parts of Nigeria and neighbouring countries, adding that its rehabilitation would also help curb insurgency by improving mobility for security agencies.
While expressing appreciation to President Tinubu for the approval, the senator urged the Federal Government to extend the project beyond Biu to Maiduguri, Monguno, Ngala, and down to Yola.
“I want to appreciate Mr. President for listening to my calls. It is a laudable project that will unlock economic opportunities and improve the quality of life for Nigerians,” he said.
“Like Oliver Twist, we want to appeal to President Tinubu to extend the road network not only to Biu, but to Maiduguri and up to Monguno and Ngala, and then down to Yola.”
“Those are very critical roads that go down to the border that will also promote inter-country trade and also help in the fight against insurgency because they always take advantage of the bad road to block people and kidnap travelers on that road.
“I am sure that the people of the North East will appreciate this gesture of Mr. President and reward him with their votes in the forthcoming general elections.”
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Tension in Political circles as INEC voids late Primarily elections
Tension in Political circles as INEC voids late Primarily elections
The firm stance of the Independent National Electoral Commission (INEC) on its May 30 deadline for the conduct of party primaries ahead of the 2027 general elections has triggered anxiety within several political parties, especially those considering fresh or rerun exercises.
INEC National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Kudu Haruna, warned that parties that conduct primaries outside the approved timeline risk having their candidates rejected, pending the outcome of ongoing legal disputes.
“Any primary held outside INEC’s May 30 deadline will be invalid unless the Court of Appeal overturns the Federal High Court judgment,” Haruna said.
The commission is currently challenging a Federal High Court judgment in Abuja which nullified parts of INEC’s timetable for pre-election activities, including the schedule for party primaries, on the grounds that the electoral body acted beyond its statutory powers under the Electoral Act 2026.
Although some political parties welcomed the court ruling, they have largely continued to operate within INEC’s original timetable to avoid jeopardising their candidates’ eligibility in the event that appellate courts rule in favour of the commission.
However, concerns have grown that compliance pressure may undermine internal party dispute resolution processes, particularly where rerun primaries are being considered.
In Kaduna State, members of the African Democratic Congress (ADC) are already facing uncertainty following the party’s appeals committee order for fresh primaries in several constituencies over alleged irregularities, exclusion of aspirants and procedural breaches.
The committee, chaired by Dr. Muhammed Fagge, ordered reruns in Ikara/Kubau, Kaduna South and other state constituencies—an action that now risks clashing with INEC’s deadline.
Observers warn that unless the Court of Appeal intervenes, any primaries conducted after May 30 could trigger disqualification disputes capable of weakening opposition parties ahead of the 2027 elections.
Within the ADC, internal tensions have also intensified over leadership and candidate legitimacy. The party is currently divided into factions, with competing claims over its presidential nomination process.
At a convention held on Sunday, a faction led by Abdulkadir Mohammed Bashir adopted former presidential candidate Dumebi Kachikwu as its consensus flag bearer for the 2027 election.
This development comes after former Vice President Atiku Abubakar emerged as the presidential candidate of the David Mark-led National Executive Committee following its primary election.
Party sources said that after the May 25 primary, the Mark-led leadership adopted a dual strategy of managing grievances while processing nominations for submission to INEC, including activating appeal mechanisms established before the exercise.
The party had constituted a Presidential Appeals Committee chaired by Dr. Suleiman Usman (SAN) to handle complaints arising from the primaries.
However, despite public objections to the outcome, there is no indication that former Minister of Transportation, Rotimi Amaechi, formally submitted a petition to the committee.
Similarly, while businessman Mohammed Hayatu-Deen raised concerns about the process, party officials say there is no record of a formal appeal being filed.
Amaechi had alleged widespread disenfranchisement during the exercise, while Hayatu-Deen boycotted the collation and declaration of results, citing irregularities. Amaechi was also absent at the final announcement of results.
The absence of formal petitions has raised concerns within party circles, particularly as the appeals committee was set up specifically to address such grievances.
Party officials insist reconciliation efforts are ongoing, with internal mechanisms being deployed to resolve disputes across presidential and legislative contests.
At its 101st National Executive Committee (NEC) meeting in Abuja on May 30, 2026, the Mark-led ADC ratified the outcomes of its state, National Assembly, governorship and presidential primaries, except where appeals were still pending or processes had not been concluded as of May 29.
The NEC also approved a 12-month extension of the National Working Committee’s tenure and affirmed the emergence of Atiku Abubakar as the party’s presidential candidate for 2027.
However, the crisis is further complicated by the rival faction loyal to Bashir, which insists its own convention and nomination process followed the ADC constitution.
Announcing Kachikwu’s emergence, chairman of the faction’s convention electoral committee, Hon. Elias Adikwu, said delegates adopted him through a consensus arrangement reached by voice vote.
Although Atiku has appealed for unity among party stakeholders, analysts say unresolved disputes and parallel structures within the ADC may continue to test the party’s cohesion as preparations for the 2027 elections intensify.
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