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CBN Pegs Daily Mobile Transactions at N100, 000

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The Central Bank of Nigeria (CBN) yesterday pegged maximum daily transactions through mobile phone- Unstructured Supplementary Service Data (USSD)— at N100,000. The implementation of the policy starts June 1.

Due to absence of set rules on USSD transactions, many commercial banks allow various limits, ranging from N100,000 to N500,000 and above in some cases, depending on customers’ risk absorption levels. This has exposed many customers’ transactions to high risk, with billions of naira lost to fraudsters.

The new framework signed by CBN Director, Banking & Payments System Department, ‘Dipo Fatokun said vast applications of the USSD technology, in terms of available services have raised the issue of the risks inherent in the channel.

The USSD technology is a protocol used by the GSM network to communicate with a service provider’s platform. It is a session based, real time messaging communication technology, which is accessed through a string, which starts normally with asterisk (*) and ends with a hash (#). It is considered cost effective, more user-friendly, faster in concluding transactions, and handset agnostic.

The framework noted concerns on the likely exposure of CBN approved entities to the possible breaching of the USSD accessed financial services in view of likely vulnerabilities in the technology and the ever growing threats.

Fatokun said the policy shift was in furtherance of CBN’s mandate to develop and enhance security of the electronic payment system. The implementation of the policy starts June 1, 2018.

Fatokun had in a circular to banks, switches, Mobile Money Operators (MMOs), Payment Solution Service Providers, Microfinance banks, among others, Fatokun said although the N100,000 limit per customer, per day for transactions applies, customers desirous of higher limits shall execute documented indemnities with their banks or MMOs.

The CBN, he said, has also mandated the use of an effective second factor authentication by customers for all transactions above N20,000. This, he said, shall apply in addition to the Personal Identification Number (PIN) being used as first level authenticator, which applies to all transaction amounts.

According to the framework, banks shall not send the second factor authentication to the customer’s registered GSM number or device; and it shall not be generated or displayed on the USSD menu.

Banks, it added, are also required to install a Behavioural Monitoring system with capability to detect SIM-Swap/Churn status, user location, un-usual transactions at weekends, among others. This shall be achieved by 31st October 2018.

The framework said financial Institutions shall be responsible for setting up dispute resolution mechanism to facilitate resolution of customers’ complaints and shall treat and resolve any customer related issues within three working days. Also, non-compliance shall be subject to penalty, as may be prescribed by the CBN, from time to time.

“There shall be Service Level Agreement between the Financial Institutions and MNOs/VAS & aggregators, benchmarked against the Nigeria Communication Commission Quality of Service (QoS) regulation and service availability requirements of electronic payment services of the CBN,” it said.

It said service providers should put in place systems that enable users/subscribers to block their account from operating USSD service and that no USSD financial service should be activated for customer unless the deactivation mechanism is put in place with effect from June, 2018.

On penalties for infractions, it said the appropriate Regulator (CBN and/or NCC) as applicable shall impose appropriate sanctions for any contravention on any participant that fails to comply with this framework.

The new framework is in exercise of the powers conferred on the CBN by Section 47(2) of the CBN Act, 2007, to promote and facilitate the development of efficient and effective system for the settlement of transactions.

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Just In: PDP Expels Wike, Anyanwu, Fayose, Others

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The Peoples Democratic Party (PDP) has expelled Minister of the Federal Capital Territory (FCT) Nyesom Wike, its suspended National Secretary, Samuel Anyanwu, and former Governor of Ekiti State, Ayo Fayose.

Their expulsion was announced on Saturday at the party’s National Convention in Ibadan, Oyo State.

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Discordant Tones As PDP Holds Convention in Ibadan

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By Eric Elezuo

These are not the best of times for the main opposition Peoples Democratic Party (PDP) as two factions of the party are locked up in a war of superiority over the soul of the party even as the much talked about 2027 general elections draw dangerously close.

Slashed into two parts with Umar Damagum and Abdulrahman Mohammed holding each piece as chairman, the PDP continues to swim in troubled waters with no hope of reconciliation of in sight.

The brouhaha notwithstanding, the Demagum faction is poised to hold their advertised and promoted National Convention slated for Saturday and Sunday, November 15 and 16, 2025, in Ibadan, Oyo State. The location is strategic as it is the home state of one of leading governors in the party, Seyi Makinde.

On the other hand, the Mohammed/Anyanwu faction has announced a postponement of the convention, in spite of the arrangements. While political commentators believe that Makinde is behind the Demagum PDP, and Abuja Minister, Nyesom Wike is behind the Mohammed/Anyanwu faction, it has been said the two party godfathers fell out with each other after their infamous G-5 governors romance in 2023.

The hosting of the Ibadan convention is coming on the heels of consistent and conflicting court judgments for and against the convention depending on who filed the case.

On Friday, the Federal High Court in Abuja, issued what it termed a ‘final’ order stopping the the PDP from proceeding with its 2025 national convention in Ibadan where new national officers are to be elected for the party. The election, ordinarily would have ended the long drawn leadership crisis that has bedeviled the party since the 2023, leading to their loss of the presidential election. Observers have said that since the entire party hierarchy and members are not in support of the convention owing to one reason or another, it becomes obvious that a sort of compromise is involved.

Meanwhile, the Demagum faction has already accused the ruling APC of being the brain behind the crises including the constantly flying about court injunctions restricting the planned convention.

Delivering his judgment on Friday, in a suit filed by former Jigawa State governor Sule Lamido, who had asked the court to bar the PDP from going ahead with the convention until it complies with its constitution and guidelines, Justice Peter Lifu ordered that the Ibadan convention must be put on hold until Mr Lamido is allowed to purchase the nomination form for the office of national chairman and campaign for his aspiration

He also prohibited the Independent National Electoral Commission (INEC) from supervising, monitoring or aiding the convention until Mr Lamido is allowed to participate.

The judge held that the PDP is under a strict obligation to adhere to its own rules and regulations by giving eligible members the opportunity to pursue their individual aspirations. He said it was wrong of the party to deny Mr Lamido the opportunity to purchase the nomination form for the national chairmanship.

He stated that the PDP was in clear breach of its constitution and guidelines by denying some members access to nomination forms for elective offices at the convention.

In an instant counter move, an Ibadan Federal High Court, ruled that the convention should continue as planned, asking the INEC provide monitoring and other facilities required for the smooth conduct of the convention.

It would be recalled that another judge of the same Federal High Court, Abuja, James Omotosho, had on 31 October restrained INEC from recognising the outcome of the forthcoming PDP convention. He issued the order while delivering judgement in a different suit challenging the legality of the convention.

The suit was filed by three aggrieved members of the party: Austin Nwachukwu (Imo PDP chairman), Amah Nnanna (Abia PDP chairman) and Turnah George (PDP secretary, South-South).

Mr Omotosho said the PDP failed to comply with relevant conditions and laws for holding the convention. He noted that evidence from the electoral umpire and some respondents showed that congresses were not held in some states, in breach of the law.

He also held that notices and correspondences signed by the PDP national chairman without the national secretary violated the law and were therefore null and void.

In addition, the court found that the PDP failed to issue the mandatory 21 days’ notice of meetings and congresses to enable INEC to monitor them. The judge said the party’s failure to comply with the law jeopardised the convention and advised it to take the necessary steps before proceeding with elections.

Mr Lifu had also on 11 November issued an interim injunction restraining the PDP from holding the convention and barring INEC from supervising, monitoring or recognising the outcome of the election of national officers.

He based the restriction on the PDP’s refusal and failure to comply with relevant conditions and laws for conducting conventions. He said evidence from Mr Lamido showed that the timetable for the convention was not published for members as required by law.

The judge said the balance of convenience favoured Mr Lamido because he would suffer more if unlawfully excluded from the convention. He noted that Mr Lamido undertook to pay damages to the PDP if his suit was found frivolous, to ensure remedy.

The judge added that due process must be strictly followed, warning that failure to do so would endanger democracy. He cited section 6 of the 1999 Constitution, saying courts must dispense justice without fear or favour. He warned that anarchy would prevail whenever courts abdicate their constitutionally assigned functions.

But the decisions of the Federal High Court in Abuja rub against another order of the Oyo State High Court in Ibadan, asking the PDP to proceed with the convention as planned.

The judge, A. L. Akintola, issued the interim order on 3 November following an ex-parte application filed by Folahan Adelabi.

The judge held that the claimant successfully demonstrated the need for urgent judicial intervention in the PDP matter.

“The court finds merit in the claimant’s motion ex-parte. The same succeeds and is hereby ordered as prayed,” the judge ruled.

Mr Adelabi filed the application, joining as respondents the PDP, its Acting National Chairman, Umar Damagum; Governor Umaru Fintiri (representing the National Convention Organising Committee); and INEC.

The claimant had urged the court to restrain the defendants from truncating, frustrating, or disrupting the timetable, guidelines, and schedule of activities leading to the convention.

Granting the prayer, the court issued a raft of interim orders restraining any interference with the PDP’s timetable and schedule of activities and compelling the defendants to hold the national convention as fixed.

Presently, arrangements have been concluded for the convention to hold just as all loyalists of the Makinde and Demagum have arrived Ibadan. Though loyalists of the Wike and Anyanwu faction including Governor Sim Fubara of Rivers State, have boycotted the convention.

While the convention goes on amid discordant tones, the ball rests on the court of the INEC to recognize the outcome or not. But whichever way one looks at it, this may trigger the beginning of a longer legal tussle.

Additional information: Premium Times

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Tinubu Seeks Transfer of Jailed Ekweremadu Back to Nigeria

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President Bola Tinubu has dispatched a strong delegation to London to address the situation of Ike Ekweremadu, a former Deputy Senate President, who has been imprisoned in the UK since March 2023.

The delegation includes the Minister of Foreign Affairs, Yusuf Tuggar, and the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi.

The team arrived in London on Monday and held discussions with officials from the UK’s Ministry of Justice.

Alkasim Abdulkadir, spokesperson for Tuggar, said on Tuesday that the presidential delegation was in London to engage with UK authorities to consider the possibility of Ekweremadu serving the remainder of his prison sentence in Nigeria.

The London Metropolitan Police detained the Ekweremadus in June 2022 after a man was deceitfully presented to a private renal unit at Royal Free Hospital in London as a relative of their daughter Sonia, in what turned out to be a failed attempt to convince medical professionals to perform an £80,000 transplant.

The 21-year-old man, who had allegedly been promised employment in the UK, reported the incident to the police in May of that year, saying that he had been brought to the country for an organ transplant.

In March 2023, the former presiding officer of Nigeria’s Senate was convicted of organ trafficking by a UK court. Beatrice, his wife, and Obinna Obeta, a doctor connected to the case, were also found guilty.

This verdict marked the first of its kind under the UK Modern Slavery Act.

On May 5, 2023, Ekweremadu received a nine-year and eight-month prison sentence, while his wife was sentenced to four years and six months, and Obeta was given a ten-year prison sentence.

In his ruling, Judge Jeremy Johnson determined that Beatrice should serve half of her sentence in custody and be supervised for the remainder. However, she was released from prison in January and has since returned to Nigeria.

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