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Cut in Bank Charges: CBN Lists Penalties for Defaulters

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The Central Bank of Nigeria (CBN) on Sunday reduced all bank charges, with some getting more than 50 per cent cut, with effect from January 1, 2020.

According to the apex bank, the decision, which came amid public outcry against multiplicity and value of the charges, is aimed at making financial services more accessible and affordable to various stakeholders in the economy.

The reviewed charges and fees for banking services are contained in the new “Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions,” which now supersedes the 2017 version.

The CBN said the new charges were “arrived at after extensive consultations with stakeholders and the action is expected to enhance flexibility, transparency, and competition in the Nigerian banking industry.”

The guide stipulates a penalty of N2million per infraction or as may be determined by the CBN as a guard against excess, unapproved or arbitrary charges by banks and other financial institutions.

Besides, failure by any bank to comply with the CBN’s directive in respect of any infraction shall also attract a further penalty of N2million daily or as may be determined by the apex bank, until the directive is complied with.

To emphasise the seriousness of the new rule, the Director of Corporate Communications Department, CBN, Isaac Okorafor, said the banks had been directed to henceforth log every complaint received from their customers into the Consumer Complaints Management System (CCMS).

Additionally, they are to generate a unique reference code for each complaint lodged, which must be given to the customer.

“Failure to log and provide the code to the customer amounts to a breach and is sanctionable with a penalty of N1million per breach,” he said.

According to him, “this is the time financial services providers and their customers alike have to acquaint themselves with the provisions of the guide and be guided accordingly.”

Specifically, for cards linked to a savings account, the maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.

The guide has removed Card Maintenance Fee (CAMF) on all cards linked to current accounts. It also pegged a maximum of N1 per mile for customer-induced debit transactions on current accounts to third parties and transfers or lodgments to the customers’ current accounts in other banks.

There is now a reduction in the amount payable for cash withdrawals from other banks’ Automated Teller Machines (ATMs), known as Remote-on-Us, from N65 to N35.

Other reductions include Advance Payment Guarantee (APG), which is now pegged at a maximum of one per cent of the APG value in the first year and 0.5 per cent for subsequent years on contingent liabilities.

For all debit cards, a one-off charge at N1,000 applies to the issuance, irrespective of card type- regular or premium. The same one-off charge of N1,000 applies for the replacement of debit cards at the customer’s instance for loss, damage or expiry. Conversely, no charge shall be required for pre-paid card loading/unloading.

Okorafor explained that the current NIBSS Instant Payment charges applied to the use of Unstructured Supplementary Service Data (USSD), as purchase with cash-back will attract a charge of N100 per N20,000, subject to cumulative N60,000 daily withdrawal.

“There will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts, while status inquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request.

“CBN carried out the review of the guide, which also prescribes charges permissible for other financial institutions and non-bank financial institutions, to align with market developments,” he added.

The Guardian

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Time for National Reconciliation, Re-Orientation and Reconstruction

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By Dele Momodu

The 2027 Presidential election is expected to be a major fight between PRESIDENT BOLA AHMED TINUBU and his biggest challenger, ALHAJI ATIKU ABUBAKAR. It promises to be the battle of the Tians. A third force, hopefully, may show up, like it did in 2023, but not with enough fire power and tenacity to upstage, and obliterate the two elder statesmen.

This is why it has become pertinent, and urgent, for our dear party ADC to change the traditional way of playing politics by becoming a link between the old and modern, conservative and cosmopolitan tendencies, veteran politicians and technocrats in government. There’s no better combination than this duo, assuring of a colorful blend. The North and the South will reunite in a game of ethnic & religious rivalries.

The present combustive tensions, and absolute chaos, cannot be allowed to continue. It will consume all of us.

The time has come to retrace our steps and return to the days of robust ideas, ideologies and inspirational figures. Our founding fathers such as Dr. Nnamdi Azikiwe, The Sardauna Sir Ahmadu Bello, Chief Obafemi Awolowo, and others, tried their best, even if they were not perfect. Today, we’ve completely derailed from the legacies they bequeathed to us. The politics of gansterism has become unbearably malignant in our nation. This is the type of strong bridge we need between the North and the South.

We must act before it is too late…

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How We Rescued Adelabu’s Sister and Her Twin Sons from Kidnappers – Police

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The Nigerian Police Force has announced the rescue of former Minister of Power, Adebayo Adelabu’s sister and her twin sons, who were abducted on June 3, in Ibadan.

A statement signed by the Force Public Relations Officer, DCP Anthony Okon Pkacid revealed ad follows:

The Nigeria Police Force announces the successful rescue of Mrs. Olaide Busayo Adegoke John-Paul and her 12-year-old twin sons, Peter and Paul, who were abducted on June 3, 2026, in Ibadan, Oyo State.

The hostages were rescued during a coordinated operation by the Force Intelligence Department Intelligence Response Team (FID-IRT) in Ibadan at approximately 7:30 p.m. on Saturday, June 6, 2026.

Mrs. Adegoke and her children were abducted while she was driving them to school at about 7:30 a.m. on June 3, 2026. The rescue was achieved through sustained intelligence gathering, surveillance, and tactical operations. These efforts enabled investigators to track the kidnappers’ movements, resulting in a confrontation with FID-IRT operatives.

During the confrontation, two suspected kidnappers were fatally wounded and two rifles were recovered. The victims were rescued unharmed and are now in safe custody, receiving medical care and support.

The Inspector-General of Police commends the courage, professionalism, and effectiveness of the FID-IRT operatives and all officers involved. Their resilience and commitment were instrumental in the safe rescue of the hostages.

Security operatives have intensified efforts in the area to apprehend fleeing members of the kidnapping syndicate. Preliminary intelligence indicates that some suspects escaped with gunshot injuries. Operations are ongoing to track, arrest, and bring all involved to justice.

The Nigeria Police Force appreciates the public’s support, cooperation, and patience during the operation. We remain committed to combating violent crime, protecting lives and property, and ensuring the safety of all citizens.

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First Lady’s Cars Distribution to APC Women Amid Oyo Kidnapping Crisis, Outrage or Applause?

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By Shakirat Akintola

As the agonizing wait for dozens of abducted students and teachers in Oyo State stretches into another grueling week, a storm of public outrage has erupted over a high-profile political gesture from the nation’s capital.

The source of the friction? A fleet of newly donated vehicles.

The First Lady, Senator Oluremi Tinubu, has sparked intense debate across Nigeria following the launch of the “Tinubu Torchbearers,” a mobilization group under the ruling All Progressives Congress (APC). To kick off the initiative, the First Lady donated vehicles to APC women leaders across five opposition-controlled states: Abia, Anambra, Bauchi, Osun, and Oyo.
While the presentation was met with cheers inside the political halls, the feedback online and on the streets of Oyo has been starkly different, raising a fundamental, painful question: Can there be celebration without rescue?

The Political Machinery in Motion

During the presentation, Senator Tinubu was explicit about the nature and intent of the donation. She clarified that the vehicles were personal donations and instructed that they be registered directly in the names of the respective state women leaders. She didn’t stop there, urging APC governors across the country to follow suit and empower the women leaders in their own domains.

Defending the move as a core part of political engagement, the First Lady noted, “We are politicians, and people should see what the value is.”

But for many Nigerians watching the event unfold against the backdrop of a worsening security situation, the “value” being demonstrated felt incredibly detached from the immediate reality on the ground.

“A Question of Timing”

In Oyo State, where families are still frozen in trauma over the unresolved mass kidnapping of students and educators, the arrival of political campaign vehicles has rubbed salt into an open wound. Local commentators and citizens quickly took to social media and radio programs to challenge the priorities of the ruling class.

“We are talking about missing children, terrified parents, and schools that aren’t safe,” noted one Ibadan-based community advocate during an morning broadcast on Arise News. “And the immediate response we see from Abuja is the distribution of cars to mobilize voters for the next election? It feels like the campaign never stops, even when our hearts are breaking.”
The dialogue surrounding the incident highlights a deep, systemic disconnect. On one hand, the political class views internal party mobilization and the strengthening of its structures as standard, ongoing operations. On the other hand, a traumatized public views it as a tone-deaf display of luxury and politicking during a moment of profound national grief.

The Growing Divide

As the opposition-controlled states digest this move, the debate in Oyo remains the most volatile. Critics argue that the logistics, funding, and energy poured into launching the Tinubu Torchbearers could have been better utilized in supporting local security infrastructure or visible community solidarity.

For now, the vehicles are set to hit the roads, registered to partisan leaders. But as long as the classrooms in Oyo remain empty and the abducted victims remain in the bush, every political convoy that passes through these states will likely face the same haunting question from the people: Where is the rescue?

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