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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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Apapa Tanker Accident: Scooping Spilled Fuel is Suicidal, Sanwo-Olu Warns Lagos Residents

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Governor Babajide Sanwo-Olu has described the scooping of fuel by residents at the Apapa Bridge as a “suicide mission,” warning that the Lagos State Government will intensify enforcement to prevent actions capable of triggering mass casualties.

Sanwo-Olu spoke on Monday at the signing of the 2026 Appropriation Bill at the Lagos House, Ikeja, shortly after reports emerged of residents rushing to scoop spilled fuel from a tanker incident at Apapa.

He expressed disappointment at the conduct, stressing that such behaviour places lives at grave risk.

The governor commended the swift intervention of Lagos first responders and the police, who cordoned off the area and brought the situation under control before any explosion or disaster could occur.

He cautioned residents to desist from reckless acts, noting that the State would “leave no stone unturned” in safeguarding lives and property.

Linking the incident to broader issues of indiscipline, Sanwo-Olu said the government would enforce tougher penalties against environmental and safety violations, including indiscriminate dumping of refuse on road medians.

He disclosed that the 2026 budget makes provisions to strengthen the capacity of the Lagos Waste Management Authority (LAWMA) and private sector participants, with plans to expand compactor truck fleets and deploy additional equipment.

“We have instructed LAWMA not only to apprehend offenders but also to ensure they are charged for environmental violations,” the governor said.

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2027: Oyegun Welcomes Edo Obidient Movement into ADC

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National Leader of the African Democratic Congress (ADC), Chief John Oyegun, on Monday, said a new Nigeria is possible with the calibre of people joining the party.

Oyegun spoke in Benin at the mass entry of the members of the Obidient Movement into the ADC.

The former Chairman of the All Progressives Congress stressed that the Obedient Movement’s entry into the party in the State is a sign that the people are ready to join the struggle for a leadership change.

Oyegun, who noted that he is happy that the Obidient movement is joining the ADC, added: “A new Nigeria is truly possible. A few days ago, I was in the hall when a colourful and important personality, Dele Momodu, joined us.

“Today is the first time I saw youths who were committed to the nation-building. It is my first time meeting members of the Obidient Movement in this number. We are convinced that the youth of this country are ready.

“You have decided to take up the struggle yourself by joining the ADC. I am happy. I want to say that from the day the coalition came together, I have been convinced that we are on the right path.”

“I am sure you are not happy with what is happening in Nigeria and Edo State. Remember that the chairman said our one target is to save the country. We must start to make sure that, through the ADC, we make a new Nigeria possible.”

The State coordinator of Obidient Movement, Asemota Idiogbe, described ADC as the right party to battle APC in Edo and Nigeria.

He stated that he expects Peter Obi to become the party’s flagbearer and, eventually, the president of the country.

He said: “This is the right party to battle the APC in Edo and Nigeria. The ADC will take over Edo and the country. We expect Peter Obi to be the president. We are here to improve the party, not to ask for positions.

“We will influence the masses to vote for the ADC. The party is for people who want a better Nigeria. I want to let you know that the current leaders were the ones who made the Labour Party thick. Now that we have fused into the ADC, Labour is no more.

“We don’t share money to mobilise people. We are self-funded. Some of those who won on our platform betrayed us and joined the APC.”

State Chairman of the party, Kenneth Odion, commended the Obidient Movement for joining the ADC, noting that the party was poised to do well in the next election.

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Army Dismisses Mutiny Threat Against Tinubu’s Govt

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The Nigerian Army has dismissed as false and misleading an online report alleging threats of mutiny by soldiers over salaries and allowances, describing the claim as sensational and detrimental to national security.

The acting Director, Army Public Relations, Col. Appolonia Anele, said there has been no threat of mutiny within the Nigerian Army.

Anele said that such conduct is alien to its ethos, discipline and professionalism.

She said mutiny is a grave offence under military law and incompatible with the loyalty of Nigerian Army personnel to the Constitution and the Commander-in-Chief of the Armed Forces.

Anele explained that the report relied on anonymous and unverifiable claims circulated through non-official channels, which did not reflect the views or disposition of officers and soldiers who were trained to address grievances through established military procedures.

Anele clarified that promotion increments is only one component of military pay and should not be misrepresented as total earnings.

According to her, military remuneration includes consolidated salaries, rank-based allowances, operational, field and hardship allowances, as well as other entitlements that vary based on deployment, qualifications and responsibilities.

She said the Nigerian Army, in collaboration with the Armed Forces of Nigeria and relevant government authorities, is implementing structured welfare reforms, including periodic reviews of salaries and allowances, enhanced operational incentives, improved accommodation, medical care and insurance packages for troops and their families.

The army spokesperson added that the Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, had, since assuming office, initiated constructive engagements with relevant authorities on troop welfare, with positive outcomes already emerging.

Anele reaffirmed that the Federal government, under President Bola Tinubu, remains committed to the welfare and operational effectiveness of the Armed Forces amid evolving security challenges.

She urged the public to disregard unfounded reports and rely on official communication channels for accurate information on the Nigerian Army.

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