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Direct CBN To Suspend ATM Fee Hike Pending Court Verdict, SERAP Tells Tinubu
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to “direct Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.”
The SERAP also urged him to “seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter.”
The SERAP had last month filed a lawsuit against the CBN “over the failure to reverse the “patently unlawful, unfair, and unjust increase in ATM transaction fees.”
The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500.
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In the open letter dated 1 March 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”
The SERAP said, “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.”
According to the SERAP, “Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.”
The SERAP also said, “The CBN is bound to suspend the increase in ATM transaction fees, and await the outcome of the lawsuit.”
The letter, read in part: “The CBN has the responsibilities to uphold the due process of law, protect the integrity of the judicial process, and ensure that its practices and operations do not make nonsense of the rule of law or the Court.”
“The CBN has the duty to maintain the status quo as of 26 February 2025 when the court processes were duly served on it, and during the pendency of the lawsuit filed by SERAP on the ATM fee hike before the Federal High Court, Lagos.”
“Once the CBN has been duly served with the court processes on the ATM fee hike, the bank cannot resort to self-help.”
“The CBN is not permitted to do or take any action or omission that would overreach the public interest or foist a situation of complete helplessness or ‘fait accompli’ on the Federal High Court.”
“Nigerian courts frown upon any act of self-help and are always swift in repelling such conduct by sending strong signal that they are not being used as mere subterfuge to tie the hands of one party while the other helps himself extra-judicially.”
“Implementing the increase in ATM transaction fees while the duly served and acknowledged interlocutory application and the substantive lawsuit on the matter are pending before the court would pose a direct threat to the integrity of the country’s judicial system and the rule of law.”
“The credibility and relevance of the judicial system risk being undermined, potentially encouraging other ministries, departments and agencies [MDAs] to adopt dismissive attitudes toward pending cases in court.”
“The CBN ought to uphold its general duty to act in good faith, and to refrain from taking any action that may undermine the integrity of the country’s judicial process by immediately suspending the implementation of the increase in ATM transaction fees pending the hearing and determination of the lawsuit on the matter.”
“We would be grateful if the recommended measures are taken urgently to ensure respect for the integrity of the judicial process and the rule of law.”
“It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.”
“SERAP had on 21 February 2025 filed the lawsuit with number FHC/L/CS/344/2025 against the CBN over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees.”
“The court processes were duly served on 26 February 2025 on the CBN in Abuja. The CBN has acknowledged receipt of the processes.”
“In the lawsuit filed at the Federal High Court, Lagos, SERAP is asking the court to determine ‘whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.’”
“It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.”
“SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that ‘Nigeria will be impartially governed according to the Constitution and the rule of law.’”
“Protecting the right to a judicial recourse and due administration of justice is of utmost importance, being the cornerstone of an ordered society. The only way in which SERAP can have a fair and effective access to justice in this matter is to allow the court to decide, one way or the other, on the merits of the case before it.”
“The core of the principle of judicial independence is the complete liberty of the judge to hear and decide the cases before them on the basis of facts and in accordance with the law, without any improper interference, direct or indirect.”
“Section of 8(1) of Central Bank of Nigeria Act provides that, ‘The Governor and Deputy-Governors shall be persons of recognized financial experience and shall be appointed by the President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.’”
“Section 6(1) of the Nigerian Constitution 1999 [as amended] provides that ‘judicial powers of the Federation shall be vested in the courts to which this section relates, being courts established for the Federation.’”
“Section 6 provides that, ‘the judicial powers vested in accordance with the foregoing provisions of this section –(a) shall extend, notwithstanding anything to the contrary in this constitution, to all inherent powers and sanctions of a court of law.’”
“The provisions also provide: ‘(b) the judicial powers shall extend to all matters between persons, or between government or authority and to any person in Nigeria, and to all actions and proceedings relating thereto, for the determination of any question as to the civil rights and obligations of that person.’”
Critical stakeholders have urged the Federal Government to intervene to address challenges confronting domestic refiners so as to reduce Nigeria’s dependence on imported petroleum products.
According to the Crude Oil Refinery Owners Association of Nigeria (CORAN) it has become urgent for the government at the highest level to convene a Presidential Refining Industry Roundtable (PRIR) involving regulators, crude producers, financiers, infrastructure investors and refinery operators to develop a national roadmap for the sector.
The CORAN, in a position paper, said domestic refiners were grappling with foreign exchange pressures, high borrowing costs, crude supply constraints, inadequate infrastructure and rising logistics costs.
The association said Nigeria’s experience contrasted sharply with that of the United States, where President Donald Trump recently met refinery and fuel-distribution executives despite the country’s high refinery utilisation, underscoring the importance of government engagement with strategic industries.
According to the CORAN, Nigeria, despite being one of Africa’s largest crude oil producers, still faced difficulties supplying local refineries with crude under commercially sustainable arrangements.
It called for the full institutionalisation of the Federal Government’s Naira-for-Crude initiative, arguing that refineries selling most of their products in naira should not face unnecessary foreign exchange pressure in sourcing crude.
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The association also demanded a domestic crude-pricing framework that considers transportation, crude quality, point of delivery and other transaction costs rather than relying solely on international benchmarks.
“Physical allocation alone is not enough. Crude must be delivered at commercially sustainable prices and under arrangements that properly consider transportation, quality, evacuation, financing and proximity to producing assets,” CORAN said.
The refinery owners also expressed concern over the continued influx of imported petroleum products, warning that excessive imports could undermine investments in local refining, increase foreign exchange demand and expose the country to external supply disruptions.
While acknowledging that imports might be required to cover temporary supply gaps, the CORAN said they should not remain the dominant structure of Nigeria’s downstream petroleum market.
The association identified access to long-term financing as another major obstacle and called for a Refinery Development and Expansion Financing Framework involving development finance institutions, commercial banks, pension funds, infrastructure funds and private investors.
It said the proposed framework should provide long-term funding, credit guarantees, refinancing windows and construction-risk support for new and existing refineries.
The CORAN also called for increased investment in pipelines, storage terminals, depots, rail-linked transport and marine evacuation facilities, noting that reliance on road transportation significantly increased costs and safety risks.
The association urged the Federal Government to treat refineries as strategic industrial infrastructure capable of supporting employment, engineering, fabrication, petrochemicals and other sectors.
“Nigeria cannot continue exporting crude, exporting jobs and importing petroleum products at significant economic cost,” the association said.
The CORAN said the proposed presidential roundtable should produce clear timelines for strengthening the Domestic Crude Supply Obligation, institutionalising Naira-for-Crude, developing a domestic crude-pricing framework, reducing unnecessary product imports and expanding refinery financing and infrastructure.
It said Nigeria must move from an import-dependent petroleum economy towards a production-driven model, with domestic refineries playing a central role in meeting local demand and positioning the country as a refining hub for Africa.
President of the Republic of Senegal, H.E. Bassirou Diomaye Faye, has commended Sahara Group for its longstanding commitment to Senegal and the Société Africaine de Raffinage (SAR), describing the company as a trusted partner in the country’s energy sector.
The President made the remarks while receiving a Sahara delegation led by Wale Ajibade, Executive Director, Sahara Group, alongside Mamadou Abib Diop, Managing Director of SAR, at the Presidential Palace in Dakar.
President Faye acknowledged Sahara’s passion for Africa, its Pan-African outlook, and its consistent support for Senegal’s energy aspirations over the years through Sahara’s longstanding relationship with SAR.
“We appreciate Sahara’s dynamism, flexibility and constructive partnership with SAR, particularly its support in helping secure the country’s energy requirements amid challenging global market conditions,” President Faye added.
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Responding, Ajibade reaffirmed Sahara’s commitment to supporting Senegal’s energy security and economic development.
“Senegal has been an important partner for Sahara over the years, and we remain committed to deploying our expertise, infrastructure, financing capabilities and operational experience in ways that support the country’s energy ambitions. We are encouraged by the progress being made and look forward to deepening our partnership with SAR and other stakeholders across the energy value chain,” he said.
Ajibade noted that Sahara’s engagement in Senegal extends beyond its shareholding in SAR and reflects the company’s broader commitment to advancing energy access, industrial development and sustainable economic growth across Africa.
SAR Managing Director Mamadou Abib Diop, described Sahara as a reliable, long-term partner that has made significant investments in Senegal and continues to play an important role in supporting the country’s energy sector.
“Sahara Energy has invested significantly in Senegal over the years and remains a major and reliable partner. We are focused on strengthening our collaboration with Sahara to provide Senegal with greater flexibility in addressing the needs of the energy sector.”
Diop highlighted Sahara’s support for SAR’s crude oil supply requirements and noted that the company has consistently demonstrated its willingness to work alongside Senegalese stakeholders to help navigate prevailing market challenges.
The meeting further reinforced the strong partnership between Senegal, SAR and Sahara Group, as all parties continue to pursue practical solutions that enhance energy security, strengthen supply reliability and support the country’s long-term economic development.
Photo Caption – From Left, Executive Director, Sahara Group, Wale Ajibade and President of the Republic of Senegal, H.E. Bassirou Diomaye Faye at the Presidential Palace in Dakar, Senegal
The Securities and Exchange Commission (SEC) has approved the commencement of the Initial Public Offering (IPO) of the Dangote Petroleum Refinery and Petrochemicals FZE (DPRP), paving the way for what could become one of the largest capital market transaction in Nigeria’s history.
A company statement in Lagos has it that the approval was conveyed in a letter to the Lead Issuing House, Vetiva Advisory Services Limited, and signed by the Director of the Securities and Investment Services Department of the SEC, Abdulkadir Abbas.
According to the Commission, the proposed offering comprises 4.1 billion ordinary shares at ₦525 per share, with the potential to raise approximately ₦2.15 trillion if fully subscribed. In addition, the SEC has registered the company’s existing 120.13 billion ordinary shares.
The regulatory approval clears the refinery’s draft offer documents and authorises the company to proceed with its Completion Board Meeting and Signing Ceremony, marking a significant milestone in the IPO process.
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The SEC’s clearance represents another major step in the evolution of Dangote Petroleum Refinery, opening investment opportunities in one of Africa’s most strategic industrial assets and further strengthening Nigeria’s capital market.
Located in Ibeju-Lekki, Lagos, the DPRP Complex occupies approximately 2,635 hectares and is home to a world-class integrated refining and petrochemicals facility. The complex currently has a refining capacity of 700,000 barrels per day, making it the largest single-train refinery in the world, alongside a 900,000 tonnes per annum polypropylene plant. The facility is powered by a dedicated 435-megawatt power plant.
At full production, the refinery is designed to satisfy Nigeria’s domestic demand for refined petroleum products while generating substantial volumes for export markets. The facility is also undergoing expansion that is expected to increase capacity to 1.4 million barrels per day, positioning it to become the world’s largest refinery.
The refinery is supported by extensive world-class infrastructure, including a self-sufficient marine facility designed to optimise logistics and freight efficiency. It also holds the world’s largest single order of five Single Point Moorings (SPMs) and incorporates advanced processing technology that meets World Bank, United States Environmental Protection Agency (EPA), European emission standards, and Nigerian regulatory requirements.
Its integrated port infrastructure includes multiple quays capable of handling Panamax vessels, liquid cargo shipments, and roll-on/roll-off operations, while its storage network comprises 177 tanks with a combined capacity of 4.742 billion litres.
With SEC approval now secured, the refinery is poised to embark on a historic public offering that could significantly broaden investor participation in one of Nigeria’s most transformative industrial ventures.
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