NEWS
SERAP Orders CBN To Withdraw Illegal, Unfair ATM Transaction Fees Within 48 Hours
The Socio-Economic Rights and Accountability Project (SERAP) has urged the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to “immediately withdraw the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.”
The SERAP urged Cardoso to “ensure that the exercise of CBN statutory powers and functions does not inflict misery on poor Nigerians and contribute to human rights abuses.”
Recall that the CBN recently announced 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made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.
ALSO READ: Dangote Group Loud At 46th Kaduna Int Trade Fair
It added that ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.
Banks ‘are advised to apply the increased ATM fees with effect from March 1, 2025,’ the CBN declared in its notice.
In the open letter dated 15 February 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “the manifestly unlawful, unfair, unreasonable, and unjust increase in ATM transaction fees will hit hardest those at the bottom of the economy and exacerbate the growing poverty in the country.”
The 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 the 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, read 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 responsibilities 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.”
Hundreds of pensioners in Benue State on Wednesday took to the streets of Makurdi to protest the non-payment of gratuities, pension arrears and the failure of the government to harmonise pension payments, lamenting that many retirees are dying due to hardship and lack of access to healthcare.
The protesters, under the umbrella of the Concerned Pensioners Association of Benue State, staged a peaceful demonstration and threatened to occupy the Benue State Government House if their demands continue to be ignored.
Carrying placards with inscriptions such as “Pay Us Our Pension, Our Members Are Dying” and other messages demanding justice, the retirees expressed frustration over what they described as years of neglect and broken promises.
ALSO READ: Benue APC Primary Turns Messy as Onoja’s Son Battles David Mark’s Daughter Over Victory
Speaking during the protest, the association’s chairman, Akosu Orban, said pensioners had exhausted all avenues of dialogue with the state government without achieving any meaningful result.
“We have exhausted all avenues for dialogue and resolution with the Benue State Government over our demands without success. That is why we have decided to embark on this peaceful protest,” he said.
According to Orban, gratuities dating back to the year 2000 remain unpaid, while pension arrears owed to state retirees stand at 38 months and those owed to local government retirees have accumulated to 62 months.
He also raised concerns over the non-harmonisation of pensions, claiming that some retirees still receive as little as N2,000 monthly despite existing provisions for improved pension payments.
“It may interest you to know that some pensioners who retired many years ago are still being paid N2,000 monthly pension. If pensions were properly harmonised, they should be receiving up to N40,000 per month,” he stated.
The pensioners lamented that the prolonged delay in settling their entitlements has pushed many retirees into extreme poverty.
“Pensioners are dying on a daily basis because they cannot afford drugs and special diets required for age-related ailments. We have become scavengers, beggars and destitute in the land we served diligently,” Orban added.
The association accused the administration of Governor Hyacinth Alia of failing to fulfil promises allegedly made during the 2023 election campaign to clear pension arrears and gratuities within 100 days of assuming office.
The retirees further alleged that they withdrew several court cases against the government after receiving assurances that outstanding payments would be settled on a first-retired, first-paid basis, only for those promises to remain unfulfilled.
Warning that their patience was running out, the protesters vowed to escalate their action if their demands were not addressed.
“We are hungry and angry. If our concerns are not addressed, we will have no option than to occupy the Benue State Government House until justice is done to pensioners,” Orban declared.
Responding to the protest, Benue State Commissioner for Finance, Michael Oglegba, said the current administration inherited pension and gratuity liabilities estimated at N300 billion.
He noted that the government was making efforts to settle the obligations despite limited resources.
“That is what we inherited, but we are doing our very best to pay what we can. They have the right to demonstrate, but government, in its wisdom, is doing its best,” Oglegba said.
The commissioner added that the administration had fully paid gratuities of workers who retired since it assumed office in 2023, while also working to reduce the backlog inherited from previous administrations.
The protest highlights the growing frustration among pensioners in Benue State, many of whom say years of unpaid entitlements have left them struggling to survive.
A total of 268 Nigerians evacuated from South Africa following recent xenophobic attacks are expected to arrive in Lagos today as the Federal Government intensifies efforts to protect its citizens abroad.
The returnees, who form the first batch of those seeking voluntary repatriation, are being transported aboard an Air Peace evacuation flight scheduled to land at the Murtala Muhammed International Airport, Lagos, at about 5:00 a.m.
The Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, is expected to receive the evacuees on behalf of the Federal Government upon their arrival.
This was disclosed in a statement issued by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Imomotimi Ebienfa, who said the Acting High Commissioner of Nigeria in Pretoria, Ambassador Alexander Ajayi, would accompany the returnees and formally hand them over to Nigerian authorities.
The evacuation follows renewed xenophobic attacks in South Africa, which have left many foreign nationals, including Nigerians, fearful for their safety and seeking a return to their home countries.
According to the ministry, the ongoing screening exercise for Nigerians willing to return home voluntarily has been extended until Sunday, June 14, 2026, to enable more affected citizens to participate in the evacuation programme.
The ministry said the extension underscores the Federal Government’s commitment to the welfare, safety and protection of Nigerians living overseas.
It also assured that relevant Ministries, Departments and Agencies (MDAs) have made adequate arrangements for the reception, documentation and support of the returnees upon arrival.
The latest evacuation marks another chapter in the long-standing concerns over xenophobic violence in South Africa, where Nigerians and other African migrants have periodically faced hostility, attacks and displacement.
Federal authorities have reiterated their commitment to safeguarding the interests of Nigerians abroad while continuing diplomatic engagements aimed at addressing the situation and ensuring the safety of affected citizens.
A coalition of civil society organisations, activists, labour groups and youth movements has declared June 12, 2026, a day of nationwide protest against worsening insecurity, economic hardship and deteriorating living conditions across Nigeria.
The protest, scheduled to coincide with the country’s Democracy Day celebration, is being championed by prominent human rights lawyer Femi Falana and popular musician-turned-activist Falz, alongside several civil society leaders and advocacy groups.
In a joint statement released ahead of the demonstration, the coalition expressed concern over what it described as the growing suffering of Nigerians amid rising insecurity, inflation and poverty.
SEE ALSO: How $3.4bn IMF COVID-19 Loan Was Allegedly Diverted — Falana
According to the group, millions of citizens have little reason to celebrate Democracy Day as many communities continue to battle terrorism, banditry, kidnapping and other violent crimes.
The statement was jointly endorsed by Falana, National Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB); Hassan Taiwo Soweto of the #EndBadGovernance Movement; Yinka Folarin of the Committee for the Defence of Human Rights (CDHR); Falz and several other civil society advocates.
The coalition lamented that innocent Nigerians are being killed, abducted and displaced while many families continue to live in fear due to the worsening security situation across the country.
“The Nigerian people deserve a government that places the protection of lives and property at the centre of governance,” the coalition stated.
The group further demanded the immediate release of citizens currently being held captive by kidnappers and criminal groups in various parts of the country.
It also criticised what it described as inadequate responses to insecurity despite repeated assurances by authorities that the situation was improving.
According to the coalition, schools remain vulnerable to attacks, farmers face challenges accessing their farmlands and many major highways are still considered unsafe for travellers.
Beyond security concerns, the coalition highlighted the growing economic hardship facing Nigerians, citing rising fuel prices, currency devaluation, increased electricity tariffs and the soaring cost of essential goods and services.
The statement noted that food prices have continued to rise sharply, making it increasingly difficult for families to meet their basic needs.
It added that transportation costs have become unbearable for many citizens, while small and medium-sized businesses are struggling to survive due to high operating costs, unstable electricity supply and declining consumer purchasing power.
The coalition also expressed concern over stagnant wages and persistent inflation, arguing that workers’ incomes can no longer adequately support their households.
Explaining the purpose of the June 12 protest, the organisers said the nationwide action is intended to compel the government to take urgent and practical steps to tackle insecurity and implement policies that will ease the economic burden on citizens.
The coalition called on workers, students, traders, artisans, market women, professionals, unemployed youths, religious organisations and labour unions to mobilise and participate peacefully in the demonstration.
“The time has come for Nigerians to speak with one voice and demand security, dignity and a decent standard of living. Enough of the killings. Enough of the kidnappings. Enough of the hunger. Enough of the suffering,” the statement added.
The organisers described the planned protest as a democratic expression of citizens’ frustrations and a collective demand for a safer and more prosperous Nigeria.
OPEC Oil Output Lowest Since at Least 2000 as US Blockade Squeezes Iran: Report
Dangote Foundation Distributes Rice to Cement Host Communities in Ogun
US Threatens to Deport Influencers Covering the World Cup for Profit
‘Our Members Are Dying’ — Benue Retirees Protest Unpaid Pensions, Gratuities
Xenophobia Horror: 268 Nigerians Flee South Africa, Arrive Lagos Today
June 12 Showdown: Falana, Falz Lead Nationwide Protest Against Hardship, Insecurity
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
