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made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.
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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.”
NEWS
‘Act Now as UN Warns of Escalating Food Crisis in the North’ – Obi to FG
Former Anambra State Governor and 2027 presidential candidate of the National Democratic Congress (NDC), Peter Obi, has expressed concern over a recent United Nations warning of a worsening food crisis in Northern Nigeria, urging the Federal Government and state governments to take immediate steps to prevent the situation from deteriorating further.
Obi made the call on Saturday in a post shared on his X account, describing the development as disturbing, especially because Northern Nigeria has traditionally been regarded as the country’s food-producing region.
The former governor stressed the need for more effective policy implementation to address the growing humanitarian challenge, urging governments at all levels to make proactive investments in securing agricultural corridors and supporting smallholder farmers with accessible resources to improve food production.
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He also called on authorities to work closely with the United Nations World Food Programme (WFP) and other development partners to bridge existing funding gaps before the crisis worsens.
According to Obi, the WFP’s latest assessment revealed that more than 17 million people across nine northern states are currently facing crisis-level hunger, while over 35 million Nigerians could be at risk during the ongoing lean season.
He further cited reports indicating that more than 10,000 residents of Borno State have entered what humanitarian agencies describe as “catastrophic hunger conditions.”
“Insecurity, including banditry and insurgency, has prevented many farmers from accessing their farmlands and remains a major obstacle to agricultural production,” Obi said.
The former presidential candidate called for improved security across farming communities and increased investment in rural infrastructure and agricultural productivity to restore food production.
He also urged policymakers to prioritise production-driven economic policies aimed at expanding cultivated land and boosting agro-industrial output.
According to Obi, Nigeria has the resources and agricultural potential to significantly reduce hunger and poverty if the appropriate measures are implemented.
He maintained that a Nigeria free from widespread hunger and mass poverty remains achievable if leaders place the welfare and livelihoods of citizens at the centre of national decision-making.
The statement follows a recent United Nations warning that worsening hunger in Northern Nigeria is being fuelled by insecurity, which continues to prevent farmers from accessing their farmlands and has created conditions that armed groups exploit to recruit vulnerable people.
NEWS
Tinubu’s Adviser Masari Bags International Leadership Award, Receives US Congressional Commendation
President Bola Tinubu’s Special Adviser on Political and Other Matters, Alhaji Ibrahim Kabiru Masari, has received international recognition for his contributions to public service, leadership and good governance after emerging as one of the recipients at the 16th African Business Leadership Awards (ABLA) held in London, United Kingdom.
Masari was honoured for his exemplary leadership, distinguished public service and sustained contributions to governance and sustainable development during the prestigious event organised by the African Leadership Organisation under the auspices of the African Leadership Magazine.
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The annual summit attracted African presidents, governors, ministers, policymakers, business executives, development partners and academics to celebrate outstanding leadership while promoting dialogue on Africa’s economic transformation, innovation, investment and sustainable development.
In addition to the ABLA honour, Masari also received a Special Congressional Commendation from the South Carolina House of Representatives in the United States in recognition of his contributions to public service and leadership.
Organisers said the dual honours reflect growing international recognition of Masari’s commitment to good governance, accountability and nation-building.
As Special Adviser to President Tinubu on Political and Other Matters, Masari has been instrumental in providing strategic political counsel, fostering dialogue among stakeholders and supporting initiatives aimed at strengthening national cohesion and Nigeria’s democratic process.
Reacting to the recognition, Engr. Abdullahi Garba Ramat, PhD, described the awards as a fitting tribute to Masari’s years of dedicated service, integrity and commitment to national development.
Ramat said Masari’s leadership style, characterised by humility, accessibility and commitment to public service, has earned him widespread respect across political, ethnic and social divides.
According to him, the presidential adviser has remained steadfast in supporting President Tinubu’s administration through strategic engagement, loyalty and dedication to advancing the government’s policies and programmes.
He also commended Masari for his humanitarian interventions, support for education, youth mentorship and community development, noting that his philanthropic efforts have positively impacted many lives across Nigeria.
“His recognition is not just an award but a validation of a lifetime devoted to integrity, patriotism, compassion and selfless service to humanity,” Ramat said.
Other prominent African leaders honoured at the ceremony included Yobe State Governor Mai Mala Buni, Imo State Governor Hope Uzodimma, Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Christianah Adeyeye, Governor of the Bank of Sierra Leone Henry Falla Saamoi, and President of the ECOWAS Bank for Investment and Development (EBID), Dr. George Agyekum Donkor.
The event was attended by several notable personalities, including former Tanzanian President Jakaya Mrisho Kikwete and the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Prof. Shehu Aliyu, alongside other African leaders and development experts.
Congratulating Masari on the honours, Ramat expressed confidence that the international recognition would further inspire him to continue serving Nigeria with dedication while promoting unity, peace and national development.
NEWS
Nigeria’s IEA Membership Tickles Minister
The International Energy Agency (IEA) has admitted Nigeria as an Association country.
The development, Biztellers reports has been well received by the Nigerian authorities led the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, who described it as a major milestone that will strengthen the country’s role in global energy governance while supporting its drive for universal energy access, industrialisation and sustainable development.
Ekpo’s positive sentiments were expressed in a statement on Thursday by his spokesman, Louis Ibah, who noted that the unanimous decision of the IEA Governing Board to admit Nigeria reflects the country’s increasing strategic importance in the global energy sector.
The minister said Nigeria’s membership would open new opportunities for collaboration with the world’s leading energy body, giving the country greater access to global expertise, research, policy guidance and investment partnerships needed to transform its energy sector.
“I am elated by the decision of the IEA Members to officially welcome Nigeria to the IEA Family as an Association country.
“It is an honour for Nigeria to join this leading energy agency. I also encourage other African countries to deepen their engagement with the IEA as we work together to achieve key development goals, including universal energy access and industrialisation”, Ekpo said.
According to him, the partnership will strengthen cooperation in critical areas such as energy security, gas development, investment mobilisation, electricity access and sustainable energy solutions, while supporting Nigeria’s efforts to build a more resilient, competitive and inclusive energy sector.
The minister noted that Nigeria’s admission comes at a critical period when the country is pursuing reforms aimed at expanding domestic gas utilisation, increasing electricity access, attracting investment and driving industrial growth through improved energy infrastructure.
Nigeria is the latest nation to join the IEA’s Association programme, which brings together major energy-producing and energy-consuming countries to promote secure, affordable and sustainable energy systems.
With Nigeria’s admission, the IEA Family now represents more than 80 per cent of global energy demand, a significant increase from the 40 per cent it accounted for when the Association programme was launched in 2015.
Welcoming Nigeria into the organisation, IEA Executive Director, Fatih Birol, described the country’s admission as a significant achievement for both the Agency and the global energy community.
“I am thrilled that Nigeria is joining the IEA. It is Africa’s most populous country and a major international energy player. Nigeria becoming part of the world’s energy authority marks an important advance in global energy governance,” Birol said.
He expressed appreciation to President Bola Ahmed Tinubu and Minister Ekpo for their confidence in the Agency, saying stronger cooperation would help Nigeria improve energy security, accelerate economic growth and expand access to electricity and clean cooking solutions.
Birol added that the partnership would also support broader efforts to build more resilient and sustainable energy systems while addressing key development challenges.
The IEA acknowledged Nigeria’s growing influence in international energy markets, particularly following recent developments in the country’s refining sector.
According to the Agency, increased fuel exports from Nigeria during periods of global market disruption helped improve the resilience of fuel supply across Africa and other international markets.
It also recognised Nigeria as one of the world’s fastest-growing markets for decentralised solar energy, noting the country’s ongoing efforts to expand electricity access and promote clean cooking solutions for millions of households.
The Agency said Nigeria’s admission builds on more than a decade of cooperation that began in 2014 and will deepen collaboration in strategic areas, including energy security, clean energy transition, methane emissions reduction, electricity access and wider energy sector development.
Reaffirming Nigeria’s commitment to international cooperation, Ekpo said the country’s admission into the IEA underscores its growing relevance in shaping global energy policy and reflects its determination to work with development partners to strengthen energy security, expand access to affordable energy and build a sustainable future.
He expressed optimism that the new partnership would accelerate Nigeria’s energy transformation agenda while creating fresh opportunities for investment, innovation and inclusive economic growth.





