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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made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.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.”
The abductors of a Kebbi State High Court judge, Justice Faruku Bunza, have demanded N200 million as ransom for his release following his abduction from his residence in Bunza Local Government Area.
The ransom demand was confirmed on Tuesday by the Kebbi State Commissioner of Police, Umar Hadejia, and the judge’s brother, Yusuf Bunza.
Justice Bunza was kidnapped in the early hours of Sunday from his home along Zogirma Road in Bunza, prompting a swift security response.
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Speaking on the development, Commissioner Hadejia said police had launched an intensive operation to rescue the judge unharmed and apprehend those behind the abduction.
According to him, intelligence gathered during the operation revealed that the kidnappers were demanding N200 million for the judge’s freedom.
He disclosed that a combined team of security operatives had been deployed to comb suspected escape routes, while strategic checkpoints had been mounted across key locations believed to have been used by the abductors.
The police commissioner expressed confidence that the ongoing operation would lead to the safe rescue of Justice Bunza and the arrest of the kidnappers.
Hadejia further revealed that the family informed the police that the abductors had contacted a registrar of the High Court in Abuja to begin negotiations over the ransom demand.
Confirming the development, the judge’s brother, Yusuf Bunza, said the kidnappers had also reached out to him.
“Yes, they contacted me; they asked for N200 million from the family. We don’t know what to do now but we believe the authorities and security operatives are doing their duty to secure his release,” he said.
The abduction has heightened concerns over the security of judicial officers and the persistent threat of kidnapping across parts of the country, as security agencies continue efforts to secure the judge’s safe release.
Students of DS Adegbenro ICT Polytechnic, Itori, Ogun State, on Tuesday shut down the Abeokuta-Lagos Expressway in protest following the killing of one of their colleagues during a robbery attack on a student community behind the institution.
The protest, which caused heavy traffic congestion along the busy highway, erupted after suspected armed robbers invaded Eruku Community, where many students reside, in the early hours of Tuesday.
According to the Rector of the polytechnic, Dr Goke Rafiu, the attackers raided about 15 houses in the community, killing one student and leaving three others injured.
“What happened was that some armed robbers raided about 15 houses in Eruku where some of our students are living. The community is actually behind the school, and during the attack, one of the students was killed while about three others were injured,” Rafiu said.
He disclosed that one of the injured students had been taken to the Federal Medical Centre (FMC), Abeokuta, for treatment.
“We are currently in the community with police officers and members of the institution’s management team, including the Chairman of the Governing Council, Ambassador Toye Okanlawon, to chart the way forward,” he added.
The rector appealed to the protesting students to remain calm, assuring them that the Ogun State Government, security agencies and community leaders were working to improve security around the institution.
Following the tragic incident, the institution postponed examinations scheduled for Tuesday, July 28, and Wednesday, July 29, to honour the deceased student and allow affected students time to recover emotionally.
In a statement signed by the Chairman of the Timetable, Examination and Academic Calendar Committee, Gideon Adekunle, the institution said: “Following the unfortunate incident that resulted in the loss of a student and injuries to others during a robbery attack in Eruku, the examinations scheduled for Tuesday, July 28, and Wednesday, July 29, have been postponed.
“This is to ensure students in the affected area regain their composure and mental stability, and most importantly, to honour the deceased.
“Examinations will resume on Friday, July 30, 2026, as scheduled. A new timetable for the postponed examinations will be communicated in due course.”
The Students’ Union Government President, Comrade Owoigbe Blessing, said the robbers struck around midnight, killing a final-year Higher National Diploma (HND II) student.
“One final-year HND II student was killed, another female student was injured after her ear was severed, while another student who was shot has been rushed to the Federal Medical Centre,” she said.
She called on the Ogun State Government to strengthen security around the institution, lamenting that robbery attacks had become a recurring problem in Eruku Community.
“There is no adequate security. If there was, this would not have happened. This is not the first, second or even third time such an incident has occurred in Eruku,” she said.
Also reacting, the Chairman of the National Association of Nigerian Students (NANS) in Ogun State, Comrade Olabode Faruq Success, condemned the rising insecurity around tertiary institutions in the state and called for urgent intervention to protect students.
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has described Rivers State Governor Siminalayi Fubara’s reconciliation with his political camp as a correction of past mistakes, insisting the governor had no better alternative than returning to the political family that brought him to power.
Speaking with journalists on Tuesday after inspecting ongoing road projects across the Federal Capital Territory, Wike dismissed claims that Fubara’s return was an act of seeking forgiveness following their prolonged political feud.
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According to the former Rivers State governor, politics is not about sin but about recognising mistakes and making the right decisions.
“I don’t know what you mean by sin. In politics, there is no sin. If someone realises they made a mistake and decides to correct it, there is nothing wrong with that. Politics is not a sin. What matters is recognising that you were on the wrong path and making the right decision,” Wike said.
Wike recalled that he had predicted the reconciliation before Fubara publicly announced it, maintaining that the governor had no choice but to return to the political structure that produced him.
“I said during my last media chat that he had no other choice but to return to the same political family that produced him. I have now been informed that he has made that declaration publicly, and we welcome him. Our doors are open. Everyone is welcome for us to work together. There is no better alternative. We will all work together to move the state forward,” he stated.
The FCT minister added that Fubara’s public declaration of reconciliation would further strengthen efforts to mobilise support for President Bola Tinubu’s re-election ahead of the 2027 general election.
“He has publicly stated that he has returned to where he started, and we receive him with an open mind. There is nothing to hide. We will all work together to ensure that we deliver the votes President Tinubu needs for his re-election,” Wike added.
The minister spoke while inspecting major infrastructure projects in the FCT, including the ISEX Road Corridor and the nearly completed Apo-Karshi Road.
Expressing satisfaction with the pace of work, Wike said the Tinubu administration remains committed to completing inherited projects rather than abandoning them, noting that continuity in governance is essential for development.
He explained that the ISEX Road project, awarded in 2014 but left incomplete by previous administrations, is expected to be partially completed before the end of the year if the necessary funds are released.
Wike stressed that completing ongoing infrastructure projects would protect public investments, improve connectivity and accelerate economic growth across the Federal Capital Territory.
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