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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made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn.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.”
NEWS
Tinubu Congratulates Lula on Re-Election, Seeks Stronger Nigeria-Brazil Ties
President Bola Ahmed Tinubu has congratulated Brazilian President Luiz Inácio Lula da Silva on his reported re-election for a fourth term, expressing his desire to strengthen Nigeria-Brazil relations across trade, investment, energy and other key sectors.
Tinubu conveyed his congratulations in a statement dated October 26, 2026, in Abuja, describing Lula as his friend and emphasising the historical ties between Nigeria and Brazil.
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The Nigerian president said Lula’s renewed mandate presents an opportunity for both countries to strengthen their longstanding friendship and expand cooperation in areas of mutual interest.
“Your renewed mandate offers an opportunity to strengthen the longstanding friendship and historical ties between Nigeria and Brazil,” Tinubu said.
He noted that Nigeria and Brazil, as leading nations of the Global South, could work together to promote economic integration and advance their shared interests amid a rapidly changing global order.
Tinubu said he looked forward to expanding cooperation between both countries in trade and investment, agriculture and food security, energy, oil and gas, manufacturing, science and technology, education, aviation and cultural exchange.
He also reaffirmed Nigeria’s commitment to strengthening multilateral cooperation with Brazil and advancing shared priorities across Africa, South America and the wider Global South.
“I affirm Nigeria’s continued commitment to working with Brazil to strengthen multilateral cooperation and advance shared priorities in Africa, South America, and across the Global South,” he said.
Tinubu, on behalf of the Nigerian people, wished Lula success in his new term in office.
“On behalf of the people of Nigeria, I wish you a successful new term in office,” the president added.
NEWS
Ebola: IGP Warns Nigerians Against Contact With Suspected Patients’ Body Fluids
The Inspector-General of Police, Olatunji Rilwan Disu, has urged Nigerians to remain calm and vigilant following the Federal Government’s reported confirmation of an Ebola case in the Federal Capital Territory (FCT), warning against contact with the blood and body fluids of suspected patients.
Disu also called for strict adherence to preventive measures, improved personal hygiene and cooperation with public health authorities to protect lives and prevent further transmission of the disease.
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In a statement issued on Monday, October 26, 2026, by the Force Public Relations Officer, CSP Ani Iniedu, the IGP emphasised the importance of public awareness and collective responsibility in combating the outbreak.
Know the Warning Signs
The Nigeria Police Force urged Nigerians to familiarise themselves with the symptoms associated with Ebola and seek medical guidance if they develop symptoms following possible exposure.
The warning signs highlighted in the police awareness campaign include: Fever,Severe, headache, Muscle pain, Weakness, Vomiting, Diarrhoea, Unexplained bleeding.
The public was cautioned not to wait until bleeding occurs before seeking medical assistance.
Anyone who suspects they may have been exposed to the virus should promptly contact health authorities for guidance.
How Ebola Spreads
According to the awareness information provided by the Nigeria Police Force, Ebola can spread through direct contact with the blood or body fluids of an infected person.
Transmission can also occur through contact with contaminated items or the body of someone who has died from the disease.
Members of the public were therefore advised to avoid direct contact with the blood, body fluids and personal items of suspected patients.
The police also warned against touching or washing the bodies of people suspected to have died from Ebola.
Preventive Measures Nigerians Should Follow
The IGP urged Nigerians to observe basic preventive measures to reduce the risk of infection.
The measures include washing hands regularly with soap and water, avoiding contact with suspected patients’ body fluids and staying away from potentially contaminated items.
The public was also advised not to handle the bodies of suspected Ebola victims and to cooperate with healthcare workers and contact-tracing teams.
According to the awareness poster, individuals who may have been exposed to the virus should avoid physical contact with others if they begin feeling unwell and contact health authorities for immediate guidance.
The poster further advised anyone experiencing symptoms following possible exposure to contact the Nigeria Centre for Disease Control and Prevention (NCDC) through its toll-free helpline, 6232.
IGP Directs Police Officers to Observe Safety Measures
Disu also directed police personnel to observe appropriate infection prevention measures while carrying out their duties and promptly refer suspected cases to qualified health professionals.
The police said suspected patients, contacts and healthcare workers must be treated with dignity and without discrimination.
The Force further called on Nigerians to cooperate with contact-tracing teams, provide accurate information when required and refrain from spreading unverified reports capable of causing unnecessary panic.
Members of the public were encouraged to rely on official updates from the Federal Ministry of Health and Social Welfare, the NCDC and other authorised public health agencies.
Police Warn Against Stigmatisation
The Nigeria Police Force assured Nigerians of its commitment to supporting relevant health authorities in protecting lives and maintaining public order throughout the period.
The Force also urged the public to share accurate information, remain vigilant and avoid stigmatising people affected by or suspected of having the disease.
The awareness campaign stressed that protecting public health is a shared responsibility and encouraged Nigerians to stay informed and follow appropriate preventive measures.
Members of the public should seek guidance from authorised health officials if they suspect exposure to Ebola.
NEWS
‘Nigeria Cannot Do What China Did’ – Oxford Economist Warns
Professor Stefan Dercon, a development economist at the University of Oxford, has warned that Nigeria cannot replicate China’s economic development model, urging the country to adopt pragmatic policies that reflect its own institutional realities.
Dercon made the remarks on Monday at the opening ceremony of the 32nd Nigerian Economic Summit (NES #32) in Abuja, where he highlighted the importance of leadership commitment, economic transformation and policies that promote sustainable growth.
According to him, Nigeria lacks the institutional structures that supported China’s development and must therefore identify an economic model suited to its own circumstances.
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“Nigeria does not have a Chinese state, and it can dream of it, but it doesn’t. But it also means it can’t do a China,” Dercon said.
He explained that China’s development was supported by a long history of meritocratic institutions, including a rigorous public examination system for civil servants that had existed for approximately 1,300 years.
The economist noted that many countries developed their state institutions through patronage and personal connections rather than merit-based systems, creating differences in their capacity to implement development policies.
Dercon, however, said Nigeria could still learn from successful economies by identifying approaches that fit its own circumstances rather than attempting to copy another country’s model.
He pointed to China’s shift away from an ideology-driven economy under former leader Mao Zedong towards a more pragmatic approach focused on economic growth and progress.
According to him, countries that achieve economic success share a commitment among their leadership to growth, regardless of the specific economic model they adopt.
“That’s actually what all countries that are successful, whatever the blueprint or the models they try to use, have in common. That’s an elite commitment to actually growth using a model that fits the context,” he said.
Dercon Calls for Economic Transformation
The Oxford economist urged Nigeria to demonstrate a serious commitment to transforming its economy, creating jobs and improving prosperity.
He argued that the country needed to move away from an economic system that benefits a limited group of people towards one that delivers broader opportunities and sustainable development.
“So what Nigeria needs is that. It needs a really serious commitment to begin to change this model,” Dercon said.
He added that the government must recognise its capabilities and limitations while identifying and correcting policies that undermine economic growth.
Dercon also emphasised the importance of learning from experience, testing policies and making necessary adjustments to achieve better results.
“But all these places, they learned, they tried, and they corrected, and then they made progress,” he said.
Indonesia Offers Lessons for Nigeria
Dercon also identified Indonesia as a country Nigeria could study for lessons on economic development, while acknowledging that the two countries have important differences.
He argued that economic growth should be treated as a national security priority because a stronger economy is essential to national development and stability.
“You need to grow the economy, you need to develop. That’s an issue of national security. I don’t think I have to explain that in Nigeria’s context either,” he said.
He advised Nigerian policymakers to maintain macroeconomic stability, remain consistent with sound economic policies and focus on practical measures capable of supporting long-term growth.
Dercon stressed that Nigeria’s priority should be to develop an economic strategy that reflects its institutional realities while promoting productivity, job creation and shared prosperity.





