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Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN
Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN
The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1.
Cardoso, who spoke during the 2024 annual bankers dinner in Lagos organised by the Chartered Institute of Bankers of Nigeria (CIBN) urged customers to make reports through designated phone numbers and email addresses for their respective states.
Cardoso, who was conferred with the fellowship of the CIBN, said the reporting guidelines would be distributed widely to raise public awareness.
He called for full regulatory compliance by all stakeholders, including Mobile Money Operators and PoS Agents, to promote digital transaction channels and improve service delivery.
“We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.
“To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.
“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.
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“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” he said.
According to him, the CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.
The CBN governor said the focus was to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.
He explained the Payment System Vision initiative for 2025 to further enhance confidence in the nation’s payment system.
He assured that payment gateways in settling financial transactions will become better in 2025 as delays will be addressed.
Cardoso said that trust was fundamental to fostering digital transactions, and CBN must take every necessary step to preserve that trust in payment systems.
He said delays often disproportionately affect vulnerable segments of the population, adding that CBN would apply penalties on non-compliant institutions to safeguard consumer trust and ensure swift redress mechanisms.
He said in 2025, CBN would prioritize initiatives including implementing open banking framework, advancing contactless payment systems, and expanding its regulatory sandbox.
“Additionally, we will issue revised guidelines for agency banking and continue to strengthen electronic payment channels”.
He also disclosed that Nigeria would exit the grey list on the Financial Action Task Force (FATF) by Q2 of 2025 while reeling out enforcement plans against money laundering, cybercrime, fraud, corruption, among others.
Prof. Pius Deji Olanrewaju, President/Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), said that 2024 had been an eventful year for the banking industry and the economy.
He said various policies and regulations of the apex bank and the federal government had begun to yield fruit.
“For example, the Nigerian economy continues to be more resilient and agile as shown in the steady growth from 2.98 per cent in Q1 to 3.19 per cent in Q2 and now 3.46 per cent in Q3 of 2024.
“Likewise, the Nigerian banking industry has also shown resilience this year despite the macroeconomic pressures such as rising inflation, and exchange rate fluctuations, amongst others.
“The bank recapitalization exercise also attests to the fact that we are well on our way towards not only strengthening the financial sector but also supporting a $1 trillion economy envisaged by 2030,” he said.
Also, Dr Ibrahim Stevens, Governor of the Central Bank in Sierra Leone praised efforts of the CIBN and Nigeria’s apex bank yielding positive fruits in Africa and globally.
He called for collaboration towards building a sound financial eco system.
Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN
(NAN)
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IGP opposes bill seeking police exit from contributory pension scheme
IGP opposes bill seeking police exit from contributory pension scheme
Inspector General of Police, Kayode Egbetokun has kicked against the bill seeking to exempt the police from the Contributory Pension Scheme (CPS).
Egbetokun who spoke while addressing police officers in Abuja said exiting the scheme will not favour the police force.
He stated that if the police exit the CPS, they will go back to square one.
He said: “Yes it is true that a bill has been passed by the National Assembly for the police to exit the CPS and that bill is awaiting presidential assent, but has anyone of you seen the details of the content of that bill? You need to go and look at the bill and see where you are exiting to?
“Everybody is shouting ‘let us go, let us go’. You must know where you are going before you start shouting, ‘I want to go”. When I became IG, I set up a committee to look into the pension issue and we discovered that the bill awaiting the assent of the President does not favour us. If we exit the present Contributory Pension Scheme, we are going back to square one, where we were before the introduction of the scheme. Our pension will be in the hands of politicians and they will be the one to address our pension. Our pension will be subject to budgetary allocation every year and when the government does not have money, you will not be paid.
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“You remember those days when retirees would go and line up and wait for months and they would not get anything, that is the place you want us to go back to. So we have to be careful not to go from the frying pan to the fire. I am the Inspector General of police, you must trust me that I care about your welfare and I will fight this pension issue to make sure that police officers who retire get the best of pension in retirement”.
He disclosed that what he is rather working on is a situation where police officers upon retirement receive their final salary as monthly pension.
“Let me disclose to you what I am working on, I am working on a pension scheme where every police officer will retire with his salary. That is the best and that is what I want for the police. Not the exit you are all shouting about. Where are you going, where are you exiting to, you don’t know where you people are going and you are saying let us go. Can you tell me where you are going before you say let us go. So let us be very careful with this emotion we are attaching to exiting the scheme”, he added.
IGP opposes bill seeking police exit from contributory pension scheme
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Couple arrested in Anambra for threatening residents with abduction, murder
Couple arrested in Anambra for threatening residents with abduction, murder
A couple have been arrested by the police in Anambra State after allegedly threatening to kidnap and kill people if they fail to pay ransom.
The couple, Kingsley Okoye, 36, and 27-year-old Chidinma Okoye, were arrested on Friday in Ozubulu, Ekwusigo Local Government Area of the state.
The police spokesperson in Anambra State, Tochukwu Ikenga, disclosed the development in a statement on Friday.
Ikenga, a superintendent of police, said the couple were arrested in response to reports from Anambra residents that unknown persons were threatening to abduct and kill them.
The police spokesperson said the residents complained that the unknown persons would send them text messages and WhatsApp voice notes, threatening to kill them if they did not pay a ransom.
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He said following the reports, a joint security team comprising the police and Anambra Vigilante Group, arrested the couple after gathering ‘technology-driven’ information.
Ikenga said mobile phones and SIM cards were recovered from the couple during the arrest.
“The couple specialises in sending threatening messages to people and demanding ransom or they shall be abducted or killed,” he explained.
“They confessed to the crime and admitted to destroying some of the SIM cards which they had used to commit the crimes.”
The spokesperson said the Commissioner of Police in the state, Nnaghe Obono, has ordered a transfer of the case to the Anti-Kidnapping and Robbery Squad of the police command for investigations.
Couple arrested in Anambra for threatening residents with abduction, murder
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Ndume threatens to quit APC over Tinubu’s tax reform bills
Ndume threatens to quit APC over Tinubu’s tax reform bills
Senator Ali Ndume, representing Borno South, has voiced strong opposition to President Bola Tinubu’s proposed tax reform bills, warning that he may leave the All Progressives Congress (APC) if the policies are implemented.
Speaking during an interview on Politics Today, a Channels Television programme, on Thursday night, Ndume criticized the four tax bills, which had earlier passed the second reading in the Senate.
President Tinubu had in October submitted the Joint Revenue Board of Nigeria Bill, the Nigeria Revenue Service Bill, the Nigeria Tax Administration Bill, and the Nigeria Tax Bill to the National Assembly for consideration. However, the proposals have faced criticism from lawmakers, including Ndume, and some northern governors who believe the reforms could negatively impact citizens.
Ndume expressed concern that the bills, rather than alleviating economic hardship, would shift the tax burden to ordinary Nigerians.
“I am close to President Tinubu and want him to succeed,” Ndume said. “But if not, I can leave the party.
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“When you say those earning below ₦800,000 annually won’t pay VAT, how does that help them? Are they exempted from paying VAT on the goods they buy in the market? And now, corporate tax is increased, meaning businesses will pass the added cost onto consumers.
“For instance, the price of cement is already up, so consumers will pay more. If Dangote is taxed on refined products, that cost will also be transferred to the price per litre.
“So, are you truly helping those who earn below ₦800,000, or are you worsening their situation?”
Ndume emphasized his belief that the reforms could undermine the president’s agenda and harm citizens who are already grappling with economic challenges.
The Senate has announced plans for a public hearing on the bills in the coming weeks to gather input from stakeholders before making a final decision.
Ndume threatens to quit APC over Tinubu’s tax reform bills
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