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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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Truck falls from Lagos bridge on two buses
Truck falls from Lagos bridge on two buses
A fully loaded truck, with registration number GGE 624 YJ, fell off the Pen Cinema Bridge in Lagos on Saturday, landing on two commercial buses.
Officers of the Lagos State Traffic Management Authority rescued the severely-injured driver of the truck and rushed him to the hospital.
General Manager of LASTMA, Olalekan Bakare-Oki, confirmed this in a statement on Saturday.
The statement was signed by Taofiq Adebayo, Director, Public Affairs and Enlightenment Department, LASTMA.
According to Bakare-Oki, the accident occurred on Old Abeokuta Road, Agege, and involved the truck and two painted commercial Volkswagen buses.
He said that LASTMA officers responded swiftly and successfully extricated the severely-injured driver and immediately entrusted him to officers of the Elere Police Division.
He added that the driver was subsequently conveyed to the General Hospital at Ile-Epo for urgent medical attention.
He said, “Preliminary inquiries suggest that the truck driver, who suffered grievous fractures to both hands, lost control of the vehicle while navigating the Pen Cinema Bridge.
“Consequently, the truck plunged from the bridge, landing on the two commercial buses stationed beneath.”
The LASTMA boss said that in a bid to safeguard other road users and forestall secondary incidents, the authority’s personnel swiftly secured the accident site by cordoning off the area and diverting vehicular traffic.
Bakare-Oki added, “Thereafter, operatives of the Lagos State Emergency Management Authority Response Unit expeditiously cleared the wreckage, thereby restoring unimpeded traffic flow along the axis.”
He advised motorists, particularly truck operators, to exhibit high level of vigilance and circumspection, especially as the rainy season sets in.
He also urged strict compliance with road safety protocols, and that drivers should use the newly-installed speed-limiting devices, a measure deployed to curb accidents and promote collective road safety.
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Police recover bodies of father, son after mysterious death
Police recover bodies of father, son after mysterious death
Authorities in Ebonyi State have recovered the remains of a man and his son who were found dead under unclear circumstances in the Ebebe Junction area of Abakaliki.
State Police Command spokesperson, SP Joshua Ukandu, confirmed the evacuation to the News Agency of Nigeria (NAN) on Friday.
Ukandu said the deceased, identified as Mr. Light Nwodor and his son Miracle, were found lifeless, prompting swift action by officers in the area.
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“When I was called by an individual about the incident, I quickly called the Divisional Police Officer (DPO) in the area,” he said.”They swung into action and the dead bodies have been evacuated.“The police have launched investigation into the matter.”The command will definitely inform the general public on completion of investigation.“Right now, nobody knows what caused their deaths,” he added.
He also noted that no updates had been received from the DPO regarding any arrests linked to the case.
Initial unconfirmed reports circulating online suggested that the deaths may have resulted from eating food prepared by a woman who is allegedly now at large.
Police recover bodies of father, son after mysterious death
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Many missing, one killed in Ebonyi community clash
Many missing, one killed in Ebonyi community clash
One person has been shot dead, two injured and many people missing in Ndiagu Amagu, Ikwo in Ikwo Local Government Area of Ebonyi State following a leadership tussle. The deceased, Nwoyika Ugbaloke and Thomas Ngaragu were reportedly attacked by some gunmen, but Ugbaloke couldn’t survive the attack.
Many people are said to be missing in the attack.
It was gathered that trouble started when a faction in the community imposed N40, 000 level on all the adults in Nduche Umuomara in the community, which did not go down well with another faction in the area.
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It was also gathered that the faction that imposed the N40,000 levy on the adults was also selling lands belonging to the faction that opposed the levy.
A son of the deceased, Nwoyika Kingsley Emeka, lamented the killing of his father and called for arrest of his killers. He said the killers were moving freely in the community, sealing people’s farmlands with palm fronds and warning them never to set their feet on the farms until the fines were paid.
He alleged that the perpetrators were being protected by some highly placed persons in the community.
When contacted, the state Police Public Relations Officer, SP Joshua Ukandu said he had not received any report on the incident.
Many missing, one killed in Ebonyi community clash
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