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.

Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN

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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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