The Police Public Relations Officer in Delta State, SP Bright Edafe, has issued a warning about a dangerous scam trend where scammers can empty your bank account using just a photo of your ATM card.
He stressed that scammers don’t need your PIN, phone, or OTP as once they get that card image, it’s game over.
Edafe advised the public to stop handing their cards to people for errands and to treat their ATM cards with the same caution as cash.
The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges.
This resolution was taken as a result of a motion on urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency, in Abuja on Tuesday.
Onobun said that additional ATM withdrawal charges would further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services.
He said that Nigerians were already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges.
The lawmaker warned that an increase in ATM withdrawal charges would be a contradiction of the CBN’s financial inclusion agenda.
“Aware that CBN in its new circular, has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.
“Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs.
“Thereby imposing additional financial burdens on Nigerians.
“Also aware that the said Section 10.7 of this Guide was last reviewed in 2019.
“Reducing ATM transaction fees from N65 Naira to N35 per transaction,” he said.
The Speaker, Rep. Tajudeen Abbas and the entire House adopted the motion, thereby urging the CBN to suspend the increase in ATM withdrawal charges.
Banks have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN’s) directive.
A correspondent who monitored some banks’ ATM gallery in Abuja and environs on Sunday, reports that some customers were lamenting about the increase.
The NAN correspondent observed that all the banks’ ATM visited had monies loaded in them.
Mr Luke Abudu, a customer seen at First Bank along Nyanya-Jikwoyi road, said the implementation would only affect the poor masses who were struggling to make a living.
Abudu said the move would discourage customers from lodging monies in the banks.
”I came to withdraw N20,000 but I found out that I was charged N100 for the withdrawal. This is too much for a small business owner like me,” he said.
Another customer, Mrs Victoria Adejo, seen at Zenith Bank, Mararaba branch said that withdrawal from Point of Sale (PoS) agent was now cheaper than using an ATM.
”It is unfortunate that our government formulate policies without feeling the pulse of the people.
”I read that the CBN said the decision is in response to rising cost and to improve efficiency of ATM services but banks still bill us for service charge.
”They (banks) declare profit in billions and trillions from our monies and the CBN does not consider that. This is not good enough at all, ” she said.
Mr Nurudeen Ehimotor, a customer at Guaranty Trust Bank (GTB), Asokoro, said he was at the bank to use the ATM due to the bank’s poor online network.
”I came to use ATM because I tried to transfer money from my bank using USSD since yesterday but it didn’t go through. I have an issue with my app, so I have been using USSD codes for my transfer.
”I think they (the bank’s) are trying to make people use ATM now for them to make more money,” he said.
Ehimotor appealed to banks to reduce incessant charges on customers account.
Recall that the CBN had on February 10, released a circular to all banks and other financial institutions to apply the fees with effect from March 1.
CBN in the circular with title ‘Review of ATM transaction fees’ said the move was in response to rising cost and the need to improve efficiency of ATM services in the banking industry.
On-Us (customers withdrawing at the ATM of the customer’s financial institution) in Nigeria, no charge.
”Not-on-Us ( withdrawal from another institution’s ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal.
”Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.
”The income which is an income of the ATM acquirer/deployer, shall be disclosed at point of withdrawal to the consumer,” it said.
Meanwhile, banks had informed their customers through various electronic mails (e-mails) of the increase.
GTB told its customers in addition to the ATM transaction fee, that the free monthly withdrawals usually enjoyed by them would no longer be applied.
”Please note that the three free monthly withdrawals at other banks’ ATMs (for GTBank customers) and GTBank ATMs ( for other bank customers) will no longer apply,” the bank said.
Also, Access Bank in their official X handle told customers that ”All Access Cards now work seamlessly across all ATMs and POS machines, so you can make payments without hassle”.
Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.”
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. 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.
In the suit number FHC/L/CS/344/2025 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to determine “whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.”
SERAP is asking the court for “a declaration that the decision by the CBN to increase ATM transaction fees is arbitrary, unfair, unreasonable and contrary to the provisions of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018, which is binding on the CBN.”
SERAP is seeking “an order of interim injunction restraining the CBN, its officers, agents, associates or any other persons acting on its directive or instructions from enforcing and giving effect to the decision, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed in this suit.”
In the suit, SERAP is arguing that: “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.”
SERAP is also arguing that, “The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased ATM fees.”
According to SERAP, “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 suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “The CBN is compromising its stated mission to advance the management of the country’s economy, and ultimately, sustainable development.”
“The CBN is also 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 increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public.”
“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.”
“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 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 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.”
“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.”
“Section 2(1) of the Act provides that its provisions ‘apply to all undertakings [such as the CBN] and scope of application to all commercial activities within Nigeria.”
“Section 2(2) provides that: ‘This Act is binding upon- (a) a body corporate or agency of the Government; (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.”
SERAP is therefore asking the court for the following reliefs:
A DECLARATION that the decision by the Defendant in upwardly reviewing and increasing ATM Transaction Fees, as contained in the Defendant’s circular dated 10th February 2025 is arbitrary, unfair, unreasonable, unjust and a dis-service to the consumers of the services rendered by Banks, Other Financial and Non-Bank Financial Institutions in Nigeria, and ultimately in breach of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018.
A DECLARATION that by the combined provisions of section 1 (c) and (d), 104, 105 and 127 (1) of the Federal Competition and Consumer Protection Act 2018, section 42(1) (a) of the Central Bank of Nigeria Act 2007 and section 10.7 of the Central Bank of Nigeria Guide to Charges by Banks, Other Financial and Non-Bank Financial Institution 2020, the Defendant cannot unilaterally increase ATM Transaction Fees without the consent of the Federal Competition and Consumer Protection Commission (FCCPC).
AN ORDER setting aside the Defendant’s circular dated 10th February 2025 and published on 11th February 2025, with reference number FPR/DIR/GEN/CIR/001/002, directed to all Banks and Other Financial Institutions for being arbitrary, unfair, unreasonable, unjust and a breach of the provisions of sections 1 (c) and (d), 104 and 127 (1) of the Federal Competition and Consumer Protection Act 2018.
AN ORDER restraining the Defendant, including its agents, assigns, privies and or representatives or such other persons acting on its behalf, and all Banks, Other Financial and Non-Bank Financial Institutions in Nigeria from implementing and/or enforcing the decision of the Defendant.
AND FOR SUCH FURTHER ORDER(S) that the Honourable Court may deem fit to make in the circumstance of this suit.
No date has been fixed for the hearing of the interim application and the substantive suit.
A Magistrates’ Court sitting in Port Harcourt, Rivers State, has remanded one Kenneth Nnadozie and nine others at a correctional centre in Port Harcourt for malicious damage to a commercial bank in the Borikiri axis of the state.
Recall that some hoodlums had hijacked a protest by bank customers demonstrating against the scarcity of the new naira policy in the metropolis last week.
During the incident, the hoodlums robbed passersby and destroyed the Automated Teller Machines (ATMs) and some structures on the premises of some banks.
The hoodlums were said to have also carted away property after the attack.
The suspects, who are standing trial on six counts for alleged conspiracy, housebreaking, stealing, and unlawful gathering on February 17, invaded a commercial bank, stole, damaged and riotously assembled in the guise of protesting for the scarcity of the new naira notes.
The accused pleaded not guilty to the charges and their counsels argued on the bail application.
The Chief Magistrate, Rita Ogugua, after listening to counsels representing the parties, adjourned the case till February 22, 2023, for bail consideration.
Ogugua directed that the suspects be sent to the correctional centre in Port Harcourt.
The Chief Magistrate, however, granted bail to another set of eight suspects facing the same six counts bordering on conspiracy, housebreaking, stealing, unlawful gathering, riotous assembly, and malicious damage of a commercial bank in the state.
Paul Okoye, a member of the previously defunct music group, P-Square has taken to social media to lament about the Naira scarcity, after the purchase of 40k with 70k.
The Naira scarcity has been plaguing Nigerians for a couple of weeks now, following the introduction of the new notes.
Taking to his Instagram story, Paul Okoye expressed his shock, as he disclosed that he bought Naira today because he needed to pay for a visa fee and it needed to pay in cash.
As stated by Rude Boy, he bought N40k with N70k in order to make payments. The father of 3 expressed his displeasure, as he noted that the country keeps breaking new records.
He wrote: “Omoh!!! I buy money today!! Just because I have to pay for a certain visa fee in an embassy, and it has to be paid in cash. Jokes apart I bought 40k with 70k Aahhhh!!!!!!! Naija breaking new record.”
TheNewsGuru.com (TNG) reports that it is tough getting money from Automated Teller Machines (ATMs) of banks as well as Point of Sales (PoS), hence the Naira scarcity.
Buyers and sellers, especially in informal markets, were stranded as some of them were still finding it difficult to agree on cash transfers.
Currently, many banks do not attend to desperate customers over the counter. On the other hand, PoS terminals that are a critical part of the payment system do not have the new naira notes to give customers.
Many of the operators said they had to use the “black market” to get both the old and new notes from “unexpected quarters”, hence their resolve to charge a lot of money from people who were willing to withdraw cash.
Some POS operators, as at February 16, 2023 collected as much as N1,000 to release N5, 000. The total number of POS machines deployed by merchants and individuals across Nigeria hit 1.6 million in November 2022, according to the data released by the Nigeria Inter-Bank Settlement System (NIBSS).
There are approximately 17 automated teller machines, 147 point-of-sale devices and four bank branches for every 100,000 Nigerians, according to a new report by McKinsey.
However, most of these facilities, which were meant to facilitate a gradual transition to a cashless economy in Nigeria were somehow strangulated to the extent that they could not offer the needed services.
According to some bankers, they had been directed and were being closely monitored, to ensure that no old naira note that got to the bank goes out again.
They also lamented that they were yet to get an adequate supply of the new naira notes to meet up with the increasing demands of their customers.
The Central Bank of Nigeria (CBN) said over N3 trillion was in circulation but had mopped up over N1.9 trillion so far.
TheNewsGuru.com (TNG) reports that the scarcity, which started at the weekend owing to the rush to beat the initial January 31 deadline for the return of old notes of N1, 000, N500 and N200 continued yesterday as most ATMs around Ikeja, Oshodi, Maryland and Lagos Island were out of cash.
Sheriff Almuhajir, the Managing Director of Yobe Microfinance Bank, on Tuesday, alleged that the sum of N4.3 billion disbursed by the Central Bank of Nigeria (CBN) to banks in the state has been diverted.
I got reliable information that the Central Bank of Nigeria, Damaturu Branch, has disbursed the sum of 4.3 billion naira to banks in Yobe State. And more than N700 million of the amount was meant for PoS (Point of Sales) agents
Almuhajir made this allegation in a 4:31-seconds-video footage posted to his Facebook handle.
He said, “I want to tell you that I got reliable information that the Central Bank of Nigeria, Damaturu Branch, has disbursed the sum of 4.3 billion naira to banks in Yobe State. And more than N700 million of the amount was meant for PoS (Point of Sales) agents.”
He alleged that the N4.3 billion disbursed to commercial banks was not in circulation in the state, accusing some bank managers of diverting the funds out of the state.
“But the question I want to ask here is, where is this money?” he lamented.
He further alleged that the new naira notes currently in circulation across the state were not up to one billion Naira, stressing that even if the ATMs (Automated Teller Machines) would be dispensing cash every minute, the amount could not be withdrawn in a week.
“What is the population of Yobe State? How many commercial banks do we have in this state? How many ATMs do we have?,” he quried.
The microfinance bank MD noted that Yobe State does not have up to 50 functional ATMs for people to withdraw N4.3 billion in a short period of time.
Almuhajir added that some Points of Sale operators provide better services than most commercial banks operating in the state.
“Professor! Professor! Let’s hear the Professor!” chanted some youths as the bespectacled young man dished out anarchic social commentaries laced with unprintable invectives against what he described as “the ruling oligarchic buccaneers, who are strangulating the suffering masses of Nigeria through the diabolic combination of petrol scarcity and Naira notes shortage.” Others chorused: “Professor is our man! Professor for president!”
Dressed in tattered sagging Jeans trousers and a red T-shirt, the “Professor” was neither delivering a classroom lecture nor was he engaged in an intellectual presentation. He was only one of a multitude of bank customers that had besieged an Automated Teller Machine (ATM) in the Edo State town of Uromi, amidst the lingering scarcity of new Naira notes occasioned by the Central Bank of Nigeria (CBN) currency redesign exercise launched in December 2022.
The “Professor,” a final-year student of political science, had arrived at the ATM location as early as 6.00 a.m., hoping to avoid the snaking queues that often degenerate into mob violence as desperate customers battle each other for the new Naira notes that are in short supply, nationwide. Unfortunately, the ATM failed to dispense a single cash note to any of the multitudinous customers even as the day was far spent, thus occasioning frustration and anger. It was in this circumstances that some youths donned the toga of impromptu politicians, social activists, comedians, conspiracy theorists, etc., all in a bid to ease the simmering tension.
Assuming the role of a social crusader, the “Professor” railed against the CBN and the politicians: “Let me make it abundantly clear that the great patriotic masses of Nigeria will not stand idly by while a brood of vipers and black mambas continue to hold our country to ransom. We the great youths will never yield to the evil machinations of the ruling oligarchic predators, who have deliberately orchestrated this Naira notes scarcity as part of their grand design to subjugate, emasculate, and exterminate the downtrodden masses … “
But for the intervention of a self-appointed “Comedian,” the “Professor” would have continued with his endless rabble-rousing as his fellow youths yelled “More! More! Fire On!” in a manner reminiscent of university students’ union electioneering campaigns. The “Comedian” began his act by teasing the “Professor” about his bombastic oratory, telling him that “big, big grammar does not put money in the pocket,” in a veiled reference to a popular local musician, who once sang that “grammar, grammar, grammar no be success.”
The ovation that greeted his introductory remarks had hardly died down than the “Comedian” proceeded to inform the crowd about the “actual cause” of the scarcity of the new Naira notes: “Let me tell you what my friend in the EFCC told me yesterday, although he warned me against telling anybody. We are all part of the suffering masses of Nigeria, and we deserve to know the truth. Ten trailer-loads of the new 1000 Naira notes belonging to Bola Ahmed Tinubu were apprehended yesterday by a vigilant team of EFCC officials, who refused to be bribed with two of the trailer-loads. The APC’s presidential flagbearer, popularly known as the Lion of Bourdillon and the Jagaban of Borgu, will soon appear in court.”
The “Comedian” went further to state the respective roles of Atiku Abubakar and Peter Obi in the new Naira notes scarcity: “If you think Tinubu is the only one involved in the hoarding of the new Naira notes, you better think twice. My EFCC friend also told me that Atiku maintained a secret warehouse loaded with 500 Naira notes, which was uncovered by a crack team of EFCC detectives. The PDP’s presidential candidate is presently helping the EFCC in their investigations. On his part, Peter Obi had requested the MD of a bank to help him with one bullion van of 200 Naira notes, but the MD refused, because he didn’t trust Obi to remain silent in case the bullion van was apprehended by the EFCC. The Labour Party’s presidential flagbearer is too talkative.”
At some point, the “Comedian” brought out his mobile phone that was held intact with a thick yellow rubber band. He took a long hard look at the screen, shook his head vigorously, and then announced: “I have just received a message from a reliable source in New Zealand, that Tinubu has decided not to spend the Naira during the presidential election coming up on February 25th. Instead, he will be spending only Dollars. But, Atiku has vowed to match every of his Dollar with a Pound Sterling. So, there will soon be a rain of Dollars and Pounds in Nigeria. Anyone who wants to buy Dollars and Pounds should wait till the presidential election is over, because both currencies will be available like the sand of the earth.”
As the “Comedian” made further revelations, some people, especially the illiterate women, began to lament the collaborationist attitude of all politicians in the looting of the national treasury. One young woman tearfully said: “Is it now a crime for people to be poor in Nigeria? What have we done that the rich people do not want us to live side by side with them? Is it not the same God that created all of us? Why are they stealing and hiding our money, while we go hungry because of lack of cash to buy basic food items? Now, we know that all politicians are the same; none is different from the other; they are all treasury looters.”
Realizing the devastating effects of his jokes, the “Comedian” changed tact: “Do you all know that you can dye your old Naira notes to the new colour?” he asked. Obviously, one elderly man had heard enough of his jokes, and he responded angrily: “Young man, you have been talking nonsense. If you are an expert at dyeing old Naira notes, why are you still here? See how you look; like a hungry leopard. You had better go and join Amotekun (the Pan-Yoruba security outfit codenamed ‘Operation Leopard’). They will welcome you very well. Stop disturbing us here. How am I sure you are not one of the Yahoo boys who scam people and steal money from their bank accounts.”
The response to the elderly man came, not from the “Comedian,” but from a shaven-headed muscular youth who cut the image of the character named “Ofoedu,” described in Chinua Achebe’s “Arrow of God” as someone “who was never absent from the scene of a fight.” He glared at the old man and berated him in severe terms: “Old man, you have no shame. It is people like you that are destroying our country. Who gave you the audacity to refer to us as Yahoo boys? Is it that you are too old to realize that we are the great leaders of tomorrow?”
The elderly man attempted to explain that the “Comedian” was trivializing a national issue that was occasioning a lot of hardship especially among the poor people, but the muscular youth would have none of it: “Shut up! Who are you to determine what the youths should be discussing? This is how you old people destroyed this country with your old ideas. Maybe you are one of the treasury looters, hence you don’t like our discussion. As educated as we are, are you not scared of referring to us as Yahoo boys? Be careful, or I’ll teach you a bitter lesson.”
As further attempts to explain himself were met with increased threats of violence, the elderly man quietly withdrew from the scene. For, it was said in his “Canterbury Tales” by the 14th Century renowned English Poet, Geoffrey Chaucer, that: “He who preaches to those who don’t wish to hear annoys them with his sermon,” and “Where you have no audience, don’t endeavour to speak.”
However, a plump young lady, decked up in jeans trousers and jacket, was indignant at the treatment meted out to the elderly man by the muscular youth, and she did not mince words expressing her indignation: “It is this kind of exhibition of thuggery that gives Nigerian youths a bad name. Perhaps, because of your size, you are feeling too big to respect your elders. If you had any home training, you would have known that old age is deserving of respect. There is a parable that says, a youth may run fast but the elder knows the way; and another one also say, an old man sitting down sees farther than a young man standing up.”
The plump lady’s insinuation that he lacked home training probably irked the muscular youth to the extent that he attempted launching a physical attack on her, but she was unexpectedly too quick for him as she landed a blinding slap on his face. Whether it was premeditated or spontaneous, no one could tell, but what everyone saw was the muscular youth being pummeled to submission by three hefty young men, who were said to be acquaintances of the lady. But for the timely intervention of a team of mobile policemen, the story might have ended differently for the bruised and battered muscular youth.
Dusk eventually turned to darkness as the frustrated and disgruntled ATM customers dispersed one after the other. The “Professor” and a group of friends could be heard ruing their fate as they walked away dejectedly, hoping to try their luck the next day. Yours Sincerely walked up to them and interrupted their conversation with a query: “I hope all of you will vote in the upcoming elections so as to try and change the state of affairs in our country.”
Expectedly, it was the “Professor” who responded: “We’ll surely exercise our inalienable right to vote and be voted for, because we are conscious of the fact that the decadent ruling oligarchy thrives on the politics of immobilism and violence. We’ll ensure that the buccaneers and their neo-imperialist masters fail woefully in their bid to deny us the opportunity to enthrone a people-oriented leadership. We’ll thwart their efforts to sow nationwide chaos and anarchy through this socio-economically debilitating scarcity of new Naira notes and other evil machinations.”
Quickly, I bid the “Professor” a “good night,” and walk away as fast as I could, so as to forestall another round of verbosity from the young student. Walking home, I realize, albeit regrettably, that no authority has taken responsibility for the crippling nationwide Naira notes scarcity; and of course, none ever will. For, as in Orwellian Animal Farm, things go the way they have always gone in Nigeria, i.e., badly. The situation cannot be much better or much worse. And for the masses, the unalterable law of life is hunger, hardship, and disappointment.
An Operations Manager of an undisclosed commercial bank in Abuja, the federal capital territory (FCT) has been arrested for hoarding the Naira notes redesigned by the Central Bank of Nigeria (CBN).
TheNewsGuru.com (TNG) reports the Operations Manager was arrested on Monday by operatives of the Economic and Financial Commission (EFCC).
The Operations Manager, whose identity is yet to be ascertained, was arrested for refusing to load the Automated Teller Machines (ATMs) of the bank despite having N29 million of the redesigned Naira notes in the branch’s vaults.
Before he was whisked away for further questioning, operatives of the EFCC ordered the loading of all the ATMs and the payment of the stipulated amount across the counter to the delight of the distraught customers who had spent hours in queues without getting the new notes.
This discovery, which indicates a sabotage of the government’s monetary policy by some banks, was made by the EFCC in continuation of the ongoing surveillance and visit to banks across the country to access their vaults and verify whether they were deliberately refusing to dispense the redesigned Naira notes.
More than five bank branches were covered today by the operatives in Abuja. Similar exercises were ongoing in Zonal Commands across the country, the EFCC disclosed.
“The operation will continue until normalcy is restored to the banking system. Nigerians finding it difficult to access their funds at any bank and suspects foul play should contact the commission, for immediate intervention,” the antigraft agency stated.
A yet-to-be-identified man has slumped and died after standing in a queue for long hours at a bank in Agbor, Delta State.
It was gathered that the man died after waiting for hours to collect his Automated Teller Machine (ATM) card at the bank in Ika South Local Government Area, Delta State.
The state’s Police Public Relations Officer, DSP Bright Edafe, confirmed the incident.
“He was not trying to withdraw cash; he came to collect his ATM card,” the police spokesperson said.
TheNewsGuru.com (TNG) reports that banking halls across various commercial banks in Lagos, Osun, Ekiti, and other parts of the country witnessed minimal activity as frustrated customers resorted to alternative means of cash withdrawal following the scarcity of naira notes in the banks.
TheNewsGuru.com (TNG) observed that while most banking halls were empty due to a paucity of funds in bank vaults, large crowds had formed outside some of the few banks that were rumoured to be preparing to load their ATM.
Meanwhile, some aggrieved residents of Ibadan, Oyo State capital, on Friday trooped to major roads protesting over the hardship imposed on them by the new naira-notes and persistent fuel scarcity.
The protesters, in their hundreds, blocked the Iwo Road Interchange, frontage of the State Secretariat at Agodi and other major roads in the city.
At the state secretariat, the fierce-looking youths forcefully opened the gate and moved into the complex, heading straight to the Governor’s office situated within the complex.
They were, however, prevented from gaining entrance into the governor’s office due to quick response from the security personnel manning the gates.
In the town, the protesters obstructed the major roads, thereby hindering free vehicular movement, which left many commuters stranded.
At Iwo Road Interchange, suspected hoodlums have hijacked the protest.
TheNewsGuru.com (TNG) reports that they were seen blocking all the adjoining roads, burning tyres and harassing motorists and the commuters.
At the Gate/Bus Stop and Idi- Ape axis, the protesters blocked the roads, diverting vehicles from the direction.
A cross-section of the protesters attributed their actions to the frustrations being faced in the banks and filling stations.
The patrol vehicles of security agencies, particularly the police were seen moving toward Iwo Road and Idiape areas of the city to restore normalcy.
Commenting, Mr Olu Akindele, an Artisan, said he spent the whole day at the Automated Teller Machine point in one of the banks at Iwo Road on Thursday and was unable to get cash.
According to him, the ATM was not dispensing, but I waited for hours, hoping that the bank officials would load it.
“We Nigerians have been contending with fuel and new naira-notes scarcity for weeks across the country. I believe it is time for the government to take positive step to address the twins challenges we are battling with,” he said.
A POS operator, Miss Funmi Irewole, also expressed frustration as she could not withdraw either the old or new notes from her deposit before the extension of the deadline.
Ojewole called on the Federal Government to, as a matter of urgency, review its policy on the new naira notes to alleviate the sufferings of the citizens.
Watch the video of Oyo protest below:
Protest rocks Ibadan over Naira swap and hikes in fuel price.
Activities at the Oyo State Secretariat were disrupted today, February 3, as youths in the state protested over the lingering scarcity of fuel and new naira notes. pic.twitter.com/p5gwe2LPip
— Gist.am (@Gist_am) February 3, 2023