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CBN Introduces Revised Charges for ATM Withdrawals

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Since the Central Bank of Nigeria (CBN) has implemented new fees for both “on-site” and “off-site” ATM withdrawals, Nigerians will be subject to higher fees when making cash withdrawals.

Bank-owned ATM withdrawals made at locations other than their branch offices are referred to as on-site withdrawals, whereas ATM withdrawals performed at shopping malls, airports, or independent cash stations are referred to as off-site withdrawals.

John Onojah, Acting Director of the Financial Policy and Regulation Department, unveiled the updated fees in a circular on Monday. They will go into effect on March 1.

The change is the regulator’s most recent attempt to strike a compromise between the requirement for banking sector efficiency and growing operating costs.
“Section 10.7 of the current CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide) outlines the ATM transaction fees that the Central Bank of Nigeria (CBN) has reviewed in response to growing costs and the need to increase the effectiveness of ATM services in the banking sector.

Read Also: ₦480 Million Scandal: Senators Allegedly Accept $1,000 ‘Gift’ for University Budgets

This evaluation is anticipated to expedite the rollout of automated teller machines (ATMs) and guarantee that financial institutions charge service users appropriately. It stated that banks and other financial institutions should implement the following fees starting on March 1, 2025.

A fee of N100 will now be applied for on-site ATM withdrawals, which are performed at a bank-owned machine outside of its branch location, under the revised structure.

There is a N100 cost for off-site ATM withdrawals, such as those made at malls, airports, or independent cash terminals, and a N500 surcharge for every N20,000 withdrawal, for a maximum potential charge of N600.

An account holder’s own bank’s ATM withdrawals are still free.

A cost-recovery methodology will be used by banks for international ATM transactions, charging customers the precise fees levied by the foreign acquirer.

The three free monthly withdrawals that were previously permitted for Remote-On-Us (clients of other banks or Not-On-Us) in Nigeria under Section 10.6.2 of the Guide will no longer be available, it was said.

As Nigerian banks struggle with growing operational costs, including as infrastructure upkeep and security, the action was taken.

Increased withdrawal fees may deter people from using ATMs and make them more dependent on cash transactions, especially in rural and semi-urban areas where most people still don’t use digital payments.

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₦480 Million Scandal: Senators Allegedly Accept $1,000 ‘Gift’ for University Budgets

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It has been stated that several senators from the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND) disclosed the distribution of funds collected from colleges and universities in order to approve their 2025 budgets.
The National Assembly has denied extorting colleges, but other members told Premium Times that they received $1,000 in “appreciation money” and didn’t know where it came from until the newspaper revealed the scandal.
This article previously detailed how the House Committee on University Education and the Senate Committee on Tertiary Institutions and TETFUND sought ₦8 million from every federal university in the nation. According to the probe, politicians threatened to “deal” with opposing vice-chancellors after collecting ₦480 million from university leaders.
“The Senate gave $1,000 as “appreciation money” to some senators who were on the committee. According to one anonymous source, the majority of committee members were not aware of the plan and were unaware of its origin until they got the funds in envelopes.

Read Also: Speaker of Reps Appoints Fresh Deputy Chief Whip

“Members lack sufficient knowledge regarding the situation. “Appreciation money” is the term used to describe the meager sums that agencies provide them in envelopes,” the insider continued.

Another legislator echoed that statement, saying that although many lawmakers consider these payments to be routine, some reject them. There are two senators from Sokoto and Lagos who do not participate in the money-sharing, according to the source.

The magazine in question further asserted that 66 polytechnics and colleges of education have contributed ₦528 million to the National Assembly’s committees in order to approve their budgets.

Speaker of Reps Appoints Fresh Deputy Chief Whip

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Tajudeen Abbas, the Speaker of the House of Representatives, has appointed APC Representative Isiaka Ibrahim as the next Deputy Chief Whip.
According to reports, Abbas made headlines during Tuesday’s Abuja plenary.
Ibrahim reportedly succeeded the late Adewunmi Onanuga, who held the position until his passing on January 15, according to the Speaker.

After extensive talks with the APC South-West caucus and relevant stakeholders, Abbas said the appointment was made.

Ibrahim is expected to bring his legislative knowledge and expertise to his new role as the representative for the Ifo/Ewekoro Federal Constituency in Ogun.

The flaws in Magaji’s PDP-to-APC
Legislator Hon. Amos Magaji, who represents the Zangon Kataf/Jaba Federal Constituency in Kaduna State, has stated his desire to switch from the PDP to the ruling All Progressives Congress (APC).
As he read his letter of defection on the House floor, Magaji pointed out that internal PDP disputes were still continuing on at all levels, from the ward to the national.

Read Also: 2027 Election: El-Rufai Says He Wanted APC to Retain Power

As the chairman of the House Committee on Health Care Services and a two-term member of the House of Representatives, the congressman is also the leader of the Kaduna caucus.

He is the deputy chairman of the House Special Ad-hoc Committee on the Restructuring of Government Agencies and Commissions, which is looking at the provisions of the Stephen Oronsaye report.

In the House Committee on Constitution Review, he represented Kaduna state. He also served on the Federal Capital Territory (FCT) Area Councils, rules and business, Christian pilgrimage, defense, reformation institutions, and police affairs committees.

2027 Election: El-Rufai Says He Wanted APC to Retain Power

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Mallam Nasir El-Rufai, a former governor of Kaduna State, has voiced reservations about the All Progressives Congress (APC) and the current administration, which is headed by President Bola Ahmed Tinubu.
On Tuesday, El-Rufai stated in a long post on his official X handle that it is too soon to begin
discussing the general elections in 2027 as the current administration starts its second year in office.
But according to the APC chieftain, he feels compelled to speak because of the current circumstances in the ruling camp, where he belonged.

Under two years into our first term, the former governor stated: “It is actually premature to be talking about 2027 elections, but what
Political events are compelling me to address them because, as they say, “a stitch in time saves nine.”
“I naturally want my party to gain re-election in 2027 as an APC member. But, being a realist, I have my reservations.

“I remember writing that if the party wasn’t careful, it may go the way of the PDP, which lost power after 16 years, during the 2019 party primaries after observing how our party was conducting the process.

Then, like the PDP, I projected that we might lose federal power by 2031 if we didn’t revert to our pledged progressive course and philosophy and instead continued to be fixated on winning elections at all costs.

It never occurred to me that Tinubu would put us in this predicament.
Regarding the events in the APC and the nation as a whole, El-Rufai went on to say that he never anticipated things to go that way.

“When I wrote that, we weren’t facing the current situation that we are facing,” he wrote. As President Asiwaju Bola Ahmed Tinubu was in office, I did not anticipate that we would find ourselves in this predicament so quickly.

Please take note that I am not referring to the current state of the economy or anything equivalent. What I mean is the present and growing “ghaghagha” among members of the APC and those who support the PBAT administration, as well as within our party.

Interestingly, a lot of Nigerians have short memories. Please allow me to balance the recollections of some brief and naïve political novices.

As the 2023 presidential election drew near, many will remember my fervent warning that we must exercise prudence and refrain from playing with the North due to the actions of certain individuals. Common reason got the better of us somehow, and we were unquestionably successful with the incalculable assistance of the North (the
records of the election outcomes attest to this.

We are seeing how, less than two years into his term, the North-President Bola Tinubu relationship—or rather, his administration—is rapidly deteriorating due to the words and actions of, regrettably, many members of the president’s tribe and geopolitical zone. Be honest.

“I’ve heard and read the haughty bluster and conceit of some individuals, whom I call political rabble-rousers, but I’m growing increasingly concerned every day as it continues to resemble a previously seen film.”

“I would like to remind some people that President Goodluck Ebele Jonathan’s administration’s performance—or lack thereof—was second only to his and his supporters’ attitude toward the North, which ultimately brought him down and, consequently, the PDP, which had declared it would rule Nigeria for 60 years.

Despite General Muhammadu Buhari Rtd’s popularity and the assembly of political heavyweights under the then-newly formed APC, one major factor that contributed to the defeat of former President Jonathan and the PDP in the 2015 presidential election was the underestimation of the North and the insults and disrespects directed towards it. This was especially the case under the then-first lady and was emphasized by elements from the South South geopolitical zone, especially his Ijaw kinsmen, many of whom had little to no political clout and were living full-time in the NICON and Sheraton hotels in Abuja at the time (with newly discovered free money).

Read Also: 1,000 PDP Groups Throw Weight Behind Senator Anyanwu As National Secretary

Ironically, many of these people had little to no influence over Jonathan’s win in 2011.

In his post titled “SOUTH WEST, TINUBU’S SUPPORTERS PLAYING WITH FIRE,” El-Rufai added, “Many of them actually forgot that it was the agitation by groups like the Save Nigeria Group (SNG), led by people like Pastor Tunde Bakare, Mallam Nasir El-Rufai, Mr. Yinka Odumakin (RIP), and co. that ultimately led to then-VP Goodluck Jonathan becoming the acting President in the first place after the incapacitation of former President Shehu Musa Yaradua (God rest his soul).”

1,000 PDP Groups Throw Weight Behind Senator Anyanwu As National Secretary

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***Warn Against Influence of Desperate Power Mongers

Over 1,000 groups within the People’s Democratic Party (PDP) have rallied behind Senator Samuel Anyanwu, reaffirming their support for him as the National Secretary of the party. This move comes amidst the ongoing leadership crisis within the PDP.

The PDP Youth Frontiers Network, representing progressive-minded youth groups within the party, made this known at a press briefing in Abuja to address the crisis.

They emphasised that Senator Anyanwu remains the legitimate National Secretary, and any attempt to remove him and replace him with Sunday Udeh-Okoye, Deputy National Secretary, is unacceptable.

In his address, national coordinator Hon. Henry Owolabi said PDP Governors’ Forum and the Board of Trustees (BoT) have overstepped their bounds by advising the National Working Committee (NWC) to swear in Udeh-Okoye as the National Secretary.

This decision, Owolabi argue, is at variance with the party’s constitution and ignores the fact that Senator Anyanwu was elected at a convention.

The group also pointed out that Senator Anyanwu has appealed the judgment at the Supreme Court, and therefore, the status quo should be maintained pending the determination of the substantive application.

They warned against the influence of desperate power mongers, stating that the actions of the Governors’ Forum and the BoT are “illegal, deliberately mischievous, and uncomplimentary” to the party.

The group also threatened to mobilize their members and supporters to block judicial premises and take civil actions if the warning is ignored.

Owolabi added: “We consider it an imperative and dire need of the hour that, as a Party we must begin by building consensus and form once more a united, formidable and strong Party, striving to preserve the PDP as a veritable platform for good governance in Nigeria and not continue in the path of self-interest, self-distraught, myopic divisiveness and pristine bickering which has not helped us but has become viable and fertile ground for the opposition to hatch inroads and poach into us destroying our very fabrics.

“We, therefore, join our voices and affirm unequivocal, unflinching and unwavering support and loyalty of our organization and that of all party supporters to the ideals of the party and by extension to the office of the National Secretary.

“That Senator Anyanwu remains the National Secretary and the attempt to remove him and replace him with a judiciary-imposed secretary, without any Congress or legitimate procedural ratification of any organ of the party is hereby totally rejected.

“We warn all detractors and perpetrators and indeed the Judiciary to steer clear of the internal workings of our great party and henceforth refrain from issuing illegal, baseless, porous, judgments that lack legal foundation and are immoral.

“We are poised to mobilize all our members and teeming supporters to block all judicial premises and ensure civil actions that will lead to compliance with this warning if it is flaunted.”

Unknown Assailants Kill Uber Driver, Leave Body on Lagos Road

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The terrible death of Yusfat Ayinde, a 42-year-old e-hailing driver, who was violently stabbed by unidentified attackers on Friday, has been mourned by the Lagos State chapter of the Amalgamated Union of App-Based Transporters of Nigeria.
Ayinde was on duty when he was ambushed, according to the union’s head, Jaiyesinmi Azeez, who confirmed the event to PUNCH Metro on Monday.
After arriving at the agreed-upon location after receiving a ride request via the e-hailing app, the driver was attacked by a gang of thugs, Azeez claimed.

He claimed that before escaping with his car, the attackers fatally stabbed Ayinde.
Comrade Yusfat Olawale Ayinde is our member and the administrator of the state’s Professional Chauffeur Association, he stated. He was brutally attacked by unknown attackers and tragically killed. Our investigation revealed that when Ayinde accepted a trip request via the e-hailing app, a gang of thugs ambushed him when he arrived at the agreed-upon spot. After killing Ayinda with a knife, the attackers took his car.

According to reports, before being transported to the morgue, his remains were left behind along Agidingbi Road in Ikeja.

Concerned about the security of e-hailing drivers, Azeez demanded that the industry implement more stringent security procedures.

He further said that in order to determine the facts behind the murder, the union has started an inquiry through its task force.

“The task force is currently collaborating with the family and other authorities to collect evidence and identify the app that was used to make the ride request,” he told the audience. An attempt is being made to find the attackers and prosecute them.

“The task force will work with law enforcement to improve the quality of the investigations and use technology to track the attackers.”

Other safety measures for e-hailing drivers, including as emergency response systems and heightened surveillance in high-risk locations, are being discussed, Azeez added.

“The union will keep up its support and make sure Ayinda’s family gets the help they need during this terrible time. The Auaton Lagos State Task Force is dedicated to making sure that justice is done and that actions are made to stop such incidents from happening again. As the inquiry continues, more updates will be given,” he said.

Read Also: Shettima: $1 Trillion Economy by 2030 Impossible Without Strong Foundation

A related issue is that David Segun, a 21-year-old US returnee, was detained by the Lagos State Police Command along with two other people for reportedly killing an Uber driver in the Obalende area.

While parading the suspects at the state command headquarters on January 12, Commissioner of Police Ishola Olanrewaju disclosed that on Thursday, January 9, at midnight, Segun and his accomplices, Emeka Akwara (19), Samuel Ariori (21), and Lukman Ariori (19), ordered an Uber ride from Chevron in Lekki to Obalende.

He claimed that after the culprits arrived in a desolate region of Obalende, they robbed the Uber driver and fatally stabbed him several times in the neck.

Shettima: $1 Trillion Economy by 2030 Impossible Without Strong Foundation

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Vice President Kashim Shettima has stated that a solid economic base must be a top goal in order to reach the government’s $1 trillion economy by 2030.
According to reports, Vice President Shettima stated that President Bola Tinubu was dedicated to economic reforms that promote inclusive growth and close the nation’s debt.
He made this declaration on Monday when he established the Presidential Committee on Economic and Financial Inclusion (PreCEFI), which is a component of the federal government’s 2030 trillion-dollar GDP goal.

His spokesperson, Stanley Knwocha, stated that private sector participants also signed an investment agreement at the event to supply the necessary infrastructure for the Aso Accord plan to fully operationalize.

The agreement is a fundamental component of the Tinubu administration’s plan to restructure the country’s economy, and it was signed on Thursday, April 25, 2024, at the State House Banquet Hall.

During the signing of the investment commitments and the inauguration event at the Presidential Villa in Abuja, the vice president urged all parties involved to back the government’s endeavor to close the financial gaps facing millions of unbanked individuals.

He asserts that Nigeria’s economic goals call for intelligent plans and methods motivated by our will to succeed rather than just optimism.

Without a solid basis, our goal of having a $1 trillion economy by 2030 would remain just a hope. Hope alone does not create dreams. “They are the culmination of intentional concepts and tactics, motivated by our ambition to succeed,” he stated.

Senator Shettima underlined the advancements since the Financial Inclusion Strategy was introduced in 2012, stating that as of 2023, inclusion rates have increased from 60.3% to 74%. However, she also pointed out that behind these numbers are untold tales of millions of people who are still unable to access the financial system.

“This investment is welcomed as a chance to boost our startups and MSMEs, generate employment, and move Nigeria closer to its 2030 economic goal of $1 trillion. This is not just one more government project. It is our national responsibility to close the economic gap and realize the full potential of our people; this is a higher calling.

Initiating this committee and formally committing to this investment strengthen President Tinubu’s commitment to an inclusive economy, which the National Economic Council (NEC) has supported.

We’re still committed to reducing the immediate consequences of economic reforms, increasing access to financing, and making sure that all Nigerians, regardless of location or social standing, are included in our narrative of economic progress. But the responsibility for this vision lies with everyone of us assembled here today,” he said.

Shettima also pointed out that particular regions, rural populations, women, youth, and micro, small, and medium-sized businesses (MSMEs) have all continued “to encounter institutional impediments that deny them.

The new Presidential Committee, he clarified, will function through a Technical Committee (TechCo) and Governance Committee (GovCo), with the assistance of an Implementation Secretariat.

Read Also: Tinubu’s Minister Keyamo Clears Air on 2027 Delta Governorship Ambition

This framework, the vice president continued, “ensures that our approach is not only robust but also adaptable to evolving challenges and opportunities in financial and economic inclusion.”

Leading a group of key investors dedicated to supplying the necessary infrastructure for the Aso Accord’s execution is IQS Africa in the interim.

Governors Wale Edun and Peter Mbah are dedicated to financial inclusion.
Peter Mbah, the governor of Enugu State, stated in a word of goodwill that financial and economic inclusion have been crucial to the state’s phenomenal rise in internally generated income and that the state government’s main goal is to grow the economy while keeping the weak and vulnerable in mind.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, stated in his remarks that the Ministry of Finance is still dedicated to the work given to the Presidential Committee and that it will be in charge of converting the Aso Accord’s vision into meaningful and practical reforms and initiatives.

Tinubu’s Minister Keyamo Clears Air on 2027 Delta Governorship Ambition

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Festus Keyamo, the Minister of Aviation and Aerospace Development, has confirmed that any campaign posters implying that he is running for governor of Delta State in the general elections of 2027 are not related to him.
In a statement issued Monday via Voke Oshasha, his Special Assistant on Political Matters, Keyamo called the posters “fake” and described them as an unsuccessful effort at blackmail by those seeking to control the Delta All Progressives Congress (APC) for personal gain.
It is speculated that as the 2027 election draws near, the minister may be assessing support within the APC.

According to the report, some stakeholders believe the posters may have been intended to confront Ovie Omo-Agege, the former deputy senate president who is also rumored to be interested in running for governor.
However, Keyamo disputed these notions, stressing that the posters are meant to misrepresent his and other Delta APC leaders’ attempts to create a more inclusive party rather than letting one individual control it.

“Our attention has been drawn to some fake posters circulating online, suggesting that the Minister of Aviation and Aerospace Development, Olorogun Festus Keyamo, SAN, is interested in running for Governor of Delta State in 2027 on the platform of the APC,” Oshasha stated in the statement.

“There is nothing that could be more untrue. For those who wish to use Delta APC as their personal property, this is cheap blackmail. Instead of leaving the party in the hands of one person, they want to sabotage the minister’s and other leaders’ sincere attempts to let all members freely engage.

Along with President Bola Ahmed Tinubu of NADECO, Mr. Keyamo has a long history of opposing injustice and military dictatorships. He is also unafraid to oppose civilian dictatorship.

In order to stop the party’s collapse in the state, he emphasized that the APC leaders in Delta have formed a strong coalition.

Read Also: Okanga & Best: A Model for Sibling Unity and Cooperation

For emphasis, nobody is shut out or excluded. The message is straightforward. Instead of kneeling in someone’s hamlet to create structures or plead for tickets, everyone must labor together. In Delta APC, democratic principles must be evident.

The statement further said, “The Minister will continue to work with others to accomplish these significant objectives despite all current blackmail attempts.”

Okanga & Best: A Model for Sibling Unity and Cooperation

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In a world where sibling rivalry and discord often make headlines, it’s refreshing to come across a story of two brothers who embody the true spirit of brotherly love and cooperation. Okanga and his younger brother Best are a shining example of how siblings can work together towards a common goal, supporting and uplifting each other every step of the way.
The bond between Okanga and Best is built on a foundation of mutual respect, trust, and a deep-seated desire to make a positive impact on humanity. Their symbiotic relationship is a beautiful thing to behold, with each brother playing to the other’s strengths and weaknesses. Okanga, the older brother, is the public face of their joint endeavours, while Best works tirelessly behind the scenes, providing the necessary support and guidance to ensure their shared vision becomes a reality.
Best is, without a doubt, the power house of Okanga’s administration. His selfless dedication and unwavering commitment to their common goal are a testament to the love and loyalty of a true brother. While Okanga may be the one in the spotlight, Best is the unsung hero who works day and night to ensure his brother’s success.
The 100% support that Okanga receives from Best is a rare and precious thing. In a world where jealousy and competition often drive siblings apart, Okanga and Best are a beacon of hope and inspiration. Their story shows us that with love, trust, and a shared sense of purpose, siblings can achieve great things together.
As we reflect on the remarkable bond between Okanga and Best, we are reminded of the importance of family, loyalty, and teamwork. Their story encourages us to nurture our own relationships with our siblings and to work together towards a common goal. By doing so, we can achieve great things and make a positive impact on the world around us.
Finally, Okanga and Best are a shining example of the transformative power of brotherly love and cooperation. Their story is a demonstration to the fact that when siblings work together towards a common goal, they can achieve greatness and make a lasting impact on humanity.

Why I Dragged Meta (Facebook) to Court – Femi Falana

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Femi Falana, a human rights attorney, claims that in order to demand accountability from social media corporations, he filed a lawsuit against Meta, Facebook’s parent company.
Falana allegedly sued Meta for falsely linking him to health care and requested $5 million.

During a Monday interview with Channels TV, Nigeria’s Senior Advocate advocate advocated for legislation to control social media.

Although he acknowledged that criticism was essential in a democracy, he pointed out that it was being abused.

In a democracy, criticism is essential, yet in some cases, people break the law, file a complaint, and possibly request a prompt resolution. Obviously, things have reached a point where we must reexamine the legislation.adverts.
It will be necessary for the government and lawmakers to examine the legislation. I’ve stated once more that I reject criminalization, but anyone is outraged can be granted access to civil remedies,” he said.

“Meta and its owner, Mark Zuckerberg, are not above the law,” Falana said in reference to his odds of winning the case against Meta.

Read Also:  NLC Raises Alarm: Governance Threatened as Governors Relocate to Abuja

“You are fighting a gigantic corporation, and sure, no one is above the law, therefore I’m really hopeful that you will win. In the UK, Lord Denning seems to have reiterated the idea that no matter how powerful you are, the law always has the upper hand. The goal is to make some of these groups take responsibility and examine their own functioning. It would cause enormous harm if you set up a forum where I could post anything I want.

He continued by saying that “by the time these organizations are forced to pay enormous sums, they will have to examine their system and have some built-in mechanism for check-making reckless publications.”