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Unauthorised Deductions: Take Erring Banks to Court, Unegbu Urges Customers

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Mr Okechukwu Unegbu, a former president, Chattered Institute of Bankers of Nigeria (CIBN), has urged bank customers to approach the courts if they observe irregular deductions from their accounts.

Unegbu, who is also a former managing director of the defunct Citizens International Bank, gave the advice in an interview on Sunday in Abuja.

He spoke against the backdrop of complaints by bank customers on unexplained, multiple deductions from their accounts.

According to him, the best thing is for customers to initiate court cases against such banks, even while accepting that the justice system is slow.

“That bothers them a lot. In one instance, I won a case against First Bank and and they paid damages.

”The only problem is that the judiciary is slow,” he said.

Unegbu said that the best way to sort such issues out would have been through the bank customers association, which was not active.

According to him, the banks can charge five Naira or N10 per transaction; people see it as small, so they just ignore.

“But when you consider that they have millions of customers that they take such charges from, you will know that it is a lot of money for them,” he said.

He said that there were Central Bank of Nigeria (CBN) guidelines on bank charges.

Unuegbu urged customers to take cognisance of the document and seek redress when they got charges outside the guidelines.

“That document explicitly states the legal charges that banks are entitled to from their customers.

“But most Nigerian banks charge much more than what is recommended, which is against all principles of banking.

”Such things do not happen abroad. And the problem is that most customers do not complain.

“If customers get such charges, they should start by writing to the banks to complain. Going to the bank physically might not yield any positive result.

“If customers can develop the habit of complaining, the banks will start learning,” he said.

He said that the CBN had a complaint desk for such issues, adding that the desk appears not to be very effective.

Meanwhile, findings from report revealed that there are charges approved by the apex bank across all banks in Nigeria.

According to the CBN guidelines, transactions below N5,000 will incur a maximum fee of N10; transfers between N5,000 and N50,000 will attract a charge of N25; and transfers beyond N50,000 will receive a charge of N50.

The guidelines state that account card maintenance cost has been eliminated because the accounts already have maintenance fees.

“Savings accounts will be charged a card maintenance cost of N50 every quarter rather than N50 every month.

“The annual card maintenance cost for cards denominated in foreign currency (FCY) has been reduced from 20 dollars to 10 dollars.

“There is no charge for Naira debit or credit cards linked to the current account.

“The fee for issuing a credit card is N1,000 (one-off charge), regardless of the type of card issued, whether premium or regular,” it said.

It said that the fee for reissuing lost or damaged cards (at the customer’s request) is N1,000 (one-off charge), while renewal fee when existing cards expire, was N1,000 (one-off charge).

“Monthly statements of account for current and savings accounts are required and are free of charge. Special statement of account request is a maximum N20 per page.

“SMS alert is mandatory. If a customer chooses not to receive SMS alerts, the consumer must provide the bank with an indemnity (for any damages that may occur as a result).

“There is no cost for receiving an email notification,” it said.

The CBN announced that any financial institution that violated any of the terms in the guidelines would be fined two million Naira per violation, or as the CBN may determine from time to time.

The bank advised customers to give deposit money banks at least two weeks to resolve any issues, failure of which it would intervene.

“If after lodging your complaint your bank still fails to engage you and resolve the complaint within two weeks, you have the right to escalate your complaint to the Consumer Protection Department (CPD) .

“Customers can contact the CPD by sending an email to cpd@cbn.gov.ng, contactcbn@cbn.gov.ng or call +234 7002255226. Customers can lodge a complaint directly on the CBN website,” it said. (NAN)

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British Charity Moves to Tackle Nigeria’s out-of-school Syndrome

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With Nigeria’s  out-of-school children figure still high at 18.3 million, an international charity has initiated fresh moves to tackle the syndrome.

The Ibironke Adeagbo Foundation (IAF), based in England, said it was determined to contribute significantly to tackling the crisis.

IAF had been campaigning for intensified efforts to tackle out-of-school syndrome in Nigeria, where UNICEF and UNESCO have reeled out huge figures of out-of-school children from year-to- year.

In a statement on Friday, the Founder of the foundation, Mrs Ibironke Adeagbo, said the fresh  initiative was to support the Renewed Hope Agenda of the Federal Government.

Adeagbo said the foundation was  working on what she described as a “roadmap” to be unveiled by the foundation this month to tackle the problem and salvage early-child education in Nigeria.

According to her, the foundation has come out in full force to support the Federal Government to overcome the syndrome.

“With over 18 million children out-of-school, Nigeria’s education landscape faces an unprecedented crisis.

“The nation’s economic and social future depends on our collective commitment to quality education,’’ the British-born Nigerian, who resides in London, said.

She said Nigeria’s education system was  grappling with challenges, including inadequate infrastructure and under-funding.

“The foundation is committed to driving actionable solutions at this point in time because we must secure a brighter future for our out-of-school children and Nigerian education in general.

“Education is the cornerstone of development and progress,” Adeagbo added.

Adeagbo disclosed that an international summit on education had been slated Nov. 26  to ignite discussions on how to over the challenge.

“We cannot afford to overlook the urgent needs of the education sector,” she said.

She said that the summit tagged: “Street to School: A Tech-Based Solution to Address Nigeria’s Education Crisis’’ would ignite critical discussions that would lead to substantial and measurable changes in Nigeria’s education landscape.

Adeagbo  called on the Federal Government to increase budgetary allocation to education in line with UNESCO’s recommendation of  15 per cent to 20 per cent of the total budget.

She also called for strengthening of partnerships with civil society groups to fund educational initiatives aimed at tackling various problems in the education sector, especially the out-of-school challenge.

Adeagbo said that Nigeria should implement initiatives targeted specifically at marginalised groups, including girls, children with disabilities and those from low-income families.

The IAF founder stressed the need for the government to utilise technology to boost learning opportunities, especially in remote communities and unserved areas.

Adeagbo added that Nigeria should give priority attention to training of teachers to equip them with skills to deliver quality education.

“We believe that Nigeria can establish a sustainable and inclusive educational framework that will leave no child behind,’’ she stated.

Report says that insecurity caused by terrorism, banditry and kidnapping plaguing Nigeria for years, contributed much to out-of-school syndrome in the country.

However, the Federal Government has been fighting to stamp out the negative activities to allow children to have unrestricted access to the classrooms. (NAN)

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KDSG to Spend N93bn to Bolster Water Supply

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The Kaduna State Government plans to spend N93 billion over four years for the rehabilitation of the water sector in four tranches to address the neglect the sector has suffered over the past 10 years.

Ibrahim Hamza, the Commissioner for Public Works and Infrastructure, disclosed this during a press briefing on Friday in Kaduna.

Hamza said that Gov.

Uba Sani has directed the payment of all outstanding salaries and wages to the staff of the Kaduna State Water Corporation (KADSWAC), amounting to N800 million.

He further disclosed that the staff of the corporation would be put back on the state’s payroll until 2027 when it must have fully stabilised to run as a commercial entity.

The commissioner recalled that the Governor had declared a state of emergency in the water sector three months ago.

Hamza said , ” This led to the appointment of Kabir Rufai as the substantive Managing Director of KADSWAC.

”The corporation will collaborate with the local governments to maintain generator operations.

”This will strengthen existing water laws to support corporate employment policy.”

He said that the state was investing heavily in the rehabilitation and retrofitting of all water treatment plants and distribution mains, with an emphasis on sanitation and hygiene

Hamza said, “The N93 billion will be invested in four installments, starting with N17 billion this year.

“N35 billion will be invested next year, N30 billion will be invested in 2026 and N11 billion will be invested in 2027.” (NAN)

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Let’s Fix PDP to Fix Nigeria, Says Makinde

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By Johnson Eyiangho, Abuja

The Governor of Oyo State, Seyi Makinde has called on members of the Peoples Democratic Party (PDP) to fix the internal crisis in the party as the PDP is capable of fixing the country.Makinde, who spoke yesterday at the inauguration of the Board of Governors and Unveiling of Roadmap for the Peoples Democratic Institute (PDI), said that as the nation approaches 2027 for another general election, it was clear that the PDP has the capacity to provide direction for Nigerians.

The Oyo State Governor, who was the special guest at the occasion, asked rhetorically, “What would you want to be remembered for? This is a question every politician who has had to serve at any capacity in our great nation should ask themselves.
Because players would come and go.”The situation is so dynamic, but you have to be remembered for something.”From 2019, I’ve been benefitting from PDP. So, I want to say thank you to our great party, and all the stakeholders gathered here today, for giving me the opportunity to get not one, but two mandates, back to back, under this umbrella.”The only thing I can promise you is that since I have fetched water from that well I have been drinking since 2019, I will not pollute the well when it is time for me to exit that position.”The journey to this day has not been all smooth, but I’m thankful that we are able to overcome all the obstacles along the way.”On the PDI, Makinde said that with inauguration of the institute Board of Governors, the PDP is moving a step closer to defining the ideology that the party stands for, and cementing what the party as a whole will want to be remembered for.He said, “Let me especially thank all the people that are members of the party that has put aside grievances, and played a role in the re-establishment and revitalisation of the PDI” recalling that the institute was formed during the administration of President Olusegun Obasanjo.”So, one will take a pause and say okay, what happened during the 16 years of PDI in power nationally? “You can see that with the PDI, there is a pivotal rule, and during those years, we can rightly refer to as the golden years, because since we are working through the plan, we got debt forgiveness, we were interacting with everybody around the world, we were not in pariah relations,” he said.He called on members to rally round the party and set aside their differences, saying there was need for true reconciliation and unity to wrestle power from the APC in Ondo State, whose governorship election has been slated for November 16, 2024.In his contribution, former Senate President, Dr. Bukola Saraki, noted that parties are built on ideas, philosophies and policies, stressing the need to move away from building ideas on self and ambition.Sakari said: “We cannot have an ambition if we don’t have a party. We cannot have a party if we don’t have ideas. This is where it starts from. This is the foundation that is important. “Let us desist from talking about who is running for councillor, or who is running for governor, or who is running for president in 2027. Let us talk about what PDP is. What does PDP represent? What are the issues and policies that we must take into account?”This is what is important for us. This is what Nigerians outside want to know. This is what is important.”Earlier the Acting National Chairman of the PDP, Amb Umar Damagum ,who was represented by the party’s National Organising Secretary, Hon. Umar Bature, said there needed to reposition and unite the party to play its opposition role.

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