E-Financial
CBN Warns Banks against Excess Charges, Illegal Debits
Central Bank of Nigeria (CBN) has warned banks in Nigeria to desist from multiple and indiscriminate charges and debits on customers’ accounts.
The apex bank also asked affected customers to apply for redress.
Mr. Osita Nwanisobi, spokesman for CBN, advised aggrieved bank customers to contact the CBN, promising that the apex bank would ensure that customers get redress on issues of excess charges and unauthorised withdrawals.
Nwanisobi was responding to an avalanche of complaints on social media, where many customers complained that they were at one point or the other shortchanged by some commercial banks through unauthorised debits from their accounts.
On Friday, some of them expressed their frustration over the failure of the affected banks to resolve the issues, prompting the affected customers to cause a stir on social media.
“Guys, there’s a high level of coordinated fraud in the banking sector right now. So many customers are getting debited from their accounts and banks are claiming it’s PoS transactions even from accounts that barely use their cards. These funds are not being reverted,” a Twitter user wrote.
According to another aggrieved bank customer, “Banks are not having explanations for these debits and unauthorised transactions. Banks are not safeguarding these funds. They are encouraging the fraud and nobody is talking about it. If you have a debit card, your money is not safe.”
A customer by the name Arakunrin Anu alleged that he lost N39,000 in one of the banks, adding that when he “went to the bank to complain, they said it was a PoS transaction, which was not initiated by me or anyone, I stay alone and don’t move about with my card.”
Another customer, Mr. Ukeh, a Sunday school teacher, alleged that one of the banks removed N10,000 from his cousin’s account for a supposed PoS transaction which he said he never authorised.
“He went to the bank to fight, I mean physically fistfight, and in less than 12hours it was reversed,” he stated.
However, the apex bank’s spokesperson, according to TheCable, explained that the CBN has since issued a circular on its website, showing all legitimate bank charges.
He added that any charge outside what is stated in the circular is not allowed.
“What you should be asking them (bank customers) is if they have reported those incidents to the CBN. We work based on the information we receive,” Nwanisobi said.
“We have channels; we have educated them; we have said that you have the right to complain if you get debited. We have written on our website about the cost of bank charges. If anybody is charging you more than what you see, what do you do?
“You need to report to CBN and we will take it up. Anytime we have done sensitisation, we showed them, in concrete terms, the amount we have recovered from banks and sent back to individuals.
“Customers should report to the CBN. We have channels; we have email addresses where they can reach us. That’s what they should do.”
Meanwhile, the CBN advised customers to allow deposit money banks to resolve their complaints within two weeks.
“If after lodging your complaint your Bank still fails to engage you and resolve the complaint within two weeks as provided for in the ATM HELP DESK Circular, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN,” the apex bank said.
The apex financial regulator said customers can contact the CPD by sending an email to cpd@cbn.gov.ng, contactcbn@cbn.gov.ng, or call +234 7002255226.
Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
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