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General News

SEAMATA Petitions CBN on Multiple Charges, Deductions by Banks

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Igbo traders under the auspices of the South East Amalgamated Markets Traders Association (SEAMATA) has sent a Save Our Souls (SOS) to the Central Bank of Nigeria (CBN) lamenting of multiple and indiscriminate charges and deductions on customers by commercial banks in the country.

SEAMATA Petitions CBN on Multiple Charges, Deductions by Banks

In an open letter addressed to Dr Godwin Emefiele, governor, CBN, the traders complained that the financial oppression depositors and account operators were going through have become unbearable.

SEAMATA said, “We are directed to formally bring to your notice the indiscriminate act of financial oppression which our members and all depositors and operators of bank accounts experience on a daily basis from commercial banks through indiscriminate charges and deductions.”

It said that most of the transactions are the social responsibility of the banks, adding that the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

According to the traders, most of the transactions the banks charge the customers were the social responsibility of the banks, decrying that the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

SEAMATA’s letter which was signed by Chief Gozie Akudolu and Mr Alex Okwudiri, president-general and secretary respectively, reads in part, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same and perform such other transactions for and as directed by the customer through various bank instruments.

“Most of the transactions, we also know, are the social responsibility of the banks. But today, the banks make deductions and charges for virtually every transaction ranging from deposits to even confirmation of signature.

“The cashless economy policy of the CBN has been of immense benefits to our members especially as it curtailed to the barest minimum armed robbery attacks of our members, leading to loss of fortunes and even lives. However, today, nobody carries huge cash again on business trips.

“The commercial banks are turning themselves into becoming “sippers” to bank customers through the indiscriminate charges and deductions especially in online transactions.

“When a customer makes an online transfer of funds, the transferor is charged a certain amount of money deducted from his/her account and the recipient’s account is also charged and deductions made for receiving the money.

“In addition, charges and deductions are also made for SMS, which most of the time were not received. Finally, at intervals, charges and deductions will be made on the same account as the service charges.

“Sir, the banks are pressing our necks real hard and we are financially choking. Our members had individually approached the banks to complain but without success.

“Our only alternative is to bring our plight and indeed, the plight of all bank customers to your knowledge and most humbly and respectfully appeal that you prevail on the banks to please have compassion on the customers and stop forthwith the indiscriminate charges and deductions and if possible, refund all the deductions.

“The association has decided to go through your office for the resolution of this matter instead of besieging the bank offices with protesters which is far from what our nation needs now.”

While commending the CBN boss for good works in the proper management of the nation’s monetary policy and regulation of the operations of the commercial banks in the country, the Igbo traders expressed their strong belief in his ability, strong commitment and will-power in the successful resolution of their complaint.


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General News

Nigerian Tech Prodigy sets World Record with Smallest GPS Tracker

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Young Nigerian tech genius, Oluwatobi Oyinlola, has developed the world’s smallest GPS tracking device, a prototype measuring just 22.93 x 11.92 mm.

Recognised by the Guinness World Records, the device was created at the prestigious Massachusetts Institute of Technology (MIT), USA, on April 27, where he is employed as a researcher.

It has been hailed for its potential across industries, from logistics and personal safety to medical devices and wildlife monitoring.

Nigeria’s President Bola Ahmed Tinubu celebrated the feat in a post on X, praising Oyinlola for showcasing the ingenuity of the West African country’s youth. “You have just shown the world that Nigerian youth can!” he wrote.

Adding to the accolades, Minister of Communications, Innovation and Digital Economy, Bosun Tijani, lauded the innovation as a symbol of national pride and technological potential.

He commended Oyinlola’s journey, noting his early support for the young inventor’s IoT startup. “Long before this global recognition, I had the privilege of backing Oluwatobi. His journey, now continuing at MIT, is a powerful reminder of the extraordinary potential of our people,” Tijani said.

The prototype not only marks a leap in miniaturised technology but also highlights Nigeria’s growing footprint in global innovation. Bosun added that as Nigeria intensifies efforts to nurture homegrown tech talent, Oyinlola’s success is a beacon for the next generation of innovators.

“The world is only beginning to see what you’re capable of,” said the Minister.

 

 


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General News

Africa Looks to Solar Amid Electricity Challenges

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Africa is becoming a global hub for solar energy development. The commercial and industrial sectors are driving this trend, with photovoltaic systems being installed on-site at businesses, educational institutions, and government facilities to meet energy demands.

This is according to CBi-electric: low voltage, which manufactures and supplies low voltage electrical distribution, protection, and control equipment.

2.5 gigawatts-peak (GWp) of solar capacity was built across Africa in 2024, with 194.34 GWp expected in 2025, according to the company.

Dr. Andrew Dickson, engineering executive of CBi-electric: low voltage, outlines how several reasons are hastening the continent’s transition to solar. “Energy poverty remains a major issue across Africa, with reliable grid electricity reaching only 14% of Zimbabweans, for example.”

He goes on to say that inconsistent power supply is another significant contributor, stating that “Persistent nationwide blackouts are affecting countries like Botswana, disrupting day-to-day operations. And in hydro-electric dependent countries such as Zambia, climate change is reducing water levels, leading to lower electricity generation and higher prices.”

Dickson believes that strategic system design and management are critical to realising the full potential of solar energy on the continent.

He said: “As Africa’s solar energy market continues to expand in 2025, organisations have an opportunity to capitalise on its long-term benefits. With the right technologies and safeguards in place, solar is not only a clean energy solution it’s a strategic asset that pays off.

“By combining surge protection, DC breakers, and monitoring tools, businesses can reduce unexpected costs, minimise downtime, and extend the life of their investment.”


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General News

Nigeria Trains 200,000 Citizens in AI to Drive Innovation and Sustainability

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Federal Government of Nigeria has launched a major initiative to train over 200,000 Nigerians in Artificial Intelligence (AI) and other emerging technologies, aiming to build a digitally skilled workforce and position Nigeria as a continental leader in AI-driven innovation.

The announcement was made by Chief Uche Nnaji, Minister of Innovation, Science, and Technology, during the 10th Annual Symposium and Awards of the American Chemical Society (ACS), Nigeria International Chemical Sciences Chapter, held at the National Open University of Nigeria (NOUN) in Abuja.

AI’s Role in Sustainability and Economic Growth

Chief Nnaji, represented by Dr. Patricks Oghuma, Special Assistant to the Minister, emphasized the transformative power of AI, particularly when integrated with chemistry to address sustainability challenges.

“We are at the intersection of a revolution where artificial intelligence and chemistry converge to create new frontiers,” he stated. “This powerful synergy offers a vision of the future where innovation and sustainability work hand in hand”.

He also highlighted the gap between scientific research and real-world application, stressing the need for transformational research that directly solves real-world problems through AI.

Academic and Industry Collaboration

The Vice-Chancellor of NOUN, Prof. Olufemi Peters, echoed the Minister’s sentiments, noting that AI’s ability to model, predict, and optimize is vital for reducing waste, conserving energy, and enhancing chemical processes.

“At NOUN, we remain committed to providing accessible, technology-enhanced education that directly addresses national and global challenges,” Prof. Peters said.

The symposium gathered key stakeholders in science, technology, and academia, focusing on leveraging AI to drive sustainable solutions and calling for stronger collaboration between research institutions, industry, and government.

Building a Knowledge-Driven Economy

Prof. Edu Inam, Chair of the ACS Nigeria Chapter, reinforced the society’s commitment to research mentorship and student engagement, noting that ACS continues to host campus events and outreach programs aimed at nurturing young scientific minds.

The initiative is expected to accelerate Nigeria’s AI adoption, fostering economic growth, sustainability, and technological advancement across multiple sectors.


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