Connect with us

Business

CBN Faults ATM Charge Critics

Published

on

The Central Bank of Nigeria, CBN, has faulted critics of its N65 charge on use of Automated Teller Machine.
The apex bank in a statement last week said the policy won’t discourage its drive for financial inclusion.
The apex bank had last week issued a new directive for the reintroduction of the charge two years after it abolished the N100 per withdrawal fee.
It noted that instead of N100 per withdrawal, customers using other banks’ ATMs will from September 1, pay N65.
In the statement, the CBN said the measure was taken in order to ensure that ATMs across the country continue to function to the satisfaction of all bank customers.
The statement signed by the Director, Corporate Communications Department, Mr. Ibrahim Mu’azu said the N100 was never removed, noting that it was only transferred to customer’s bank to pay.
This, it added, was intended to encourage and promote the use of ATMs nationwide, noting that having sufficiently raised customers awareness, the first three “Remote-on-Us” transactions in a month are free.
It said, “The charge is not intended to discourage financial inclusion. The CBN will not endorse any anti-customer policy. Charging of fees on interbank networks is a widely acceptable practice globally.”
It said the reasons for ATM charges is to ensure that  customers get better services, increase healthy competition among the banks.
It also said transaction volumes at other banks’ ATM have increased astronomically due to the free Cash withdrawal at other banks’ ATM.
The wear and tear as well as the frequency of servicing the ATMs, it added have increased significantly.
It said, “Indeed, some Customers were beginning to abuse the use of ATMs through countless daily withdrawals. This development has led to increase in cash transactions, which negate the Bank’s Cash-less policy.
“ Maintaining ATM is expensive and it requires economic incentive for owners to deploy and maintain these machines. If a part of this cost goes unabated, the banks may be forced to reject transactions coming from their customers at another bank ATMs, thereby frustrating the interoperability of payment systems.”
The bank in the statement reassure the public that the long term interests and welfare of all bank customers remain the goal of all banking policies.

L-R: Chairman, Trade Union Congress (TUC), Rivers State Council, Mr Chika Onuegbu, National President, Association of Senior Civil Servants of Nigeria, Mr Bobboi Kaigama and former Chairman,TUC, Rivers State Council, Mr Jack Alaso, at a seminar on entrepreneurship development and pre-retirement in Port Harcourt last Thursday.

L-R: Chairman, Trade Union Congress (TUC), Rivers State Council, Mr Chika Onuegbu, National President, Association of Senior Civil Servants of Nigeria, Mr Bobboi Kaigama and former Chairman,TUC, Rivers State Council, Mr Jack Alaso, at a seminar on entrepreneurship development and pre-retirement in Port Harcourt last Thursday.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending