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CBN Warns Customers Against Fake Products, Services

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11 years ago

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The Central Bank of Nigeria
(CBN) has appealed to customers of banks in the country to be critical of products and services presented by the banking community.
A Deputy Manager of the apex bank, Mrs Ifechukwu Chiobi, made the appeal in Enugu during a Consumer Sensitisation Workshop on Financial Literacy organised by the CBN.
She said the banking environment was awash with products and services that could be misleading.
She added that customers needed to make informed choices before dabbling into any of such services.
“The relationship between banks and customers is contractual under the law and you will be held responsible for certain actions you take.
“As customers, you are not to allow infringements on your rights and you will be held responsible for certain actions you take,” she said.
Chiobi, who spoke on “Rights and Duties of Bank Customers”, said that it was the duty of customers to get detailed information on available services.
“So, you need to ask indepth questions before going in for any product or service no matter how stupid your banker thinks such questions are.
“Such products or services may have hidden clauses which you may not have seen and they will turn back to haunt you in the future.
“You have the right to choose what you want and if you choose wrongly you will regret it,” she said.
Chiobi said that the CBN was poised to protect customers from undue exploitation by their banks.
Meanwhile, the Director, Consumer Protection Department of the apex bank, Hajiya Umma Dutse, said the financial inclusion policy of the CBN was a major factor to economic growth.
Dutse, who was represented by Hajiya Khadijat Kasim, said that the policy was aimed at making Nigeria one of the top 20 economies of the world by the year 2020.
“A major component of this strategy is the Financial System Strategy 2020, geared towards ensuring stability,” she said.
She said the CBN hosted a meeting of regulators from 20 developing economies in 2011 and made commitments to reduce the number of Nigerians excluded from the formal financial system.
“This idea to reduce the number of those excluded from the system from 46.3 per cent to 20 per cent by the year 2020 resulted in the launch of the National Financial Inclusion Strategy (NFIS),” she said.
Dutse said that the NFIS placed priority on financial literacy by bank customers.

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Kenyan Runners Dominate Berlin Marathons

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3 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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3 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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3 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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