Connect with us

Business

CBN To Audit E-payment System, Watchlists 572 Bank Customers

Published

on

The Central Bank of Nigeria, CBN, has said it will soon audit the nation’s payment system in order to cope with future growth in electronic banking transactions.

The audit follows the challenges and widespread transaction failure experienced by bank customers due to the spike in the number of e-payment transactions during the naira redesign programme.

Advertisement

Meanwhile, the apex has placed an e-payment ban on the Biometric Verification Number, BVN, of 572 bank customers for fraud related issues.

Deputy Director, Payment System Department, CBN, Adewuyi Adeyemi disclosed this at the 34th CBN seminar for finance correspondents and business editors in Calabar, Cross Rivers State.

READ ALSO: CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide

Advertisement

He said: “In the last four years we have had a spike in transactions twice. First time was during COVID and January this year, during the currency redesign. Actually there are advantages and disadvantages to that spike in volume.

“During the COVID, we had Payment System Vision, PSV 2020, where we were trying to drive e-payment adoption across many sectors of the economy. COVID actually pushed the bar because our target for e-payment transactions was actually exceeded.

“The same thing happened this year. I can say we were actually not ready for the spike in volume we experienced during the naira redesign. That is one of the reasons why we decided internally that this year we should actually conduct an infrastructure audit based on the principle of Financial Market Infrastructure which is an international standard.

Advertisement

“We have done it before. It was part of the PSV 2020. We did it in 2018. So we know how to do it. We are not doing it as CBN. We are actually hiring a foreign consultant to do it to ensure there is no bias.

READ ALSO: Dormant Accounts: CBN Slams N2m Fine On Erring Banks

“The audit will give us an opportunity to benchmark our maturity level against international standards. That way we will be able to identify gaps in our infrastructure that we need to close if you really want to be there.”

Advertisement

Meanwhile, Adeyemi also disclosed that CBN has placed an e-payment ban on the BVN of 572 bank customers due to fraud related issues.

Adeyemi further explained that the BVN of the 572 customers have been placed on watchlist, which means they have been banned from the e-payment system and can only conduct banking transactions by visiting the bank branch where their account is domiciled.
VANGUARD

 

Advertisement

Business

Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

Published

on

Human rights activist Femi Falana, SAN, has lamented that fuel taken from Dangote is cheaper in Togo than in Nigeria.

Falana expressed his concerns on Sunday while responding to questions in an interview on Politics Today, a programme on Channels Television.

Advertisement

He urged the federal government to review the proposed 5 per cent fuel surcharge and ensure that further hardship is not imposed on Nigerians.

READ ALSO:Dangote Refinery Reduces Fuel Price Nationwide, Provides Update On Petrol Distribution

“I guess the government wants to go back to the drawing table and ensure that it is not accused of multiple taxes or double taxation because consumers will pay VAT for buying fuel. They will now put an additional 5 per cent tax.

Advertisement

“I think this is what Nigerians are complaining about. And from what we just read today is that the Dangote fuel taken from Nigeria is now cheaper in Togo than in Nigeria I think about 65 naira.

“So, the government will have to review these developments (the proposed 5 per cent fuel surcharge) and ensure more hardship is not imposed on Nigerians,” he said.

Advertisement
Continue Reading

Business

Falana Reveals Those Behind Subsidy Removal

Published

on

A Senior Advocate of Nigeria, Femi Falana, has once again criticised President Bola Tinubu’s removal of the fuel subsidy.

Speaking in an interview on Sunday’s Politics, a programme on Channels Television, the human rights activist stated that no country in the world has completely abolished subsidies.

Advertisement

“There’s no way you can remove subsidy completely. No country in the entire world has abolished subsidies completely.

READ ALSO:Tinubu Subsidises Kidney Dialysis Cost By 76% In Federal Hospitals

Even leading Western countries like the United States, the United Kingdom, France and others subsidise electricity, agriculture, and many aspects of the lives of their people.

Advertisement

“So, when the Nigerian Government said it was removing subsidies, as a matter of fact, if I must say this, it was the World Bank and the International Monetary Fund, IMF, that insisted that the government must remove all subsidies,” he said.

Advertisement
Continue Reading

Business

‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

Published

on

The decision of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn Nigerians against accepting Dangote Refinery’s recent fuel price reduction has drawn heavy backlash on social media, with many citizens mocking the union and embracing what they described as “much-needed relief.”

Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to reduce logistics costs.

Advertisement

But NUPENG dismissed the offer as a “Greek gift,” alleging that the refinery was undermining workers’ rights, sidelining the union, and pushing drivers into a rival association.

However, netizens have lambasted the union, querying that during hard times, NUPENG has never supported the masses.

On X (formerly Twitter), Nigerians quickly turned NUPENG’s warning into a trending topic, using humour and sarcasm to lampoon the union.

Advertisement

READ ALSO:NUPENG Accuses Dangote Of Breaching Agreement, Says Nationwide Strike Inevitable

Oloye Somorin Osifeso (@OloyeSomorin) wrote: “We like Greek gifts in my garage.”

Just Jude (@JustJude) asked bluntly: “Is it your deception?”

Advertisement

Oladele (@Oladele) quipped: “As Dangote Refinery dey offer Nigerians Greek gift, why can’t NUPENG too offer Nigerians French gift?”

Agbalaka (@Agbalaka) queried: “Can they tell Nigerians what exactly they are fighting about?”

CBN Gov Akinsola (@Akinsola) joked: “Then give us Trojan gift now 😆. Man do man. Man no go vex.”

Advertisement

Omobalaji (@Omobalaji) teased: “NUPENG, oya surprise us with Arabian gifts.”

READ ALSO:Union Gloves vs Corporate Fists: The Dangote–NUPENG Showdown

Habdulakeem Bahdmus (@BahdmusHabdulakeem) added: “If Dangote is showering Nigerians with Greek gift, NUPENG can also set up a Roman gift now.”

Advertisement

Femi Yekinni (@FemiYekinni) steered it back to reality: “We thank them for their advice. Now, @DangoteGroup pls how do we schedule deliveries to Badagry?”

Curtis Abbi (@CurtisAbbi) slammed the union: “Nigerians will manage the Greek gift. @officialNUPENG9, what gift have you given Nigerians in your entire years of existence? NUPENG should offer Nigerians their own Somalian gift 🤣.”

Akin Adejola (@AkinAdejola) echoed the sentiment: “LOL. I can bet Nigerians don’t mind the gift. NUPENG should gift Nigerians same ‘Greek gift’ too if they have any goodwill. NUPENG is the enemy of progress in the oil & gas sector.”

Advertisement

READ ALSO:NUPENG Tanker Drivers Announce Strike Over CNG Trucks Dispute

Adeola Akinwande (@adeolarewaju9) criticised union leaders: “Does NUPENG remember Nigerians at hard times? They have all failed Nigerians the same way the @NLCHeadquarters has failed. They are living big on unionism and cashing out big time. Without unionism, some of their excos are nobody. They should stop the crocodile tears.”

Okunwa U. U. Azikiwe (@OkunwaUUazikiwe) argued: “Competition has created jealousy by the previous monopoly in the sale of fuel. They have lost control, and it is paining them that they are no longer in control. SMH!!!”

Advertisement

Solihull Abdulkareem (@SolihullAbdul) chipped in: “NUPENG or whatever, do you want the market to be monopoly? You’ve been doing what you want for many years. It’s time for change, just accept it and move forward.”

Temidayo (@Temidayo) asked: “It’s a lie. What benefits has your union provided for Nigerians? Middlemen syndrome has been room for corruption. Your association should go and buy shares in Dangote and work together to make Nigeria great.”

And LegalTech Sam Akanbi (@SamAkanbi) summed up: “Nigerians no longer want your Nigerian gift, we want the Greek gift. If you have a better offer, we’d abandon Dangote’s Greek gift and take yours. But for now, let the Greek gift go round.”

Advertisement

READ ALSO:NUPENG Mobilises Tanker Drivers, Petrol Attendants, Others For October 3 Strike

Recall that NUPENG earlier alleged that Dangote Refinery was forcing truck drivers to abandon its union for a rival group, the Direct Trucking Company Drivers Association (DTCDA).

The union also accused Dangote of undermining collective bargaining rights and violating a Memorandum of Understanding (MoU) signed under government supervision.

Advertisement

Dangote, however, denies the claims, insisting that union membership remains voluntary and that its delivery scheme is designed to cut costs and ease supply.

The federal government has intervened, with the Ministry of Labour and the Department of State Services mediating between both parties.

Advertisement
Continue Reading

Trending