Business

Customers Fault First Bank Over Frequent Debits

Published

1 year ago

September 30, 2024

Some customers of First Bank Plc have taken to social media to drag the bank over what they described as unnecessary debits from the money-keeping giant.

In several reactions on their Facebook page, @First Bank of Nigeria Limited on Sunday, the customers expressed their frustration over uncountable debits from the bank in the last two weeks.

One of the customers, Udoh Blessing, who reacted to the bank’s latest post on how to access quick loans wrote, “I’ve been noticing debit alerts this day saying it’s for QS with some digit including my phone number/MTN: USSD Something Something. What’s that for please cos I didn’t recharge via the line and keep receiving debit alerts of #200, 139, 34, 100 and so on. It’s getting out of hand o please”

Another customer, Esther Maurice who narrated her frustration commented “Please oh First Bank of Nigeria, what is t[tps_header][/tps_header]he Meaning of MTN: USSD and so on Debit.? Cause I’m going crazy here. I’ve been debited more than 10 times this month, what is it all about? It’s becoming unbearable oh. Is it now bank that we will be suffering in this country.?”

“Please first bank of Nigeria what is going on? I keep getting debits regularly what is going on I can’t keep money in my account and have the rest of my mind. Someone sent me 1,500 only for me to come back the next day and my balance is remaining 900 out of the money sent. Is not fair, you people should look into it” Irreplaceable Gichi commented.

On his part, Stephen Ochoche wrote “First Bank of Nigeria Limited I was debited 4 times within two weeks without making transactions. This issue is becoming worse and it seems our funds are no longer safe”

“This day I am receiving a reasonable debit alert from you. I need more clarity please” Ali Muhammad requested.

However, the bank while responding to each of the comments that lamented over the frequent debit urged their customers to check their Direct message (DM) for the bank’s response.

The PUNCH correspondent who monitored the conversation gathered that the financial giant replied to their customers within two minutes of complaining on their page with a message which reads, “Hi (name of customer), thank you for contacting us and we empathise with you on the issue raised.

“Please provide your account number, amount, and date to enable us to query and advise as appropriate. We regret any inconvenience this may have caused you while reiterating our commitment to serve you better.

“For urgent assistance, log dispense error via https://complaints.firstbanknigeria.com or call FirstContact on 0700FIRSTCONTACT, +234 708 062 5000 or +234 2 01448 5500 to use our IVR self-service options to block your card or account, log dispense errors or track status of existing complaints.”

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

10 hours ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

10 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

1 day ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.