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SERAP To Court: Stop CBN From ‘Implementing ‘Unlawful, Unjust ATM Fee Hike’

Published

8 months ago

February 23, 2025

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.”

The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.

In the suit number FHC/L/CS/344/2025 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to determine “whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.”

SERAP is asking the court for “a declaration that the decision by the CBN to increase ATM transaction fees is arbitrary, unfair, unreasonable and contrary to the provisions of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018, which is binding on the CBN.”

SERAP is seeking “an order of interim injunction restraining the CBN, its officers, agents, associates or any other persons acting on its directive or instructions from enforcing and giving effect to the decision, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed in this suit.”

In the suit, SERAP is arguing that: “The increase cannot be justified under the Nigerian Constitution 1999 [as amended], the CBN Act, Federal Competition and Consumer Protection Act, and the country’s international human rights obligations.”

SERAP is also arguing that, “The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased ATM fees.”

According to SERAP, “The patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees also inherently contributes to violations of the human rights of socially and economically Nigerians.”

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “The CBN is compromising its stated mission to advance the management of the country’s economy, and ultimately, sustainable development.”

“The CBN is also failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act and the country’s international human rights obligations in the exercise of its statutory powers and functions.”

“The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public.”

“CBN policies should not be skewed against poor Nigerians and heavily in favour of banks that continue to declare trillions of naira in profits mostly at the expense of their customers. The increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuses.”

“Imposing exorbitant ATM transaction fees on socially and economically vulnerable Nigerians at a time several Nigerian banks are declaring trillions of naira in profits yearly is manifestly unfair, unreasonable and unjust.”

“The CBN through a Circular to all banks and other financial institutions dated February 10 2025 stated that it has reviewed and increased the ATM transaction fees prescribed in section 10(7) of the CBN Guide to Charges by Bank, Other Financial and Non-Bank Financial Institutions 2020.”

“Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018 provides that the objectives of the Act are to ‘protect and promote the interests and welfare of consumers’ and ‘prohibit restrictive or unfair business practices’ such as the exorbitant and unreasonable increase in ATM transaction fees by the CBN.”

“The provisions of the Federal Competition and Consumer Protection Act are directly binding on the CBN, as the provisions constrain the exercise of the statutory powers and functions of the institution.”

“Section 2(1) of the Act provides that its provisions ‘apply to all undertakings [such as the CBN] and scope of application to all commercial activities within Nigeria.”

“Section 2(2) provides that: ‘This Act is binding upon- (a) a body corporate or agency of the Government; (b) a body corporate; (c) all commercial activities aimed at making profit and geared towards the satisfaction of demand from the public.’”

“According to section 70(1) of the Act, ‘For the purpose of this Act, an undertaking [such as the CBN] is considered to be in a dominant position if it is able to act without taking account of the reaction of its customers or consumers.’”

“The Act prohibits abuse of dominant position by the CBN including charging excessive ATM transaction fees to the detriment of consumers.”

“Section 104 of the of the Act asserts the supremacy of the Act over ‘the provisions of any other law’, such as the CBN Act. The only exception to the provision is the Nigerian Constitution 1999 [as amended].”

“Section 127(1) of the Act also prohibits the CBN from making any policy or providing “any services at a price that is manifestly unfair, unreasonable or unjust.”

SERAP is therefore asking the court for the following reliefs:

A DECLARATION that the decision by the Defendant in upwardly reviewing and increasing ATM Transaction Fees, as contained in the Defendant’s circular dated 10th February 2025 is arbitrary, unfair, unreasonable, unjust and a dis-service to the consumers of the services rendered by Banks, Other Financial and Non-Bank Financial Institutions in Nigeria, and ultimately in breach of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018.

A DECLARATION that by the combined provisions of section 1 (c) and (d), 104, 105 and 127 (1) of the Federal Competition and Consumer Protection Act 2018, section 42(1) (a) of the Central Bank of Nigeria Act 2007 and section 10.7 of the Central Bank of Nigeria Guide to Charges by Banks, Other Financial and Non-Bank Financial Institution 2020, the Defendant cannot unilaterally increase ATM Transaction Fees without the consent of the Federal Competition and Consumer Protection Commission (FCCPC).

AN ORDER setting aside the Defendant’s circular dated 10th February 2025 and published on 11th February 2025, with reference number FPR/DIR/GEN/CIR/001/002, directed to all Banks and Other Financial Institutions for being arbitrary, unfair, unreasonable, unjust and a breach of the provisions of sections 1 (c) and (d), 104 and 127 (1) of the Federal Competition and Consumer Protection Act 2018.

AN ORDER restraining the Defendant, including its agents, assigns, privies and or representatives or such other persons acting on its behalf, and all Banks, Other Financial and Non-Bank Financial Institutions in Nigeria from implementing and/or enforcing the decision of the Defendant.

AND FOR SUCH FURTHER ORDER(S) that the Honourable Court may deem fit to make in the circumstance of this suit.

No date has been fixed for the hearing of the interim application and the substantive suit.

News

ASUU Declares Two-week Strike, Orders Members To Down Tools On Monday

Published

1 hour ago

October 12, 2025

Editor

The Academic Staff Union of Universities (ASUU) has announced the commencement of a two-week ‘total strike’ and ordered its members to withdraw their services across the country, effective 12:01 a.m. on Monday.

ASUU President, Prof. Christopher Piwuna, disclosed this at a press conference in Abuja on Sunday.

The development comes after the two-week ultimatum issued to the Federal Government to address their long-standing demands expired.

Prof. Piwuna expressed dismay that nothing significant had happened since it issued the two-week ultimatum. “Government has been asking for time with nothing concrete on the ground to resolve it,” he said.

According to him, the decision to embark on the total strike was reached after several rounds of meetings with government representatives ended without any tangible commitment.

He noted that the union had exhausted all avenues for dialogue and patience, emphasising that the strike action was the last resort to compel the government to fulfil its promises.

He further explained that the union had consistently shown restraint in order not to disrupt the academic calendar, but the government’s insensitivity had left them with no alternative.

“Consequently, all branches of ASUU are hereby directed to withdraw their services with effect from midnight (12:01 a.m.) on Monday, 13 October 2025. The warning strike shall be total and comprehensive as agreed at the last NEC meeting,” he said.

He also called on well-meaning Nigerians, civil society organisations, and the media to prevail on the Federal Government to address the lingering issues once and for all. The union warned that unless concrete steps are taken within the two-week period, it will not hesitate to extend the strike indefinitely. “This struggle is not just for university lecturers; it is for the soul of public education in Nigeria,” Prof. Piwuna declared.

The seven-point demands include: re-negotiation of the 2009 ASUU-FGN agreement; sustainable funding of universities; revitalisation of universities; victimisation of ASUU members in Lagos State University (LASU), KSU (now Prince Abubakar Audu University), and Federal University of Technology, Owerri (FUTO).

Others are outstanding 25–35 per cent salary arrears; promotion arrears for over four years; as well as third-party deductions.

News

Nigerian Engineers applaud Gov. Mohammed’s $5bn Investment Deals

Published

2 hours ago

October 12, 2025

Editor

The Nigerian Society of Engineers (NSE), Bauchi state chapter has commended Gov. Bala Mohammed for organising the maiden international investment summit that recorded a 5 billion Dollars investment deal in the state.

It could be recalled that Prof. Murtala Sagagi, Chairman of the Summit Planning Committee, disclosed at the end of the summit that it recorded over 5 billion Dollars investment deals and 47 Memoranda of Understanding (MoUs) signed.

He said that the agreements signed covered agriculture, solid minerals, power, infrastructure, and ICT sectors, adding that one of the MoUs translated into a concrete investment deal worth 1 billion dollars, which would become operational before the end of 2025.

Speaking with newsmen on Sunday, Engr. Abdulkarim Hassan, Chairman, NSE, Bauchi state chapter, congratulated the state government for organizing and the successful completion of the economic and investment summit.

According to him, the summit has also showcased Nigerian engineers’ professional prowess to the world as the newly constructed International Conference Centre (ICC) where the summit was held was built by a Nigerian construction company.

He expressed confidence in the governor for engaging Nigerian engineers to do the job, saying “the feeling is mutual because if he didn’t have confidence in us, he would have engaged foreign engineers to do the work.

“We extend our profound
congratulations to the governor on the successful completion of the Bauchi
Investment Summit.

“This summit was not merely an event, it was a clear demonstration of his visionary leadership and unwavering commitment to transforming Bauchi State into a prime destination for investment.

“The quality of delegates, the insightful discussions, and the tangible commitments secured during the summit have set a new benchmark for economic engagement in the North-East and other
regions in Nigeria.

“As professional engineers, we were particularly encouraged by the strong emphasis placed on infrastructure, industrialisation, and technological development, which are key pillars that will
drive sustainable growth,” he said.

Hassan added that the success of the summit has laid a robust foundation for attracting the capital necessary to execute the ambitious infrastructural projects required for the state’s development.

He expressed the readiness of the NSE, Bauchi branch to partner with the state government by offering its professional expertise and technical support to ensure that the outcomes and MoUs from the summit translated into sustainable reality for the people of Bauchi State.

News

OPINION: Oshiomhole In A Fight Between The Elephant And The Pit

Published

12 hours ago

October 12, 2025

Editor

By Tony Erha

‘Okuo imose”, “no fight is attractive” – all fight is ugly, according to the Edo people. If a fight doesn’t pluck the teeth it would drip the noise of red blood. That is why pundits were apprehensive and had to caution Dangote Refinery and the Petrol and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to a sound reasoning, over the sack of 800 of its workers by Dangote, which was followed by a strike action that was later called-off. The fisticuff was intensified as the National Union of Petroleum and Gas Workers of Nigeria (NUPENG), joined the spat by supporting PENGASSAN.

Like the American freestyle wrestling, where partakers fight with anything they lay their hands upon, a melee, a-free-for-all in which no one seems to know the real opponents. The fallout of the Dangote and PENGASSAN fight has unsettled Nigerians. The Benins would say “ama re fi ekpa arie gb’ ihue”; “the fisticuffs hadn’t started when the nose bled blood”. For the hapless consumer public is still at the mercy of the raging feud after the settlement. Indeed, the grass suffered where two elephants fought dirty. Buyers of Dangote products are still groaning under a surge of cooking gas price, from about N1,000 to N3,200 per kg.

Dangote Refinery’s kingpin, Aliko Dangote, who has huge investment monies flowing in his veins, vowed to a showdown with the PENGASSAN and NUPENG. Do not take my calmness for cowardice; Aliko seemed to have said, flinging his hat into the ring. “…There is no fight I have never won…” he boasted, whereas he actually won several and lost some, in the monopoly business with fellow competitors.

It was a rivalry fight between the Elephant and the Pit, when the Elephant arrogates to being the largest land animal; and the Pit boastful he is the hugest depth in the ground. The Pit threatens to swallow the Elephant and the Elephant determined to cover up the Pit. Finally on the encounter, the Pit that swallows the Elephant wouldn’t swallow more animals, nor will the Elephant live to swallow another pit.

In wrestling and boxing of exchange of punches and slams, America’s loquacious president and all-time wrestling and boxing promoter, Donald Trump, is well-known. One of the memorable grim and tricky fights of the tempest Trump was when he dragged his fellow promoter from the ringside to the dais, and beckoned on others to instantly shave his head, to the wild delight of wrestling fans across the globe. Realising that he had truly missed out from his rasmatazz in promoting competitive boxing and wrestling, an intoxicating Trump had recently arranged for a cage-wrestling showdown to mark one of his official events in a US presidential venue. When a lion king thirsts for the blood and flesh of prey, as he no longer go hunting, he claws to his own tongue to a consolatory leak of his own blood to quench his lust for blood.

Adams Aliu Oshiomhole, Nigeria’s former labour leader and ex-governor of Edo State, was dragged into the fight with his comment that PEGASSAN erred declaring a strike action without a second thought for the majority poor, who were bound to suffer the strike’s consequences. PENGASSAN and NUPENG thereby saw Oshiomhole as entering the fight arena as in ‘Enter the Dragon’, an epic film in which Chuck Norris; a famous kickboxer sorted it out with Bruce Lee, the late iconic martial artiste. It was somewhat absurd for NUPENG to point menacingly at Oshiomhole, declaring him a ‘persona non grata’ and placed a ban on him from all NUPENG’s activities, whereas the oil union was only one amongst the over 41 affiliate unions that constituted his command of the Nigerian Labour Congress (NLC), with him as its two term president.

Now, Oshiomhole seems better placed having resumed his pro-people stand, with his current valuable contributions to it in the Senate’s chamber. But NUPENG is irritated that one of their own could attempt to stop the mongoose from killing the snakes that had all along been killed for gains and superiority sakes. Do the organised labour trust Oshiomhole, vice versa? It’s likened to the crusading music of the late musician Joseph Osayomore; “Who know man naim dey kill man” (one’s enemy is his friend). Although Oshiomhole left active labour activism about two decades ago, he’s probably the same ‘adamant Adams’ who knows the strength and pitfalls of regimental unionism, where men in khaki are soldier ants.

Why will NUPENG, led by William Akporeha, its president, be so unfair banning their former leader from speaking in their public fora, knowing that speaking in the function of the organized labour was the most effective pills he takes to get well?

Oshiomhole may not be a ringside promoter to Dangote and his mercantile, in the fight-to-finish with the PENGASSAN and NUPENG warlords, as he was accused of, nor for a ravaging workers union, than for a weary public that is a usual butt of undue strikes by insensitive workers’ and endless monopoly by businesses. A suspicious PENGASSAN and NUPENG, even though are rightly condemned for anti-people stand, by their inept strike, might have made a valid point that leaders, whose words sometimes (if not often) conflict with the good examples they preach, set the bad example for others to follow.

In a game of survival, like the odd one currently faced by the Super Eagles, in their bid to qualify for the world cup, a Gernot Roy, Nigeria’s former coach, who was booted out, and now leading the national team of the Republic of Benin, would open Nigeria’s football secrets to his newest side, as NUPENG also think their leaders are to Dangote. And is an irony that Gernot Roy is a decider of the fate of Nigeria, in the Super Eagles final match with the Benin team for the world cup carnival.

Like Trump, Oshiomhole is ‘very slippery’ as he has in common a showmanship, raw courage and the resilience of a marathoner. Oshiomhole is ‘a giant’ who’s physical and determined. Sufuyan Ojeifo, a prolific writer and journalist, once called him ‘dynamite that comes in pieces’; while I add ‘dynamite that turns a mass into pieces’. For a man who trains so rigorously, and does drills which most young men can hardly do, I was terrified when Oshiomhole, unlike a pugilist promoter in a prematch talk-show, angrily warned Reuben Abati, the Arise TV presenter, that he would punch him to puff-puff’ (swollen pie), with a black-eye and calluses, for slandering him.

If the fight between the Dangote petroleum outfit and the oil unions was in the interest of the public, and not for their selfish interests, all wouldn’t be bothered. Union workers usually orchestrate strike actions, only when it comes to their welfare, whilst staple oil derivative products are still beyond reach , notwithstanding that Nigeria is one of the leading oil producing countries of the world, that are starved of its products.