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CBN slashes ATM withdrawal, bank charges The new rates

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ATM Withdrawals Charges

 

The Central Bank of Nigeria (CBN) has announced a downward review of charges and rates on ATM withdrawal and inter-bank transfer fees for electronic banking transactions.

According to CBN, the Standing Order charge for intra-bank will be free instead of the N300 contained in the 2017 guideline.

CBN with regards to interbank transfers reduced the charges to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills Payment (including bills payment through other e-channels) is negotiable, subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.

Electronic funds transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.

Withdrawals on other banks’ ATMs have been reduced from N65 to N35 after the third withdrawal within the same month.

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The CBN also reduced ATM bill payments charge from N100 to N50.

Debit card maintenance charges that were N100/month have been removed in the new guideline.

The apex bank made the announcement on Friday, Jan 28, 2022, via a circular by Chibuzor Efobi, the Director, Financial Policy and Regulation Department, titled “RE: GUIDE TO CHARGES BY BANKS, OTHER FINANCIAL AND NON-BANK FINANCIAL INSTITUTIONS”.

The new guideline applies to financial and non-financial institutions under its licence or regulatory purview.

The guide states that the banking sector regulator has slashed the charges on some transactions including Standing Order Charge (In-Branch); ATM Maintenance fees; electronic fund transfers and bulk payments among others.

In 2019, the CBN announced a reduction of all bank charges, with some getting more than 50 per cent cut, which took effect from January 1, 2020.

According to the apex bank, the decision, which came amid public outcry against multiplicity and value of the charges, was aimed at making financial services more accessible and affordable to various stakeholders in the economy.

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Court knocks FG for lack of diligent prosecution in Tukur Mamu’s terrorism financing case

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A federal high court in Abuja has reprimanded the federal government for lack of diligent prosecution in the charge filed against Tukur Mamu, publisher of Desert Herald newspaper.

 

At the court session on Monday, David Kaswe, prosecution counsel, was not in court despite having entered his name on the cause list, indicating his presence.

 

Abdul Mohammed, Mamu’s counsel, urged the court to stand down the matter to await Kaswe’s return.

 

However, the prosecution lawyer was still not in court when the case was called again after the judge had delivered a judgment.

Inyang Ekwo, the presiding judge, expressed surprise over “the miraculous disappearance” of the federal government’s lawyer in court.

 

“I am also aware that the prosecution was in court this morning, but as to the miracle of the disappearance of the prosecution as at the time this matter comes up for hearing is beyond my understanding,” Ekwo said.

“This antic of the prosecution is only being tolerated in today’s proceeding.

“If the prosecution demonstrates that they are not ready to prosecute this matter either diligently or expeditiously, the court will make the right decision at that point.”

 

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MAMU ASKS TO BE TRANSFERRED TO KUJE PRISON

Mamu’s lawyer moved an application to transfer his client to the Kuje correctional facility.

 

He said the prosecution had already responded to the motion.

In the application, the defence counsel said the Department of State Services (DSS) has refused to obey a previous court order which directed that Mamu should be allowed access to his doctors.

 

He said Mamu would get proper medical attention in Kuje prison.

 

“This application is brought so that we will take the defendant to the prisons because they always obey court orders there so that if we go there, he will have access to his medical officer,” he said.

 

“It is completely within the discretion of the court and we do not want to bring an application for contempt as that will take time.

 

“Therefore, we want the court to vary the order and the defendant will stay in the Kuja correctional facility. That is what we are asking for.”

 

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The judge adjourned the matter until May 20 for ruling on Mamu’s application.

BACKGROUND

Mamu is standing trial for allegedly aiding the terrorists who attacked the Abuja-Kaduna train in March 2022.

 

After his arrest in 2022, the federal government said $300,000 was found in his possession.

 

He was arraigned in March 2023 by the office of the attorney-general of the federation (AGF) on a 10-count charge bordering on terrorism.

 

However, in March, he pleaded not guilty to all the counts and denied having allegiance to the terrorists.

 

Mamu is alleged to have received $120,000 as ransom payments on behalf of the Boko Haram terrorist group.

 

The monies were said to have been received from families of hostages kidnapped during the train attack.

 

He was also accused of exchanging voice note communications relating to the hostages with one Baba Adamu, a Boko Haram spokesperson.

 

The federal government also tagged the $300,000 found in Mamu’s possession after his arrest, as terrorist funds.

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Mamu, an aide to Ahmad Gumi, a popular Islamic cleric, was involved in negotiations for the release of the passengers abducted during the attack on a Kaduna-bound train.

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Abuse of office: Emefiele challenges jurisdiction of Lagos court to try him

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The Lagos High Court sitting in Ikeja has deferred till the end of trial, its ruling on the application filed by the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, challenging the jurisdiction of the court to try him on the charges brought against him by the Economic and Financial Crimes Commission (EFCC).

 

Through his lawyer, Senior Advocate of Nigeria, Olalekan Ojo, Emefiele submitted that he cannot be tried in the high court of any state in Nigeria for alleged acts of abuse of his office as this raises issues of constitutionality and legality.

 

The former CBN governor also noted that counts 1-4 of the 26 counts charge filed by the EFCC against him are unconstitutional as they are not contained in any law in Nigeria.

 

His counsel asked the court to make an order striking out counts one to four of the charge on the grounds that:

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. the Honourable Court has no jurisdiction to try the offence of abuse of office in relation to the office of the Governor of the Central Bank of Nigeria which the 1st Defendant occupied at all times material to the commission of the offences and

 

ii. the 1st Defendant’s/Applicant’s acts said to constitute arbitrary acts resulting in abuse of office are not offences known to law as mandatorily required by section 36(12) of the Constitution of the Federal Republic of Nigeria 1999 as amended.

 

The EFCC through its counsel, Senior Advocate of Nigeria, Rotimi Oyedepo, however, countered these arguments.

 

Citing decided cases of the Supreme Court, he asked the trial judge, Justice Rahman Oshodi, not to defer or prevent the trial of the case on the basis of objections challenging the particulars of the counts of the information.

 

“That approach is intended to take us back to where we are coming from as this were the basis for Section 1 of the Administration of Criminal Justice Act, ACJA and the purpose for which Administration of Criminal Justice Law, ACJL was intended. The intention of our collective resolution as a nation was to to prevent undue delay in our criminal cases.

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“I urge my lord to refuse this invitation, trial has commenced, this application to prevent the trial today is unlawful, illegal and unconstitutional and I urge the court not to depart from the decision of the apex court as to do so would amount to judicial rascality,” Oyedepo stated.

 

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JUST IN: Obaseki increases minimum wage to N70k in Edo

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Godwin Obaseki, governor of Edo, has approved a new minimum wage of N70,000 for civil servants in the state. 

 

The governor made the declaration on Monday while inaugurating the Labour House.

 

Obaseki named the Labour House after Adams Oshiomhole, senator representing Edo north and immediate-past governor of Edo.

 

Details later…

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