News From Nigeria
STATEHOUSE PRESS RELEASE
President Tinubu said his administration will support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.
He said this when he received the leadership of Flutterwave and Alami Capital in Abuja on Saturday afternoon.
Flutterwave, a leading Fintech company founded by young Nigerians and headquartered in Lagos, operates in the U.S., Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries.
Olugbenga Agboola, the CEO; Adeleke Adekoya, a co-founder; Oluwabankole Falade and Mitesh Popat, represented Flutterwave at the meeting. Ms Oluseun Olufemi-White represented Alami Capital as its CEO.
Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun led the delegation to meet President Tinubu. Dr. Armstrong Ume Takang, the Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, the Director General/ Chief Executive Officer of the National Information Technology Development Agency (NITDA), also attended.
President Tinubu said Nigeria is genuinely open to business, and as President, he is determined to remove all obstacles to allow companies to thrive.
He commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians. He said he is honoured to be the President of a country with such a youthful and resourceful population.
He said the leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Flutterwave has made significant progress since its establishment 10 years ago. It has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.
The CEO of Flutterwave, Agboola, said the company has made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.
He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.
He said the company seeks to be listed on the Nigerian Exchange and solicited the President’s support.
The Managing Director and Chief Executive of MOFI, Dr. Armstrong Ume Takang, said that as Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.
He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.
He suggested supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
February 22, 2025
No rift between Akpabio and Akpoti-Uduaghan – South-South leaders
South-South leaders on Sunday lauded the cordial relationship existing between the President of the Senate, Chief Godswill Akpabio and the Senator Representing Kogi Central, Chief Natasha Akpoti-Uduaghan.
‘’We know that the Senate President does not have anything against Senator Natasha Akpoti-Uduaghan, contrary to the insinuation of political mercenaries’’
They also chastised some individuals and groups for introducing dangerous dimensions to the recent development in the Senate.
‘’We consider it very irresponsible and most uncharitable for some individuals and groups to mischievously try to set Akpoti-Uduaghan against the leadership of the Senate for expressing her views’’.
Rising from a meeting on Sunday in Calabar, the South-South leaders disproved sexual harassment and sidelining rumours, describing them as ‘’wicked and malicious’’
‘’These smear campaigns are attempts to tarnish the image of the distinguished senators and put the popular, bright and unflappable Akpoti-Uduaghan at logger-heads with the leadership of the Senate
A statement by the National Chairman of the South-South Front, Chief John Harry shortly after the meeting applauded Akpabio and Akpoti-Uduaghan for working for the progress of the country.
‘’There is a general misunderstanding. The unwarranted attack being launched on Akpabio and Natasha Akpoti-Uduaghan amounts to an assault on our collective sensibilities’’
Harry said the leaders took cognizance of the pleasant disposition of the Senate President, his inclusive strategy and the peaceful atmosphere he has been able to create in the Senate.
“No amount of allegations and criticisms hurled at the distinguished senators can erode their contributions to the development of the country”
The notable leaders called on all South-South and North Central people and indeed Nigerians to show solidarity and support for the Senate President and the member representing Kogi Central in the Senate.
‘’The Kogi Central Senator is dedicated and fearless. There is no amount of blackmail, name-calling or intimidation from fictitious groups that could change the course of Akpoti-Uduaghan’s destiny’’
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.
Kolawole Oluwadare
SERAP Deputy Director
23/02/2025
Lagos, Nigeria
Emails: info@serap-nigeria.org; news@serap-nigeria.org
Twitter: @SERAPNigeria
Website: www.serap-nigeria.org
For more information or to request an interview, please contact us on: +2348160537202
…our joy is that every construction by Julius Berger Nigeria Plc is nearly perfect – nearly, because no one is perfect
The Commissioner of the Public Complaints Commission (PCC), FCT, Hon. Musa Dikko has commended leading construction company, Julius Berger Nigeria Plc for its strict compliance with regulations, stating that the company deserves an award for maintaining a record free of public complaints,
Speaking during the Commission’s courtesy visit to the company’s headquarters Wednesday, Dikko emphasized the long-standing relationship between the PCC and Julius Berger, praising the company’s excellence in construction and labour relations. “Our joy is that every construction done by Julius Berger Nigeria Plc is nearly perfect. I say ‘nearly’ because they say no one is perfect,” he remarked.
On the company’s handling of compensation matters at project sites, the Commissioner noted that Julius Berger has consistently ensured prompt and fair compensation to affected individuals, including those in the FCT. “Each time compensation is required, my parents and our people always feel at ease because Julius Berger’s approach is different from other construction companies. This long-standing commitment has ensured that no complaints have been brought to the Public Complaints Commission regarding the company’s conduct. Where there is no peace there can be no development, and for this, Julius Berger deserves an award”, he added.
The Commission’s State Director of Investigation, Irene Chuka Ogbogu echoed Dikko’s sentiments, appreciating the company’s Corporate Social Responsibility (CSR) efforts and its commitment to due diligence.
Responding to the commendation, the Director of Administration at Julius Berger Nigeria Plc, Alh. Dr Abdulaziz Kaita acknowledged the fruitful collaboration between the company and the PCC. He assured that the company remains dedicated to upholding workers’ and communities’ rights whilst adhering to all regulatory frameworks. “As a company, we have always strived to operate within legal and ethical guidelines. Our cooperation with the PCC has been beneficial to both parties, and we will continue to support the Commission’s mandate of protecting the rights of the people and ensuring compliance,” he stated.
Kaita further emphasized that as one of Nigeria’s largest employers of labour in the construction industry today, Julius Berger recognizes the responsibilities that come with its status. “Being a major employer of labour requires us to be diligent in the protection of our workers and the citizens. We have internal policies which we abide with, and I can assure you that Julius Berger Nigeria Plc will ensure everything is done through the due process, he assured.
Both parties reaffirmed their commitment to maintaining a strong relationship that ensures public trust, compliance, and the continuous development of Nigeria’s infrastructure sector.
The PCC delegation on the courtesy visit included: the Chairman, Hon. Musa Dikko, State Director of Investigation, Mrs. Irene Chuka Ogbogu; Deputy Director of Investigation, Mrs. Jideri Agbese; Head of Public Relations, Mr. Emmanuel Ugboaja; Deputy Head of Public Relations, Mr. Alex Akinyele and Information Officer, Ms. Gladys Iduku.
Lagos State Governor, Mr. Babajide Sanwo-Olu, has expressed condolences to the Publisher of New Dawn Online, Mr. Olatunde Abatan, over the death of his wife, Mrs. Desola Abatan.
Governor Sanwo-Olu while mourning the passing of Mrs. Abatan, who died at the age of 58 on Tuesday after a brief illness, described her death as a great loss to the family, particularly her husband, children, and siblings.
Sanwo-Olu in a statement issued by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, on Thursday also sympathised with the entire family, friends and associates of the deceased.
The Governor also sent his condolences to the Nigerian Guild of Editors (NGE) and the Nigeria Union of Journalists (NUJ) over the death of the renowned journalist’s wife.
He said: “It is with a deep sense of sorrow that I commiserate with the Publisher of New Dawn Online, Mr. Olatunde Abatan, on the passing of his beloved wife, Mrs. Desola Abatan.
“No doubt, the death of a loved one is a painful episode in our lives because it is irreparable, but we must always take solace in God for a good life spent by the deceased person.
“Mrs. Desola Abatan lived a good life and made a positive impact during her lifetime. She was a soul mate, friend, and great supporter of her husband, Mr. Olatunde Abatan. She was also a caring and loving mother to her children.
“I pray that God will grant the soul of our beloved Mrs. Desola Abatan eternal rest and comfort her husband, children, the immediate family, friends and associates.”
SIGNED
GBOYEGA AKOSILE
SPECIAL ADVISER – MEDIA AND PUBLICITY
20 FEBRUARY 2025