News From Nigeria
Abuja, the capital city of the Federal Republic of Nigeria is now aglow.
The smart leaf solar streetlight was installed in the Federal Capital Territory last week.
‘’The smart leaf solar streetlight has changed outdoor lighting in Abuja, particularly the Airport roundabout’’ a statement Friday said.
The statement issued by the Managing Director of Akogate Group, Mr. Felix Aganbi, stressed the efforts of the company to brighten Nigeria through high quality customized solar solutions.
Aganbi said the company got franchise from the SunMaster Solar Lighting Company Limited, the most professional and reliable solar LED lights manufacturer in the global market in 2025.
‘’Jinhua SunMaster Solar Lighting Company Limited is a Zhejiang based enterprise specialized in supplying solar streetlights, solar garden lights, wind & solar hybrid lights, small & medium solar generating system, solar home lighting system and solar pump system’’.
He emphasized the gains of alternative sources of electricity supply, the features, benefits, and applications of Smart Leaf solar streetlights as well as the desire of Akogate Engineers to light all the streets in the country.
He explained that streetlight was one of the priorities of the current administration.
‘’We supply high quality solar streetlights, solar garden lights, wind and solar hybrid lights, mobile solar lights towers and solar pump system’’
He also stressed on facilities for catching the rays of the sun and converting their energy to electrical power.
‘’Smart Leaf solar streetlights integrate advanced technology with sustainable design to offer superior performance and reliability in urban and rural settings.
Aganbi explained how these innovative lights leverage smart technology to optimize energy usage, enhance illumination, and improve overall functionality.
Youths in Kogi State on Sunday described the suspension of the Senator representing Kogi Central, Chief Natasha Akpoti-Uduaghan as crude and peremptory.
‘’The 10th Senate is heading in the wrong direction’’
They also reminded the Senate President, Senator Godswill Akpabio of the dignity of his office.
In a statement to the press, the youths asked supporters of the Senate President not to drag down the reputation of the country.
They applauded Akpoti-Uduaghan for refusing to do things which galled her sense of decency, marital status and political height.
The statement issued by the Chairman of Kogi Central Youth Movement, Alhaji Mustapha Jato in Abuja tasked President Bola Tinubu on gender reforms in Nigeria.
It praised Akpoti-Uduaghan for touching and galvanizing the good people of Nigeria, especially Kogi Central.
‘’Senator Natasha Akpoti-Uduaghan is a woman of charm and faith. She is also a hardworking, energetic woman and well respected by the people because of her genuine interest in their progress’’
The youths spoke well of Akpoti-Uduaghan’s initiative, thoroughness and seriousness of purpose.
They scolded a former aide to Dr Goodluck Jonathan, Mr. Reno Omokri and his co-travellers for deviating from the truth.
‘’Senator Natasha Akpoti-Uduaghan is an upright woman’’
The youths said those behind the campaign of calumny against Senator Natasha Akpoti-Uduaghan were lily-livered politicians out to cause disaffection in the country.
They lauded decent Nigerians for supporting Akpoti-Uduaghan and speaking out against an absurd action.
The youths urged political office holders in the country to maintain certain standards of behavior, character and morality.
They advised hired hoodlums, sly and shifty individuals not to mislead Akpabio about troubling feud with Akpoti-Uduaghan.
The statement emphasized truth, justice, poise and endurance.
It also denounced philandering, trivialization of allegations, back-biting and breaking of ranks.
The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme, to submit their Annual Tax Returns on or before March 31, 2025. This directive is in accordance with the Personal Income Tax Act (PITA) 2004 as amended.
Mr. Ayodele Subair, Executive Chairman of LIRS, emphasized that under Section 41 of the Act, all taxable persons must submit a comprehensive return detailing their total income from all sources for the previous fiscal year (January 1st to December 31st 2024, in this case) to the relevant state tax authority within 90 days of the commencement of the new assessment year.
Mr. Subair reiterated the importance of adhering to the deadline, urging taxpayers to fulfill their statutory obligations promptly to avoid penalties and other legal consequences. He also highlighted that tax returns must be submitted exclusively through the LIRS eTax portal, accessible at https://etax.lirs.net. The portal is designed to offer taxpayers convenience, security, and ease of compliance.
“In line with our commitment to simplifying the tax filing process, dedicated tax officers are available at our various tax offices to assist individuals with online registration and tax return submissions via the eTax portal,” stated Mr. Subair.
For further assistance and tax-related inquiries, taxpayers can contact the LIRS Customer Service Center at 0700 CALL LIRS (0700 2255 5477) or email etaxinfo@lirs.net.Additionally, individuals can connect with LIRS through its official social media channels or visit www.lirs.gov.ng for more information.
Signed
Monsurat Amasa-Oyelude
Head, Corporate Communications
Direct CBN to suspend ATM fee hike pending court verdict, SERAP tells Tinubu
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to “direct Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.”
SERAP also urged him to “seek legal advice from the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter.”
SERAP had last month filed a lawsuit against the CBN “over the failure to reverse the “patently unlawful, unfair, and unjust increase in ATM transaction fees.”
The lawsuit followed the announcement by the CBN 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.
In the open letter dated 1 March 2025 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.”
SERAP said, “It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.”
According to SERAP, “Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law.”
SERAP also said, “The CBN is bound to suspend the increase in ATM transaction fees, and await the outcome of the lawsuit.”
The letter, read in part: “The CBN has the responsibilities to uphold the due process of law, protect the integrity of the judicial process, and ensure that its practices and operations do not make nonsense of the rule of law or the Court.”
“The CBN has the duty to maintain the status quo as of 26 February 2025 when the court processes were duly served on it, and during the pendency of the lawsuit filed by SERAP on the ATM fee hike before the Federal High Court, Lagos.”
“Once the CBN has been duly served with the court processes on the ATM fee hike, the bank cannot resort to self-help.”
“The CBN is not permitted to do or take any action or omission that would overreach the public interest or foist a situation of complete helplessness or ‘fait accompli’ on the Federal High Court.”
“Nigerian courts frown upon any act of self-help and are always swift in repelling such conduct by sending strong signal that they are not being used as mere subterfuge to tie the hands of one party while the other helps himself extra-judicially.”
“Implementing the increase in ATM transaction fees while the duly served and acknowledged interlocutory application and the substantive lawsuit on the matter are pending before the court would pose a direct threat to the integrity of the country’s judicial system and the rule of law.”
“The credibility and relevance of the judicial system risk being undermined, potentially encouraging other ministries, departments and agencies [MDAs] to adopt dismissive attitudes toward pending cases in court.”
“The CBN ought to uphold its general duty to act in good faith, and to refrain from taking any action that may undermine the integrity of the country’s judicial process by immediately suspending the implementation of the increase in ATM transaction fees pending the hearing and determination of the lawsuit on the matter.”
“We would be grateful if the recommended measures are taken urgently to ensure respect for the integrity of the judicial process and the rule of law.”
“It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.”
“SERAP had on 21 February 2025 filed the lawsuit with number FHC/L/CS/344/2025 against the CBN over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees.”
“The court processes were duly served on 26 February 2025 on the CBN in Abuja. The CBN has acknowledged receipt of the processes.”
“In the lawsuit filed 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.’”
“It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.”
“SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that ‘Nigeria will be impartially governed according to the Constitution and the rule of law.’”
“Protecting the right to a judicial recourse and due administration of justice is of utmost importance, being the cornerstone of an ordered society. The only way in which SERAP can have a fair and effective access to justice in this matter is to allow the court to decide, one way or the other, on the merits of the case before it.”
“The core of the principle of judicial independence is the complete liberty of the judge to hear and decide the cases before them on the basis of facts and in accordance with the law, without any improper interference, direct or indirect.”
“Section of 8(1) of Central Bank of Nigeria Act provides that, ‘The Governor and Deputy-Governors shall be persons of recognized financial experience and shall be appointed by the President subject to confirmation by the Senate on such terms and conditions as may be set out in their respective letters of appointment.’”
“Section 6(1) of the Nigerian Constitution 1999 [as amended] provides that ‘judicial powers of the Federation shall be vested in the courts to which this section relates, being courts established for the Federation.’”
“Section 6 provides that, ‘the judicial powers vested in accordance with the foregoing provisions of this section –(a) shall extend, notwithstanding anything to the contrary in this constitution, to all inherent powers and sanctions of a court of law.’”
“The provisions also provide: ‘(b) the judicial powers shall extend to all matters between persons, or between government or authority and to any person in Nigeria, and to all actions and proceedings relating thereto, for the determination of any question as to the civil rights and obligations of that person.’”
Kolawole Oluwadare
SERAP Deputy Director
2/03/2025
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
I had initially resolved to refrain from commenting on the ongoing dispute between my beloved wife, Senator Natasha-Akpoti Uduaghan, and the Senate President, Senator Godswill Akpabio.
However, recent developments have compelled me to issue the statement.
It is clear that certain sentiments are being stirred up unnecessarily, distracting from the serious underlying allegations, which should concern every discerning individual with sound family values.
Without prejudice to the ongoing legal proceedings, I wish to emphasize that my wife was duly elected by her people due to the immense love, respect and confidence they have in her and she is committed to delivering quality representation to her district and the Nation at large. She is a devoted wife and the bond we share is deep and unwavering. She has always remained truthful, even in the face of adversity.
My wife has confided in me about her interactions with the Senate President, whom I considered a family friend. In response, I approached the matter with the utmost maturity and responsibility, as it is my duty as a traditional leader who has immense respect for constituted authority and upholds core family values, foster peace and harmony. I personally met with the Senate President and respectfully urged him to extend the courtesy and respect my wife deserves, while also honouring the friendship between us. We reached an understanding and agreed to resolve the issue amicably.
However, despite this agreement, my wife continues to express concerns about the harassment she has endured from the Senate President.
I have unwavering faith in my wife’s loyalty and I am fully committed to our marriage, which is grounded in love, compassion and mutual respect. I would never trade her for anything as she is the greatest joy of my life.
I now respectfully urge the Senate of the Federal Republic of Nigeria and the Senate President to treat my beloved wife with the respect and dignity she truly deserves while the relevant authorities and the court determine the underlying issues.
HIGH CHIEF EMMANUEL ORITSEJOLOMI UDUAGHAN
ALEMA OF WARRI
The Alema of Warri, High Chief Emmanuel Oritsejolomi Uduaghan at the weekend urged the Senate of the Federal Republic of Nigeria and the Senate President to treat his wife, Senator Natasha Akpoti- Uduaghan with the respect and dignity she truly deserves.
‘’My wife has confided in me about her interactions with the Senate President, whom I considered a family friend. In response, I approached the matter with the utmost maturity and responsibility, as it is my duty as a traditional leader who has immense respect for constituted authority and upholds core family values, foster peace and harmony. I personally met with the Senate President and respectfully urged him to extend the courtesy and respect my wife deserves, while also honouring the friendship between us
He also urged the relevant authorities and the court to determine the fundamental issues.
In a statement in Abigborodo, Warri North Local Government, Uduaghan said they reached an understanding and agreed to resolve the issue amicably.
‘’Despite this agreement, my wife continues to express concerns about the harassment she has endured from the Senate President’’.
The Warri High Chief described the Senator Representing Kogi Central as a devoted wife.
‘’Without prejudice to the ongoing legal proceedings, I wish to emphasize that my wife was duly elected by her people due to the immense love, respect and confidence they have in her and she is committed to delivering quality representation to her district and the Nation at large. She is a devoted wife and the bond we share is deep and unwavering. She has always remained truthful, even in the face of adversity’’
The statement stressed Uduaghan’s unwavering faith in his wife’s loyalty and commitment to the marriage.
‘’Our marriage is grounded in love, compassion and mutual respect. I would never trade her for anything as she is the greatest joy of my life’’.
Uduaghan, apparently angry said he initially resolved to refrain from commenting on the ongoing dispute between his beloved wife, Senator Natasha-Akpoti Uduaghan, and the Senate President, Senator Godswill Akpabio.
‘’Recent developments have compelled me to issue the statement’’
He pointed out that certain sentiments are being stirred up unnecessarily, distracting from the serious underlying allegations, which should concern every discerning individual with sound family values.
South-South women on Saturday advised the leadership of the Senate and the Committee on Ethics not to plunge the country into pain and tragedy.
They also applauded the Senator representing Kogi Central, Chief Natasha Akpoti-Uduaghan for her courage, boldness and contribution to nation-building.
‘’Senator Natasha Akpoti-Uduaghan is an hero and a source of permanent and daily inspiration in Nigeria and on the continent’’
The women in a statement in Asaba, capital of Delta State, urged the Senate Ethics Committee not to recommend decisions which have been decided by special interests.
‘’The Ethics Committee should identify and diagnose the crisis and its roots. We are not expecting banal and destructive recommendations on this issue’’
Entitled ‘’Alienation of Women politicians in Nigeria, fatal misunderstanding, bullying, the rule of conduct in the Senate, abuse of power and precarious authority, the women condemned the threat of illegal actions, discrimination, victimization and other forms of segregation based purely on gender.
‘’One of the most popular and leading labels often put on responsible and successful women by the detractors is that they are rude. That label certainly does not apply in the case of the recent incident. Even if male politicians and their female lackeys in Nigeria were to shout from the rooftops in an attempt to make the label stick, the facts of the incident will not allow it’’
The statement issued by the Chairperson of South-South Women in Politics, Chief Rita Okogie urged the principal officers and members of the Senate to treat themselves like brothers and sisters and not shy away from the central contention in the recent event.
‘’Don’t resist the voice of honour and reason. Don’t insult the intelligence of the Nigerian woman. Don’t make your colleagues objects of ridicule in the eyes of the world for selfish interests. Don’t be too bitter against one another, no matter the differences’’
Specifically, the women called for complete change in attitude and drastic reorganization of thinking habits as well as in the relationship between male and female politicians in the country.
‘’Our dignity and survival are seriously being jeopardized through conscious and deliberate actions by the male politicians in the country. Akpoti-Uduaghan’s recent action is very healthy and provides the beginning for a genuine change in male’s attitude to women in the country. We hope that Akpoti-Uduaghan’s action will accelerate the efforts to achieve strong voice and respect for women’’
They urged male politicians in the country to dedicate themselves to the precepts and practice of democracy.
‘’Another matter relating to the state of our nation today which we have to be vigilant about is the moves to shut women out of the system. The dangerous aspect of this is the country’s drift into becoming a government of only men’’
The statement while emphasizing compromises and persuasions urged bootlickers of a divisive and evil system to move away from attitudes and appearances detrimental to women’s progress in the country.
‘’How can we be led to believe that individuals full of self-hatred and contempt for women in Nigeria can suddenly become defenders of our interests? The male politicians in the country lack any substantive reasons to give for the recent incident. They simply beat about the bush with meaningless phrases’’
The women reaffirmed that they will support Akpoti-Uduaghan and other female politicians in whatever difficulties they may face in the country.
‘’Senator Natasha Akpoti-Uduaghan is a good woman, and an upright and virtuous patriot. We bear malice or ill will to none and our reaction is solely in support of gender understanding and human love’’
A legal firm, Indemnity Partners, has disowned a letter trending on social media purporting to have been issued from the law firm in respect of Mrs. Natasha Akpoti-Uduaghan and the Alema of Warri, High Chief Emmanuel Oritsejolomi Uduaghan.
‘’We are solicitors for Mrs. Natasha Akpoti-Uduaghan’’
The legal firm in a statement signed by B C Igwilo, SAN, urges the discerning public to ignore it in its entirety.
‘’We categorically distance ourselves from the purported letter and its alleged contents. The letter is inauthentic and of dubious origin’’
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