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Reps urge CBN to suspend new ATM charges

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The House of Representatives has called on the Central Bank of Nigeria to suspend the implementation of the increment in Automated Teller Machine transaction charges given the economic situation in the country.

The decision of the House was sequel to the adoption of a motion of urgent public importance sponsored by the member representing Esan Central /Esan West/Igueben Federal Constituency, Edo State, Marcus Onobun, during Tuesday’s plenary.

Addressing his colleagues on the floor, Onobun noted that the apex bank through a recent circular, prescribed an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs, thereby imposing additional financial burdens on Nigerians.

Recall that with the new policy, customers withdrawing from their bank’s ATMs will continue to enjoy free withdrawals.

However, a fee of N100 will be applied to N20,000 withdrawals for customers from other banks transacting from ATMs within the bank premises.

Similarly, customers from other banks transacting from ATMs outside the premises of the bank such as malls, marketplaces, and other public places will be charged N100 and an additional surcharge of N500.

The Peoples Democratic Party lawmaker argued that Nigerians “Are already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hike, and numerous banking and service charges that significantly reduce disposable income and negatively impact their welfare.

“We are worried that the imposition of additional ATM withdrawal charges will further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services, thereby contradicting the CBN’s financial inclusion agenda.

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“The banking sector has continued to record significant profits, imposing further charges on consumers without corresponding improvements in service delivery or infrastructure is unjustifiable.”

The Speaker, Tajudeen Abbas, who presided over the plenary session put the motion to voice vote and it was overwhelmingly supported by the lawmakers.

The House thereafter urged the CBN to immediately suspend the implementation of the policy, pending proper engagement with the relevant Committees on Banking, Finance, and Financial Institutions.

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National

Senate Asks INEC To Restore Aniocha North II Constituency

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The senate has asked the Independent National Electoral Commission (INEC) to restore the Aniocha north II state constituency in Delta state in compliance with the supreme court’s judgment in suit no. SC/129/2019.

The upper legislative arm also directed the electoral commission to conduct an election into the Aniocha north II state constituency in the next state house of assembly poll in Delta state.

The senate’s approval followed a motion sponsored by Ned Nwoko, the senator representing Delta north.

Speaking with journalists after the senate’s plenary on Tuesday, Nwoko said the constituency, comprising towns such as Idumuje-Unor, Idumuje-Ugboko, and others in Aniocha north LGA, was initially created in 1991 but was later delineated.

He said residents initiated legal action in 2014 to restore the constituency but was dismissed by the federal high court.

The senator noted that the suit was upheld in 2017 by the court of appeal and affirmed by the supreme court.

“I am glad that we have managed to pull it through because it was not as straightforward as people might think,” Nwoko said.

“But the fact remains that this was a supreme court judgment and we all respect supreme court judgments.

“On this particular matter, it has taken several stages from the court of appeal and then supreme court.

“INEC also wrote to us seeking our consent to implement the supreme court judgment. I don’t know why INEC should seek our consent, but that is exactly what happened.

“They sought our consent at the senate and house of reps to implement the supreme court judgement.

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“I am happy that we got it right. There are so many of such matters across the country and I am sure they will take cue from this particular matter today.”

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Business

Fluctuating Petrol Prices Threatening Our Businesses, Oil Marketers Lament

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By Abubakar Yunusa
Oil marketers have cried out about the negative impacts of unstable prices of Premium Motor Spirit or petrol in the country on their businesses.

President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris raised concern during Channels Television’s Business Morning on Tuesday.

According to him, fluctuating petrol prices in the last few weeks are constituting potential threats to the survival of businesses of its members.

Gilly-Harris’ concern comes on the heels of ongoign price war between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).

Following the announcement of a price cut by the Dangote Refinery by N65 at the ex-depot price, the retail price at filling stations affiliated with Dangote dropped from N925-N930 to N860.

No sooner after, the NNPCL also reduced its price at its retail stations, further deepening rivalry between the two dominant players.

Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.

“As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.

“The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry.

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“I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business.

“We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”

Commenting on price monopoly in the downstream sector, Gilly-Harris said its members can either import products or buy from local refineries, however, it would not sell products at the expense of the survival of PETROAN members’ businesses.

He said “Yes, we have been in the forefront of always implementing what stakeholders agree. We have the capacity to import our products. We also have the capacity to buy locally refined products. But we see that prices consistently shift up or down, and there is no clear business consultation on how this should be done. That is why we said the NMDPRA and the consumer protection agency should swing into action and be able to work together with other stakeholders so that we can be able to have a stable market and a stable price.”

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NGOs Donate N300m To Support Conjoined Twins, Others

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A non-governmental organisation, the Global Initiative for Peace, Love, and Care (GIPLC), in collaboration with the Dickens Sanomi Foundation, has donated ₦200 million to fund medical treatment for conjoined twins Hassan and Hussaina, along with 11 other children requiring urgent medical attention.

At a cheque presentation ceremony in Abuja on Tuesday, GIPLC Director-General Nuhu Kwajafa emphasised the importance of providing timely assistance to children facing severe medical conditions.

“When you have children in this kind of condition, you need to bring them out so they can get help,” Kwajafa said.

“This is not the first time we’ve supported a set of conjoined twins. About a year and a half ago, we assisted another pair. Two years ago, a different set of conjoined twins had been in a government hospital for over a year before the King Salman Foundation of Saudi Arabia sent an air ambulance to evacuate them for treatment.”

Hassan and Hussaina, however, were not able to secure international support, prompting GIPLC and its partners to take immediate action.

“We launched a fundraiser, and within a day, we raised $100 million for the twins. The following day, another ₦100 million was raised for 11 other children in need,” Kwajafa explained.

The grand patron of GIPLC, Igho Charles Sanomi, reiterated the foundation’s commitment to ensuring vulnerable children receive the support they need.

“Our ultimate goal is to provide children with a platform where they can compete and build a future for themselves,” said Sanomi, who was represented by Goodluck Hayi, the Chief Operating Officer of the Dickens Sanomi Foundation.

“There are many challenges, but we must come together and support trustworthy organisations that are making a difference.”

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Hayi urged private individuals and organisations to contribute to such initiatives, noting that government resources are often stretched.

“The government has many responsibilities, but private individuals can step in and support platforms that are transparent and accountable. This way, we can reach more children who are physically challenged or in need of urgent care,” he said.

He added that the foundation partners only with verifiable and trustworthy organisations.

“Our chairman, the grand patron of GIPLC, was raised by a father who valued love and care. This initiative is our way of giving back to society in his honour.”

The father of the conjoined twins, Muhammad Halilu from Kebbi State, expressed gratitude to the foundation, revealing the hardships his family has endured.

“The twins will be five years old by may ,” he said. “I lost my job because I had to stay home to support their mother. She could not take care of them alone. Eventually, we even lost our home.”

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