News
CBN Removes ATM Maintenance Fee, Cuts Bank Charges And Others
The Central Bank of Nigeria (CBN) has slashed its electronic transfer, ATM and card maintenance fees after reviewing the charges and rates for banking activities in the country.
CBN Reviews Bank Charges
In the CBN new “Guide to Charges by Banks Other Financial and Non-Financial,” the apex bank said the guideline applies to financial and non-financial institutions under its licence or regulation.
The guide shows that the CBN has reduced the charges on some transactions including Standing Order Charge (In-Branch); ATM Maninance Fees; Electronic Fund Transfers and Bulk Payments among others.
In the latest guideline, CBN said standing Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.
For Interbank Transfers, the CBN cut 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.
The CBN also reduced ATM Bill Payment from N100 to N50. Debit card maintenance charges that were N100/Month have been removed in the new guideline.
KanyiDaily recalls that last year, the CBN imposed N6.98 service charge for customers using the Unstructured Supplementary Service Data services (USSD).
News
Former Lawmaker And Journalist, Sidi Ali Is Dead
A Second Republic lawmaker and veteran Journalist, Sidi Ali, passed away on Thursday evening at the age of 86 in Kano State.
A family member confirmed Sidi Ali’s death to newsmen on Friday.
Senator Shehu Sani, a former federal lawmaker, also confirmed the Ali’s demise in a post on his Facebook page on Thursday night.
He wrote, “I received the sad news of the demise of renowned Elderstateman, Author, Journalist, Politician and Historian Alhaji SIDI ALI.
“Apart from Tafawa Balewa and Sardauna of Sokoto, no other Northerner was closely known by historic figures and World leaders in the 60s and 70s, like the Late SIDI. The late Elderstateman was personally known by President JF Kennedy, Martin Luther King, Jr. Malcom X, Muhammad Ali, Kwame Nkrumah and many others.
“The late Sidi Ali was a human library and a prolific writer. He was one man who can recall every event that happened in Nigeria’s history from independence till date. A great loss. My condolences to his family and the good people of Kano State.
“May Allah grant him Aljanna firdausi, Amin,” he added.
Sidi Ali, a veteran who served at the Nigerian International Press Centre, Ministry of Information, and National Broadcasting Commission, among others, was also the father of the recently appointed spokesperson for the Central Bank of Nigeria (CBN), Hakama Sidi Ali.
Throughout his career, Ali demonstrated his dedication to Nigerian journalism and politics, holding membership in the All Progressives Congress (APC) and actively contributing to the party’s Elders Committee in Kano State.
KanyiDaily had also reported how former Kwara State Senator, Rafiu Ibrahim died at the age of 57 following a brief illness.
News
Why We Agreed On N615,000 As New Minimum Wage For Workers – TUC, NLC
The president of the Trade Union Congress (TUC), Festus Osifo, has shed light on the reason behind the proposed N615,000 new minimum wage.
Speaking to journalists in Abuja on Friday, Osifo said the N615,000 new minimum wage agreed on by the TUC and the Nigeria Labour Congress (NLC) was reached based on N1,700 per dollar computation.
The TUC President emphasized that the anticipated announcement of the new minimum wage on May 1 might not materialize as negotiations are still ongoing.
He said, “The negotiation by the Tripartite Committee is still ongoing. If you remember, the TUC earlier submitted N447,000 as the new minimum wage but we have harmonised our figure with the Nigeria Labour Congress (NLC).
“It is now N615,000. Regarding when the new minimum wage, the committee is still working.
“So, certainly, May 1 will not work for the pronouncement of the new minimum wage except if the federal government wants to pay the minimum wage of N500,000 to workers.”
Osifo clarified that the figure is not sacrosanct and acknowledged that the government has its own considerations.
“The government also has its markup, so conversations and negotiations will start and end somewhere,” the TUC leader said.
He highlighted the thoroughness of the process, explaining that a comprehensive study was conducted before arriving at the proposed amount.
“If you look at the N615,000, you will think that the amount is right, but at about the time we did that computation, a dollar was about N1,700. I am hopeful that the committee will meet after May 1,” he said.
The federal government had established a 37-member tripartite committee chaired by Bukar Aji to continue further negotiations and consultations on the new minimum wage.
Meanwhile, Lagos State Government has refuted reports suggesting that Governor Babajide Sanwo-Olu increased the minimum wage in the state to N70,000.
News
EFCC Asks Abuja School To Refund $845,000 Yahaya Bello Paid For Son’s School Fees
The Economic and Financial Crimes Commission (EFCC) has formally requested the American International School in Abuja to reimburse the sum of $845,000, purportedly paid by former Kogi State governor Yahaya Bello for his son’s education at the prestigious institution.
During a press briefing on Tuesday, the EFCC. Chairman, Ola Olukoyede, disclosed how the former governor allegedly withdrew $720,000 from the state’s funds to cover his child’s school fees.
Yahaya Bello reportedly entered into an agreement with the school to prepay $845,000 until 2034 for the education of his eldest son, Ali Bello.
However, with ongoing investigations into the alleged financial misconduct by the former governor, the EFCC has demanded the immediate repayment of the funds to the state.
In response to the EFCC’s request, the school offered to reimburse Kogi State with a sum of N1.1 billion equivalent to the amount paid by Yahaya Bello, confirming the $845,000 transaction.
In a letter addressed to the EFCC, dated October 24, 2022, the school expressed its intention to return $760,000 as part of the investigation into Bello’s suspected money laundering activities.
The school clarified that the remaining $85,000 had already been utilized for educational services provided to the governor’s children within a year.
The letter further confirmed that from September 7, 2021, to the date of the letter, a total of $845,852.84 had been paid in tuition and other fees for six of the governor’s children enrolled at the school.
The school requested the anti-graft agency to submit an official written request, along with accurate banking details, for the refund process.
The school’s letter said, “Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.
“Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.”
“We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).
“No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASiA, Should any further deposits be made into ASIA’S bank account/s, we will disclose and inform you immediately without delay.”
KanyiDaily had reported that the EFCC had declared Yahaya Bello wanted over alleged money laundering, breach of trust, and misappropriation of funds totaling N80.2 billion.
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