Mr Okechukwu Unegbu, a former president, Chattered Institute of Bankers of Nigeria (CIBN), has urged bank customers to approach the courts if they observe irregular deductions from their accounts.

Unegbu, who is also a former managing director of the defunct Citizens International Bank, gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

He spoke against the backdrop of complaints by bank customers on unexplained, multiple deductions from their accounts.

According to him, the best thing is for customers to initiate court cases against such banks, even while accepting that the justice system is slow.

“That bothers them a lot. In one instance, I won a case against First Bank and and they paid damages.

”The only problem is that the judiciary is slow,” he said.

Unegbu said that the best way to sort such issues out would have been through the bank customers association, which was not active.

According to him, the banks can charge five Naira or N10 per transaction; people see it as small, so they just ignore.

“But when you consider that they have millions of customers that they take such charges from, you will know that it is a lot of money for them,” he said.

He said that there were Central Bank of Nigeria (CBN) guidelines on bank charges.

Unuegbu urged customers to take cognisance of the document and seek redress when they got charges outside the guidelines.

“That document explicitly states the legal charges that banks are entitled to from their customers.

“But most Nigerian banks charge much more than what is recommended, which is against all principles of banking.

”Such things do not happen abroad. And the problem is that most customers do not complain.

“If customers get such charges, they should start by writing to the banks to complain. Going to the bank physically might not yield any positive result.

“If customers can develop the habit of complaining, the banks will start learning,” he said.

He said that the CBN had a complaint desk for such issues, adding that the desk appears not to be very effective.

Meanwhile, findings from the NAN revealed that there are charges approved by the apex bank across all banks in Nigeria.

According to the CBN guidelines, transactions below N5,000 will incur a maximum fee of N10; transfers between N5,000 and N50,000 will attract a charge of N25; and transfers beyond N50,000 will receive a charge of N50.

The guidelines state that account card maintenance costs have been eliminated because the accounts already have maintenance fees.

“Savings accounts will be charged a card maintenance cost of N50 every quarter rather than N50 every month.

“The annual card maintenance cost for cards denominated in foreign currency (FCY) has been reduced from 20 dollars to 10 dollars.

“There is no charge for Naira debit or credit cards linked to the current account.

“The fee for issuing a credit card is N1,000 (one-off charge), regardless of the type of card issued, whether premium or regular,” it said.

It said that the fee for reissuing lost or damaged cards (at the customer’s request) is N1,000 (one-off charge), while renewal fee when existing cards expire, was N1,000 (one-off charge).

“Monthly statements of account for current and savings accounts are required and are free of charge. Special statement of account request is a maximum N20 per page.

“SMS alert is mandatory. If a customer chooses not to receive SMS alerts, the consumer must provide the bank with an indemnity (for any damages that may occur as a result).

“There is no cost for receiving an email notification,” it said.

The CBN announced that any financial institution that violated any of the terms in the guidelines would be fined two million Naira per violation, or as the CBN may determine from time to time.

The bank advised customers to give deposit money banks at least two weeks to resolve any issues, failure of which it would intervene.

“If after lodging your complaint your bank still fails to engage you and resolve the complaint within two weeks, you have the right to escalate your complaint to the Consumer Protection Department (CPD) .

“Customers can contact the CPD by sending an email to cpd@cbn.gov.ng, contactcbn@cbn.gov.ng or call +234 7002255226. Customers can lodge a complaint directly on the CBN website,” it said.

The Federal Government, on Sunday, set an ambitious target of creating 10 million jobs by 2027 through a combination of skills development programmes.

It said the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, aiming to reduce youth unemployment from 35% to 15% within three years.

The Minister of Youth Development, Dr. Jamila Bio Ibrahim, disclosed this in a statement after her participation at the Harvard Ministerial Leadership Forum in Cambridge, Massachusetts.

Dr. Ibrahim outlined key strategies to improve the socio-economic and political inclusion of Nigerian youth.

She stressed the importance of implementing a 30% youth quota in government positions and providing targeted support for youth-led businesses through the National Youth Development Fund.

Ibrahim said: “The government aims to create 10 million jobs by 2027 through a combination of skills development and strategic partnerships.

“This forum provides an unparalleled opportunity to exchange transformative ideas and solidify actionable solutions that align with Nigeria’s national goals for youth empowerment, job creation, and leadership inclusion.”

She stressed the importance of such global platforms in enhancing Nigeria’s strategic goals for youth development.

Dr. Ibrahim also highlighted the government’s focus on public-private partnerships and the restructured National Youth Investment Fund (NYIF), as well as the Presidential Initiative of Youth Enterprise Clusters (PIYEC), as vital tools in reducing youth unemployment.

At the Harvard Forum, she said, it is a significant milestone in furthering these efforts, providing key insights and partnerships to drive youth inclusion and empowerment in Nigeria.

The Federal Government has commenced the sale of crude oil and refined petroleum products in naira, effective October 1, 2024, the Ministry of Finance announced in a statement on X on Saturday.

The decision was made following a directive from the Federal Executive Council and a subsequent review by an implementation committee chaired by the Minister of Finance.

“The Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council directive, the sale of crude oil and refined petroleum products in naira has officially commenced as of October 1, 2024,” the ministry’s statement read.

It was further disclosed that a review meeting, chaired by the Minister of Finance, Wale Edun, on October 3, affirmed the commencement of this “Crude Oil and Refined Products Sales in Naira” initiative, with key stakeholders confirming its launch.

Last month, the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency announced that the Federal Executive Council had approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira. The plan includes the sale of 385,000 barrels per day (kbpd) of crude oil to the Dangote refinery, to be paid for in naira.

The government explained that the naira-for-crude initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country.

The Special Adviser on Media to the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Dare Adekanbi, confirmed last Sunday that the plan for the crude oil supply to the $20 billion Lekki-based Dangote refinery was still in place.

Despite this confirmation, some officials from the Dangote refinery and other refineries stated on Thursday that they were not aware if the naira-for-crude deal had been activated.

Officials from the Nigerian Upstream Petroleum Regulatory Commission, the Federal Ministry of Finance, and the Nigerian National Petroleum Company (NNPC) also declined to comment on the deal’s status.

In September, the government explained that the naira-for-crude initiative would help alleviate pressure on the naira, eliminate unnecessary transaction costs, and enhance the availability of petroleum products nationwide.

“Since then, the implementation committee chaired by the Minister of Finance and we, the technical committee, have worked intensely with NNPC and the Dangote refinery to finalise the modalities for the FEC approval,” stated Zaccheus Adedeji, the Special Adviser to the President on Revenue.

Adedeji further clarified that the Dangote refinery will supply petrol (PMS) and diesel to the domestic market in exchange for crude oil paid in naira. Diesel will be sold in naira to any interested buyers, while PMS will only be sold to NNPC, which will then distribute it to various marketers.

“All associated regulatory costs (NPA, NIMASA, etc.) will also be paid in naira,” Adedeji added. He also highlighted the creation of a one-stop shop to coordinate services from regulatory and security agencies for the smooth implementation of the initiative.

Key officials present at the October 3 meeting included Minister of State for Petroleum, Heineken Lokpobiri; Special Adviser to the President on Energy, Olu Verheijen; NNPC’s Group Chief Executive Officer, Mele Kyari; Dangote Group’s Vice President, and several other key figures in the petroleum and finance sectors.

The Federal Government has set up a committee to investigate the taxation and operational disputes between the Osun Government, and Segilola Resources Operating Limited(SROL), a subsidiary of Thor Explorations limited.

The Minister of Solid Minerals Development, Dr Dele Alake, made this known in a statement by his Special Assistant on Media, Segun Tomori, on Friday in Abuja.

Alake said that the committee was established to engage both parties with the aim of resolving the dispute and restoring industrial harmony.

The News Agency of Nigeria (NAN) reports that the Osun State Government, on Sept. 30, sealed the business premises of SROL, following a court order permitting it to confiscate the company for various flagrant tax violations and other operational matters.

The state government had charged the company with unethical business practices, and tax evasion amounting to approximately 1.9 million US dollars.

He said that the committee would be chaired by Dr Mary Ogbe, the Permanent Secretary of the ministry.

According to him, the committee will include representatives of the Federal Inland Revenue Service, Ministry of Labour and Employment, and the National Association of Chambers of Commerce, Industry, Mines and Agriculture.

He emphasised that the Federal Government has been showcasing investment opportunities in the solid minerals sector to the global audience.

He, however, cautioned that the closure of mining operations by sub-nationals could abort efforts to attract Foreign Direct Investment (FDI) and provoke divestment.

“ Indiscriminate closures of mining operations by sub-nationals raises the risk of discouraging foreign direct investments and even worse, possible divestment by existing companies.

“Mining is on the exclusive legislative list. The Ministry of Solid Minerals should be consulted before such disruptive actions are taken,” he said.

The minister restated the Federal Government’s determination to open up Nigeria’s landscape to boost economic growth, increase employment opportunities, and facilitate community development.

He maintained that any interruption in industrial production could undermine the goals of economic prosperity.

Alake urged both parties to cooperate with the committee in the discharge of their duties.

He added that, while the issues were being resolved, production should be allowed to continue at the company.

“ I hereby call on Gov Ademola Adeleke of Osun and the management of Thor Exploration Limited to sue for peace and industrial harmony in the interest of the workers.

“I want them to think of some many dependents, who may be adversely affected by closure of operations at the factory,” he said.

The Central Bank of Nigeria (CBN) says it sold 543.5 million dollars to authorised dealer banks between Sept. 6 and Sept. 30.

According to a statement issued by Omolara Duke, the Director, the Financial Markets Department of the CBN, the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing days.

Duke said that the spot sales was to reduce observed market volatility driven by high demand for commodity imports and seasoned demand for fx.

She said that the value date for all the transactions was T+2.

The News Agency of Nigeria (NAN) reports that T+2 refers to the settlement dates of security transactions that occur on a transaction date plus two days.

“This statement is to educate and provide guidance on the general public the pricing of fx.

“This is by taking a clue from the range of rates at which gx was sold by the CBN to authorised Dealers.

“The CBN will continue to facilitate the supply of fx into the NFEM as part of its holistic fx management strategy,” she said.

NAN recalls that the CBN had earlier announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in NFEM.

Duke said that the new system was expected to enhance governance, transparency, and facilitate a market driven exchange rate that would be accessible to the public.

“This development is expected to reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market.

“Authorised dealers will subsequently conduct all foreign exchange transactions in the interbank Fx market on the EFEMS approved by the CBN where transactions will be reflected immediately,” she said.

She said that there would be a two-week test run in November, adding that the apex bank would publish real time prices when the EFEMS becomes operational.

She said that the CBN would also buy and sell orders from the system and in collaboration with the Financial Markets Dealers Association (FMDA), publish the rules for the EFEMS.

“The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants.

“Authorised dealers are, therefore, required to comply with extant guidelines and regulations governing the Nigeria foreign exchange market.

“They should ensure that all necessary documentation, training, and systems integrations are concluded ahead of the go live date,” she said.

The Central Bank of Nigeria (CBN), has announced the introduction of an Electronic Foreign Exchange Matching System (EFEMS), for Foreign Exchange (FX) transactions in the Nigerian Foreign Exchange Market (NFEM).

According to a statement issued by Omolara Duke, the Director of the Financial Markets Department, the EFEMS will be implemented by Dec. 1.

Duke said that the new system was expected to enhance governance, and transparency, and facilitate a market-driven exchange rate that would be accessible to the public.

“This development is expected to reduce speculative activities, eliminate market distortions, and give the CBN improved oversight capabilities to effectively regulate the market.

“Authorised dealers will subsequently conduct all foreign exchange transactions in the interbank Fx market on the EFEMS approved by the CBN where transactions will be reflected immediately,” she said.

She said that there would be a two-week test run in November, adding that the apex bank would publish real-time prices when the EFEMS starts becomes operational.

She said that the CBN would also buy and sell orders from the system and in collaboration with the Financial Markets Dealers Association (FMDA), publish the rules for the EFEMS.

“The Nigerian FX Code and revised Market Operating Guidelines for the Nigeria Foreign Exchange Market will also provide guidance to market participants.

“Authorised dealers are, therefore, required to comply with extant guidelines and regulations governing the Nigeria foreign exchange market.

“They should ensure that all necessary documentation, training, and systems integrations are concluded ahead of the go live date,” she said.