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Three residents of Takum town in Taraba State have lost their lives following a severe windstorm that struck the area twice in two days.
The first incident, according to a resident, Mallam Maiwada Takum, occurred on Tuesday evening, causing extensive damage to residential, commercial, school and office buildings.
Takum said the weather initially brought heavy rainfall, followed by a powerful windstorm that lasted for over an hour and a half.
“The impact was devastating, with some buildings collapsing and many people trapped. Flying debris, including zinc sheets, caused injuries to many residents,” he said.
Yakubu Adamu, another resident, described the windstorm as highly destructive, resulting in significant damage to property and infrastructure, in addition to the loss of lives.
He said three fatalities had been confirmed, and many others sustained injuries.
“The number of casualties and injuries may rise as rescue and recovery efforts continue,” he added.
James Gangum called for urgent assistance from the state government and the National Emergency Management Agency (NEMA) to support those affected by the windstorm.
On Wednesday, another powerful windstorm struck Takum town, causing further destruction to buildings and injuring many people.
The windstorm, accompanied by heavy rainfall, started shortly after Governor Agbu Kefas entered the town to inspect the damage caused by the earlier windstorm on Tuesday evening.
It was gathered that the storm, which began around 2:30 pm on Wednesday, led to the destruction of numerous buildings, including residential homes, schools, electric poles, and trees.
The second incident has hampered the governor’s efforts to assess the previous day’s damage caused by the windstorm.
Mr Emmanuel Bello, the Senior Assistant to Governor Agbu Kefas on Media and Digital Communication, said the governor had entered Takum to inspect the damage caused by the windstorm and that the town experienced another heavy rainfall.
Also, one person has been reported killed and several others injured by a windstorm that also destroyed over 100 houses in Agbashi community, Doma Local Government Area of Nasarawa State.
The Vice Chairman of Doma LGA, John Bako-Ari, confirmed the incident, stating that it occurred on Tuesday evening.
According to Bako-Ari, the windstorm caused extensive damage, including the destruction of over 100 residential houses, the Agbashi Central mosque, part of Pilot Primary School Agbashi, and various other public infrastructure.
Mr Anthony Oshinyeka, the acting Chairman of Agbashi Development Association (ADA), expressed sadness over the incident and the severe impact on the Bassa settlement in Iponu, where one person died and seven others were injured.
Oshinyeka called for urgent government intervention to assist the affected residents.
He specifically requested the immediate release of relief materials and medical aid by the government and charitable individuals to support the affected communities.
[DailyTrust]
Following the approval of a 250 per cent electricity tariff hike by the Nigerian Electricity Regulatory Commission on Wednesday, DAILY POST outlines what Nigerians should know about the hike.
Recall that NERC approved N225 per Kilowatt for ‘Band A’ electricity customers in Nigeria.
The development represents a significant shift from electricity subsidy in the Nigeria Electricity Supply Industry amid persistent epileptic power supply nationwide.
Customers Affected by Hike
NERC said that only Band A customers received at least 20 hours of power supplies from the eleven electricity distribution companies.
According to the Vice Chairman of NERC, Musiliu Oseni, only 15 per of the 12.12 million electricity customers in Nigeria are affected.
He explained that the tariff hike would not affect customers on B, C, D, and E, having less than 20 hours of power supply.
Implication of New Electricity Tariff
The hike implies that electricity consumers under Band A will pay 250 per cent more to get a power supply.
This means a complete electricity subsidy removal for customers under Band A.
Band A customers fall within 15 per cent of households in Urban areas in Nigeria.
According to NERC, Band A customers consume 40 per cent of electricity in the country.
However, the hike will not lead to an improvement in the electricity supply to the affected customers.
Date of hike commencement
According to the new tariff order, Discos commenced the implementation of the new electricity tariff on Wednesday, 3rd April 2024.
This means customers under Band A have begun paying 300 per cent more for electricity.
Meanwhile, since January 2024, customers across all bands have suffered epileptic power supply in Nigeria.
The Minister of Power, Adebayo Adelabu, blamed gas constraints for the erratic power supply in Nigeria.
[DailyPost]
The Federal Government plans to begin the issuance of domestic foreign currency-denominated bonds from this quarter, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said yesterday.
A Reuters report quoted the minister as speaking at a parley with business leaders in Lagos.
The government move is expected to herald domestic issuance of similar bonds by companies and sub-nationals, a plan already given provisional approval by the country’s apex capital regulator.
The sovereign domestic foreign currency issuance aligns with government’s move to attract more forex inflows to stabilise the naira. Dollar shortages have had significant adverse impact on the naira.
Edun told his audience that the government would seek to sell forex bonds to Nigerians at home and abroad who, “because of lack of faith in the currency, have decided to try to hold and save in dollars.”
“All the funds in the diaspora, we are targeting them. There are all these funds that you have brought into your (local foreign currency) accounts, we are targeting them,” said Edun.
The minister said President Bola Ahmed Tinubu in October 2023 signed executive orders to allow domestic issuance of instruments in foreign currency and also allow all cash outside the banking system to be brought into the banks.
He said that the government had not issued the bonds earlier because it sought to first build confidence in its fiscal policy and gain the trust of citizens who are sceptical of government policies.
Nigeria spends around 78 per cent of its revenue on debt servicing and the government has vowed to cut this to around 50 per cent.
“When they say what keeps you awake at night, I will say paying the debt service (cost),” said Edun.
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) had given a provisional “no-objection” to the proposal to allow companies and governments to undertake dollar-denominated listings on the Nigerian stock market.
The proposal, being pushed by the Nigerian Exchange (NGX), involves creation of a new listing platform for high-valued issuers to raise capital through dollar-denominated debts and equities issuances.
The proposal is considered as one of the quick-interventions to bolster the country’s foreign exchange (forex) position by exploring alternative sources and redirecting remittances and informal sources to a formal market.
Securities and Exchange Commission (SEC) Director-General Lamido Yuguda said the apex regulator has “no problem” with the proposal for dollar-denominated listings by qualified issuers.
According to him, the basic premise of regulation is full disclosure and demonstrated ability of an issuer to meet the required obligations imposed by the issuance.
He said SEC would treat such dollar-denominated listings by companies or governments on the same basis of the ability to meet the required obligations as contained in the issuance documents, and in line with extant rules at the capital market.
Lamido said investors’ protection is deeply ingrained in all regulatory consideration by the Commission as it continues to explore ways to further deepen the capital market.
The listing of dollar-denominated bonds and shares at the Nigerian stock market is targeted at easing access to forex for select companies, especially high-valued companies that require substantial forex for their operations.
Under the proposed two-phased plan, the NGX plans to start with quotation of dollar-denominated debt issues such as bonds and then move to listing of dollar-based ordinary shares and other quasi-equities.
The provisional approval by SEC is a major boost for the NGX forex proposal.
NGX Chief Executive Officer (CEO) Temi Popoola said the Exchange would work with the SEC to create the required regulatory framework for the dollar-based listing.
Changes to listing regulations can be achieved within a “relatively short time”, Popoola said.
He explained that the Exchange was banking on the market-oriented stance and reforms of the Tinubu administration to push the dollar-listing proposal through.
Popoola said the Exchange would be targeting companies operating from the special economic free trade zones and those earning foreign currency
The primary objective, he noted, is to enable these companies to issue bonds denominated in dollars and eventually offer equity in dollars.
“It could potentially address the challenges posed by fluctuations in foreign currency,” Popoola said in an interview with Bloomberg.
Bloomberg reported that companies Nigeria consistently cite getting access to the dollars they need for raw materials as their biggest challenge.
The NGX also plans to work with SEC to initiate a framework that allows companies with home listing to pay dividends in dollars. Few companies with dual listings already pay dividends in dollars.
The NGX, which did not give a timeline for the launching of the plan, said government’s willingness to consider market reforms increases the prospect of success.
“Given the proactive stance of the current administration, it is reasonable to anticipate that these objectives can be achieved,” Popoola told Bloomberg.
He pointed out that both retail and institutional investors have “substantial” amounts of dollars that domestic capital markets can tap to encourage more local listings.
“If the target companies cannot access dollars within our market, many of them may opt to list abroad,” he said.
[TheNation]
Some communities in Abuja, Lagos and Nasarawa are currently experiencing power outages due to technical glitches.
The Ikeja Electricity Distribution Company on Tuesday said the service disruption was due to significant load restrictions across many of its transmission load centres.
According to the power distribution firm, the transmission stations affected include Oworo, Maryland, Itire, Isolo, Ogba, Alausa, Ejigbo, Alimosho and others.
“The current service disruption you are encountering is a result of significant load restrictions across many of our transmission load centres, particularly impacting:
“Oworo TS, Maryland TS, Itire TS, Isolo TS, Ogba TS, Alausa TS, Ejigbo TS, Alimosho TS, Ilupeju TS, Ayobo TS.
“We apologise for any inconvenience caused. We are actively collaborating with relevant stakeholders to restore normal operations,” the Ikeja DisCo said.
In the same vein, the Abuja Electricity Distribution Company informed its customers in Nasarawa that they were in darkness after windstorms brought down transmission lines.
Also, some areas in the FCT were said to be in darkness due to a technical fault.
“This is to notify residents in Nasarawa State: Uke, Gidan Zakara, Gora, Auta-Baleifi, Tukur Farm, CS Farm, Masaka, Keffi GRA, Luvu, Dunamis Community 1&2, Dadin Kowa, Keffi and its environs that the power outage currently being experienced is due to damage to the lines serving these areas, caused by strong winds.
[Punch]
The Nigeria Labour Congress (NLC) and some civil society organisations (CSOs) have kicked against the new hike in electricity tariff in the country.
Those who spoke to Daily Trust yesterday said all the reasons given by government officials on the increase were not tenable, saying even in advanced societies, citizens enjoy subsidies on some basic necessities like fuel and electricity.
Stunned by thousands of storks flying over the sky in Gia Viễn dike, Ninh Bình - Nếm TV
The Nigerian Electricity Regulatory Commission (NERC) Wednesday announced a tariff increment from N68 kilowatt hour (kwh) to N225 kwh.
The commission said the increment was made following consultations with the 11 electricity distribution companies (Discos) as well as the inability of the federal government to pay over N2.9 trillion that would accrue by the end of 2024 as electricity subsidy for failure to enable cost reflective tariff.
With this tariff hike, consumers under the Band A feeders and enjoying an average of 20 hours of power supply daily will pay about N135, 000 monthly.
At a press conference in Abuja, NERC’s Vice Chairman, Musiliu Oseni, said the increase would affect only 15 per cent of the 12 million electricity consumers.
He said the commission had downgraded some customers on the Band A to Band B and C due to the non-fulfilment of the required hours of electricity provided by the electricity distribution companies.
Oseni said the review would not affect customers on the other bands, which vary from B to E.
He, however, said the increase of tariff for Band A customers would bring some incentives to ensure they would not be short-changed by the Discos.
“There are targets that have been provided for the distribution companies, which the commission will monitor and review from time to time to ensure the migration of other customers for better service.
“As part of the enforcement mechanism, the rate, which will be paid, which is N225 is just about three times the existing rate, requires the customers to get the service.
“We will be using technology to ensure that we get access directly to the distribution system and it will be gotten from the meters installed on the feeders.
“Secondly, the order provides that the DisCos must publish the seven-day rolling average of services delivery on each of the feeders on their website,” he added.
He said as part of the enforcement and monitoring mechanisms, each Disco had been mandated to set up a response team in locations of feeders that would be affected in the rate review.
“This is for the customers to have access to near real time response form the company. The discos have been urged to publish the contact of the head of the response team,” Oseni said.
He said failure to meet the service commitment for seven consecutive days, would make the feeder to be downgraded immediately to the service level the Disco is able to provide.
“The other provision is that where a DisCos failed to make the service commitment for two consecutive days, on the third day by 10 am, the DisCos must publish an explanation via bulk SMS to contact the affected customers on the feeder and provide explanation on why it is unable to provide the service required for two days.
“It will also submit to the commission the explanation and update on the commitment to restore the service.”
He said when a DisCos failed to meet the service level for a month, it would downgrade the feeders and pay compensation to the customers.
Why tariff was increased – NERC
NERC’s Commissioner, Planning Research and Strategy, Yusuf Ali, said the impact of gas price and the unification of naira necessitated the review of the tariff.
He said in January this year alone, the electricity subsidy was N240 billion.
He said: “If we multiply that by 12 (months), it will lead to a subsidy margin of N2.9 trillion”.
Now, the approved appropriation for Nigeria is N27 trillion, if we take N2.9 trillion out of that, it is way more than 10 per cent of the budget.”
NLC, CSOs kick
The NLC, in a chat with Daily Trust, described the new electricity tariff increment as insensitive and callous.
It said this would further impoverish the already pauperised Nigerians battling the hardship caused by the fuel subsidy removal.
The Head of Information at the NLC headquarters, Benson Upah, said the labour would take a position on the “chaotic” policy after appropriate organs of the movement meet.
“The government’s decision is not only insensitive, it is callous. It further pauperises consumers, especially workers whose wages are fixed and insufficient.
“It similarly makes the operating environment more hostile for manufacturers with potential for an astronomical rise in cost of goods and services or in the worst-case scenario, more closures and loss of jobs.
“The only people who stand to gain from this mindless social violence against the people are the World Bank and IMF. Pity! We will get back to you on that (next step) after the appropriate organs decide.”
CSOs speak
The Executive Director, Resource Centre for Human Rights and Civic Education (CHRICED), Comrade Ibrahim Zikirullahi, once again slammed the federal government for increasing the electricity tariffs without consulting relevant stakeholders, “Especially in light of the ongoing hardships caused by the removal of fuel subsidy and the instability of the Naira.”
He alleged that similar to the unilateral removal of petrol subsidy, the government had demonstrated a lack of concern for the welfare of the people in its policies.
“In a democratic society, it is expected that the government should prioritise the interests of the people, but when this principle is disregarded, it signifies a regression towards a dictatorial era. In fact, the APC has consistently exhibited an authoritarian political culture, which can be traced back to the General Buhari regime.
“This authoritarian culture has now permeated all aspects of social relations in Nigeria, resulting in widespread insecurity, high levels of unemployment, rampant poverty, and the rapid depreciation of the naira.
“We have now reached a critical juncture where the people must take charge of their own survival,” he stated.
On his part, Country Director, ActionAid Nigeria, Andrew Mamedu, said the new tariff hike would place “An unbearable burden on already struggling Nigerian households, particularly low-income families and vulnerable communities and SMEs.”
According to him, it is important for the government to recognise that its decision to remove the fuel subsidy contributed to the current situation.
“Therefore, the government should be prepared to bear the brunt of these policy decisions without unduly passing on the burden to Nigerian citizens.
“It is important to note that energy security is one of the major areas that contributes to national security and welfare, which explains why nations guide their energy sector seriously and are always up and doing ensuring its availability and affordability.
“For instance, the government of Canada is currently providing up to 100 Canadian Dollar subsidy within this year to support homes, following the economic hardship.” Mamedu said.
He said the government’s priority right now must be to explore alternative solutions that prioritise improving the efficiency of electricity distribution, addressing corruption in the energy sector and promoting renewable energy sources.
Tariff hike will trigger power theft – Amadi
A former chairman of NERC, Sam Amadi, said the electricity tariff increase would cause power theft and corruption.
Speaking on Trust TV, Amadi said, “If you increase the tariff of power to the level that people can’t afford, it will increase the stealing of power through bypassing, corruption and at the end of the day, the utilities will lose more money.”
He admitted that there was a good reason to increase the tariff due to the forex crisis and the increase in the price of gas that will be sold to the electricity generation companies.
He, however, said the government should allow a special window where the distribution companies could access dollars at a preferential rate.
“If there is a way to help the DisCos and GenCos to operate well without suffocating the people much, they should do it.”
Air Peace, Nigeria’s flag carrier, has announced an increase in capacity on its Lagos-London flights.
The airline made the announcement on its X page on Wednesday.
On March 30, Air Peace commenced its Lagos-London flight services.
During an interview on Arise TV on April 2, Allen Onyema, chief executive officer of Air Peace, said the airline sold out tickets for the Lagos-London flights until September.
However, due to the high demand to fly with the airline, Air Peace on Wednesday said more seats have been created to meet the passengers’ needs.
“Due to overwhelming demand and interest in our London route, we have decided to increase the capacity on the route,” Air Peace said.
“This means that more seats are now available.
“Air Peace would like to thank the Nigerian population, both in Nigeria and in the United Kingdom, for their support.
“We do not take it for granted, and we will be doing our best to continue to make the whole country proud.”
Meanwhile, on April 2, Onyema said the airline faced internal and external obstacles before it could commence Lagos-London flight operation, adding that it took the airline seven years to be able to commence operations.
He also said the country is being fleeced by all the airlines “going to London from this place”.
Onyema said people were paying five times more than they should have been paying for flights.
[TheCable]
The President Bola Tinubu-led Nigerian government has approved N225 ($0.15) per kilowatt-hour tariff increment for Band A electricity consumers in the country.
The Vice Chairman of the Nigerian Electricity Regulatory Commission (NERC), Musliu Oseni, who made this known at a press briefing in Abuja on Wednesday said the increase will see the customers paying N225 kilowatt per hour from the current N66.
According to Oseni, customers in Band A who are those who enjoy 20 hours of electricity supply daily represent 15 percent of the 12million electricity customers in Nigeria.
Oseni further said that the NERC had also downgraded some customers on the Band A to Band B due to non-fulfilment of the required hours of electricity provided by the electricity distribution company.
“We currently have 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 per cent now qualify as Band A feeders. These feeders only service 15 per cent of total electricity customers connected to the feeders.
“The commission has issued an order which is titled April supplementary order and the commission allows a 235 kilowatt per hour,” he said.
Oseni added that the upward review of the electricity tariff will not affect customers on the other Bands.
Gospel minister, Nathaniel Bassey, has petitioned the Inspector General of Police, Kayode Egbetokun, to investigate and prosecute four persons who he accused of criminal defamation and cyberstalking.
The singer submitted the petition to the IGP on April 1, 2024, through his lawyers, Peter Abraham, Uche Matthew, Gbenga Agunloye, and Anthony Abia.
Last week, four social media users alleged that Bassey fathered the son of fellow popular gospel singer, an allegation that went viral on X.
The lawyers, therefore, urged the police authorities to urgently treat the petition against the four social media users, identified in the petition as Okoronkwo Ejike, Kingsley Ibeh, Terrence Ekot and Dj Spoiltkid.
“Our client is a gospel music minister whose songs and ministrations have impacted the lives of so many from different walks of life across the globe,” the petition partly read.
“On Friday, the 29th day of March 2024, Mercy Chinwo Blessed another popular gospel music minister, and her husband posted pictures of their son and themselves on different social media platforms.
“However, our client was disheartened, saddened, and grossly disturbed to find that the above-mentioned suspects, as mischief makers with a criminal intent to destroy the image and character of our client, had made different social media posts of defamatory matter, calling our client ‘the father of minister Mercy Chinwo Blessed’s son,’ a woman who is married to another man.
“The post by Mr. Okoronkwo Ejike has since gone viral on the platform. In reaction to the post, Mr. Kingsley Ibeh commented on Mr. Okoronkwo’s post with a picture of our client with the caption “The real father of the baby.”
“In a post on the platform “X” formerly known as Twitter, “Dj SpoiltKid” a verified X user, quoted the statement by Okoronkwo Ejike along with a screenshot of the post and added, “When are we doing DNA test?”
“In another post, Mr. Terrence Ekot, on the platform “X” made a post thus: “Take a look at the stunning resemblance of mercy chinwo’s son and Nathaniel Bassey. Though duo has been working together on several projects in the past..what do you have to say?” (sic)
The lawyers said the social media posts by the four individuals amounted to complete assassination of Bassey’s character.
“These nefarious acts of these suspects, if not immediately dealt with, will continue to destroy our client’s image, injure his reputation, assassinate his character, and cast aspersion on the good name built by our client over the years.
The lawyers said the alleged actions of the four individuals contravened Sections 373 and 375 of the Criminal Code Act as well as Section 24(1)(b) of the Cybercrimes (Prohibition, Prevention, etc.).
“The consequences of making such statements on social media have been known to tarnish the reputations of individuals, render marriages unstable, and many never recover from them. International reputation is an asset—both for the individual and for the nation—and it takes time to acquire.
“Consequently, we urge you to use your good offices to, in the interest of justice, investigate this matter, arrest, and bring the suspect to justice, which will serve as a deterrent to others.”
Efforts to reach the Police Spokesman, Muyiwa Adejobi, for comments were not successful as of press time. Also, calls to Mercy Chinwo’s lawyer, Pelumi Olajengbesi, rang out.
The Ondo State Attorney-General and Commissioner for Justice, Kayode Ajulo, has disclosed that he does not plan on paying his 273 aides from the coffers of the state government.
He explained that the designations are mainly honorary, adding that this means the lawyers do not have any right to receive financial remuneration or employment advantages from the Ondo State government.
Ajulo stated this following the backlash he received after announcing the appointments.
He described the reaction that trailed the appointment as an “unfortunate misconception of issues.
Ajulo said that the aides will be classified as honorary and technical advisers, maintaining that they are comprised of professional and junior legal practitioners.
He noted that the aides would work closely with him to enhance what he described as ethical legal services to the state.
“Most of these designations are purely honorary, indicating that the lawyers do not have any right to receive financial remuneration or employment advantages from the Ondo State government.
“Most of the lawyers who have been appointed are renowned, trusted, and experienced lawyers and jurists who have willingly decided to contribute their services to Ondo State as a gesture of goodwill, and any compensation they receive will not be provided by the Ondo State Government,” he said.
[NaijaNews]
A former national chairman of the Peoples Democratic Party (PDP), Uche Secondus, has lambasted the Minister of the Federal Capital Territory (FCT), Nyesom Wike, for describing him and a former Minister of Transportation, Abiye Sekibo, as “expired politicians” over their support for Rivers State governor, Siminalayi Fubara.
Recall that last week, Secondus, Sekibo, who was director-general of the party’s presidential campaign council in Rivers State; Senator Lee Maeba, Celestine Omehia, and Austin Opara, an ex-lawmaker, openly declared their support for Fubara and urged President Bola Tinubu to caution Wike.
In response, Wike had during a live media chat in Abuja, condemned the leaders of the PDP in Rivers State as “expired politicians” and “political buccaneers”.
But, Secondus in a statement by his media aide, Ike Abonyi, described Wike as “a showman noted for his double-speak, twisting of facts to score some cheap political points, and someone who stands the truth on its head.”
He further described the FCT Minister’s utterances during his media chat with select journalists as “appalling and rather unfortunate, more so he characterised our revered political leaders of Rivers State, casting them in a bad light by referring to them as transitional politicians, political vampires, and political buccaneers.”
[Leadership]
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A former lawmaker, Shehu Sani has aired his opinion on the recent announcements made by the Federal Government on the increase of electricity tariffs.
DAILY POST reports that the Nigerian Electricity Regulatory Commission, NERC, on Wednesday gave the go-ahead to raise the electricity rates for customers in the Band A category.
During a press briefing in Abuja on Wednesday, the Vice Chairman of NERC, Musliu Oseni, announced that there will be a rise in electricity tariffs.
This adjustment will result in customers paying N225 per kilowatt-hour, up from the current rate of N66.
Sani, a former lawmaker, who represented Kaduna central district in the 8th assembly, said the increase would further reduce the living standard of Nigerians and kill businesses.
“Increasing electricity tariffs by 300% will finally electrocute human lives and businesses in the country,” he wrote on X.
[DailyPost]
President Bola Tinubu, on Wednesday, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.
This development follows individual reviews by both the Senate and the House of Representatives of the report from the Committee on Tertiary Institutions and TETFund.
What is the student loan bill in Nigeria?
The Bill sponsored by Senator representing Ekiti Central Senatorial District of Ekiti State, Bamidele Opeyemi aims to improve the execution of the Higher Education Student Loan Scheme in Nigeria by tackling issues related to the management structure of the Nigerian Education Loan Fund, applicant eligibility criteria, loan purposes, funding sources, and procedures for disbursement and repayment.
How does the student loan works in Nigeria?
Under this Bill, the Nigerian Education Loan Fund (NELFUND) would be established as a legal entity with the authority to litigate and be litigated in its own name, and it would possess the power to acquire, hold, and dispose of both movable and immovable property to fulfill its functions.
In essence, the Bill enables the Fund to offer loans to eligible Nigerians for their tuition, fees, charges, and living expenses while studying in approved tertiary institutions and vocational training centers in Nigeria.
In contrast to the previous 2023 Act, which placed the Fund’s administration under a Special Committee chaired by the Governor of the Central Bank of Nigeria, this Bill proposes changes in the management structure.
What are the terms and conditions for student loan in Nigeria?
Furthermore, the Bill eliminates the income-based eligibility criterion set by the existing law, which required an annual income of less than N500,000 for applicants or their families.
The Bill also broadens the scope of eligibility, allowing students from federally or state-established tertiary institutions and government-approved vocational institutions to apply, with specific criteria to be determined by the Fund.
Additionally, unlike the 2023 Act, which limited loan applications solely to tuition fees, the new Bill permits applicants to request loans to cover various institutional charges and maintenance allowances.
Nigerian commercial banks have set withdrawal limits on their automated teller machines (ATMs), TheCable can report.
Findings showed the limits vary across banks.
This followed reported cases of cash scarcity in some parts of the country in the second half of last year.
On November 2, 2023, the Central Bank of Nigeria (CBN) said the scarcity experienced in some locations was due to a high volume of withdrawals from its branches by banks and panic withdrawals by customers from ATMs.
The CBN also said there was sufficient stock of currency notes for economic activities in Nigeria and assured its branches across the country were working to ensure seamless cash circulation in their respective states of operation.
While the scarcity persisted, the apex bank, on December 13, blamed the situation on hoarding, stating most of the cash given to banks was in the hands of individuals.
A year before, the CBN had attempted to limit cash circulation by implementing a cap on ATM withdrawals, to encourage cashless transactions.
The CBN reduced ATM withdrawals on December 6, 2022, to N20,000 daily and N100,000 per week. However, on December 21 of the same year, the regulator reviewed the cash withdrawal limits across all channels to N500,000 and N5,000,000 per week for individual and corporate organisations, respectively — after a public outburst.
This took effect on January 9, 2023.
However, recent findings across various locations in Lagos showed that banks have restored limits on ATM withdrawals.
TheCable understands that the cap set on account holders also restricts the customers to a certain amount should they attempt to withdraw from a different bank.
BANKS’ NEW DAILY ATM WITHDRAWAL LIMITS
At three Guaranty Trust Bank (GTB) branches located in Ogba, Egbeda, and Fagba in Lagos state, the company’s account holders are only allowed to withdraw N20,000 per day at the ATM, while it dispenses a maximum of N5,000 to non-customers daily.
However, another GTBank in Egbeda has a daily cap of N50,000 for customers and N20,000 for non-customers.
Also, Polaris Bank branches at Festac and Ikeja have N50,000 ATM withdrawal limit per day for the lender’s account holders — but non-customers can only withdraw N20,000 per day.
The limit is different for account holders of United Bank for Africa (UBA), as ATMs at the lender’s branches at Fagba and Ogba only dispense N20,000 and N60,000 to N100,000, respectively, whereas non-customers have a cap of N5,000 and N40,000 to N60,000, respectively.
At Union Bank branches in Ikeja, Ilupeju, and Berger, account holders can withdraw N20,000, N60,000 to N70,000, and N70,000 per day, respectively.
However, non-customers have a limit of N20,000 daily at Union Bank branches in Ikeja and Ilupeju, while they can withdraw up to N40,000 at the Berger office.
For Ecobank account holders, the maximum ATM withdrawal at its branches in Ogba and Berger is N400,000 and N40,000 per day, respectively, while non-customers can withdraw N20,000 daily.
Keystone Bank branches at Ilupeju, Ogba, and Allen set a limit of N40,000, N50,000, and N200,000 per day for account holders, respectively; while the ATM dispenses N20,000, N30,000, and N100,000, (respectively) to non-customers.
The withdrawal limit for Zenith Bank account holders is N100,000 per day at ATMs located at the company’s branches in Aguda and Festac, but non-customers can only withdraw N30,000 and N50,000, respectively.
At its branches in Allen and Akowonjo, First City Monument Bank (FCMB) has an ATM withdrawal cap of N40,000 for account holders, while N20,000 is dispensed to non-customers per day.
Also, Sterling Bank branches at Ilupeju and Allen have a limit of N50,000 for account holders, but the maximum non-customers can withdraw are N25,000 and N50,000, respectively.
Access Bank also has a limit on ATM withdrawals, as the company’s branches in Allen and Ogba offer N40,000 per day to account holders, but dispense N20,000 to N25,000 to non-customers.
Checks at Fidelity Bank’s branches in Ilupeju and Aguda showed account holders can withdraw a maximum of N40,000 — but for non-customers at the Ilupeju office, the amount depends on the bank they are using, while for the Aguda branch, non-customers can withdraw N20,000 or until they can no longer take out funds from the ATM.
First Bank of Nigeria (FBN) also limited account holders’ ATM withdrawals to N40,000 daily, according to findings at its branches in Allen and Berger.
Although non-customers can withdraw N20,000 at FBN’s Allen office, withdrawal at the Berger branch depends on the bank used by non-customers.
For Globus Bank account holders, ATMs at the company’s branches in Ilupeju and Allen have a limit of N150,000 per day, however, non-customers withdrawal limit also depends on their banks.
Providus Bank branches in Allen and Adeola Odeku offer account holders a maximum of N100,000 and N150,000 (respectively) per day, with the ATMs dispensing N20,000 to non-customers daily.
However, account holders of Premium Trust Bank can withdraw N40,000 daily at the company’s ATMs in Allen and Adeola Hopewell branches but non-customers are only able to withdraw N10,000 and N40,000 to N50,000 per day, respectively.
At Allen and Mowe (Ogun state), ATMs in Unity Bank branches dispense N40,000 per day to account holders and non-customers.
But at Parallex Bank in Adeola Hopewell, the ATM withdrawal limit for account holders is N100,000, while that of non-customers depends on their banks.
Heritage Bank in Ilupeju has a cap of N150,000-N200,000 per day for account holders, but non-customers cannot withdraw more than N40,000 daily.
Also, findings at Suntrust Bank, located in Sanusi Fafunwa, showed account holders are limited to N20,000 a day and non-customers can withdraw N20,000-N30,000 daily.
At Titan Trust Bank in Egbeda, both account holders and non-customers are unable to withdraw more than N20,000 per day.
It is different at Stanbic IBTC in Computer Village and Ogba, where ATM withdrawal for account holders is capped at N80,000 to N100,000 daily.
However, non-customers can withdraw N40,000 daily at the Computer Village branch, while they can withdraw until they are unable to at the Ogba office.
TheCable also learnt that ATMs at Wema Bank branches in Oba Akran and Ojodu are dispensing N40,000 to account holders daily, but non-customers limit depends on their banks.
WHY BANKS ARE SETTING LIMITS TO ATM WITHDRAWAL
In a notice to customers, seen by TheCable, Stanbic IBTC Bank advised withdrawals should be limited to one bank card per transaction when using the company’s ATM to avoid cash shortage.
In the statement, pasted at its ATM gallery, Stanbic IBTC said cash shortage occurs when individuals use multiple cards from different banks in a single ATM transaction.
“To ensure uninterrupted access to cash withdrawals through our Automated Teller Machines (ATMs), we kindly request that you limit your withdrawals to one bank card per transaction when using our ATMs,” Stanbic IBTC said.
“This measure aims to prevent instances of cash shortages that may occur when individuals use multiple cards from different banks in a single ATM transaction, surpassing the maximum daily withdrawal limit per individual. This practice may inadvertently restrict other customers’ access to cash.”
Also, a top official in the banking industry — with knowledge of the withdrawal limits adopted by the banks — said financial technology (Fintechs) firms are one of the reasons banks are limiting withdrawal at their ATMs.
Speaking on condition of anonymity, he said fintech companies have no ATMs but offer their customers debit cards to withdraw all the cash from banks’ ATMs.
“They give cards to people. Most of the people that are doing POS, they go to commercial banks to go and clean out all the money in their ATMs, denying the real customers of the banks to have access to the cash that are in the ATM,” he said.
The source told TheCable point of sale (POS) operators thereafter charge bank customers in need of the cash POS operators withdrew from the ATMs.
He said banks had to become creative to tackle the issue.
In a statement shared with TheCable, Access Bank said every bank “sets ATM withdrawal limits based on available ‘ATM fit’ cash and the number of ATMs for the bank as well as the needs of the customers”.
Commenting on the disparity in limit for its account holders and non-customers, Access Bank said the former are prioritised.
“It is important for us to give priority to our customers cash need; we owe them that duty. Subject to cash availability we can allow other banks’ card holders to also access cash,” Access Bank said.
“Every bank issuing cards is expected to also deploy ATMs to match the need of her customers.”
When asked if the CBN approved the limit, Access Bank said every financial institution has the right to set its withdrawal cap which may change from time to time subject to cash availability, among other things.
However, Access Bank acknowledged CBN had issued a directive that the maximum cash withdrawal limit on all channels is N500,000 weekly for individuals.
Meanwhile, the ATM withdrawal restrictions — as observed by TheCable — violate the limits set by Nigeria’s financial regulator.
When contacted on February 12, Hakama Sidi Ali, CBN’s acting director of corporate communications, requested the enquiry be sent to her WhatsApp. The following day, she asked for the locations of the banks for an independent investigation.
Since the disclosure of the banks’ locations, CBN has not responded to questions on the matter despite several calls, and WhatsApp messages to the regulator’s spokesperson.
Some residents of Akure, the Ondo state capital, have looted a truck conveying food items.
TheCable understands that the truck developed a mechanical fault at the popular cultural centre junction, along Ondo-Akure expressway, on Monday.
The mechanical fault enabled the residents to overpower the driver and loot the truck.
It was observed that the food bags in the truck were branded in the name of President Bola Tinubu.
Those who looted the truck were petty traders, artisans, drivers and commercial motorcyclists.
The latest incident adds to the worrisome list of recent looting of food items in trucks and warehouses amid the current economic hardship in the country.
On Saturday, residents of Kebbi invaded a government warehouse in the Bayan Kara area of the state capital, and looted food items.
On March 1, a truck conveying cartons of spaghetti was looted by hoodlums at Dogarawa axis of Zaria-Kano expressway.
Two days later, some residents broke into the federal capital territory (FCT) warehouse in Abuja and carted away foodstuffs, doors of the warehouse and roofing.