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CBN Slashes Electronic Transfer; ATM Withdrawal Charges

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The Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees.

The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN

According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.

Previously, bank customers pay N50 charge for electronic transfers below N500,000.

Further, the CBN in the new Guide to Bank Charges slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only,

Commenting on the new charges, Director, Corporate Communications, CBN, Isaac Okorafor explained that the current NIP charges apply to use of Unstructured Supplementary Service Data (USSD), purchase with cash-back will attract a charge of N100 per N20,000 subject to cumulative N60,000 daily withdrawal. Also, for cards linked to savings account, a maintenance fee has been reduced to a maximum of N50 per quarter from N50 per month amounting to only N200 per annum instead of N600.

Furthermore, he hinted that there will be no more charges for reactivation or closure of accounts such as savings, current and domiciliary accounts while status enquiry at the request of the customer (like confirmation letter, letter of non-indebtedness and reference letter) will now attract a fee of N500 per request.

On Current Account Maintenance Fee (CAMF), the Guide expressly stated that this would be applicable only to current accounts in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. It emphasized that CAMF is not applicable to Savings Accounts.

According to the Director, the CBN carried out the review of the Guide, which also prescribes charges permissible for Other Financial Institutions and non-bank financial institutions, in order to align with market developments.

To guard against excess, unapproved or arbitrary charges by banks and other financial institutions, the Guide stipulates a penalty of N2,000,000 per infraction or as may be determined by the CBN from time to time for financial institutions that breach any provision of the guide. The Guide also emphasized that failure by any bank to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.

Consequently, the CBN directed banks to log every complaint received from their customers into the Consumer Complaints Management System (CCMS) in addition to generating a unique reference code for each complaint lodged, which must be given to the customer. Failure to log and provide the code to the customer, it added, amounts to a breach and is sanctionable with a penalty of N1,000,000 per breach.

The charges prescribed in the Guide were arrived at after extensive consultations with stakeholders and is expected to enhance flexibility, transparency and competition in the Nigerian banking industry.

This Guide, which replaces the Guide to Charges by Banks and Other Financial Institutions issued in 2017, takes effect from January 1, 2020, and maybe reviewed from time to time to reflect changes in the business environment.

The CBN, therefore, urged financial services providers and their customers alike to acquaint themselves with the provisions of the Guide and be properly guided accordingly.

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Police Clear Interior Minister Tunji-Ojo In NYSC Certificate Probe

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The Nigerian Police Force has dismissed allegations of certificate forgery against the Minister of Interior, Tunji Ojo, describing them as baseless following an extensive investigation.

The Police, through its spokesperson, ACP Benjamin Hundeyin, stated that no evidence was found of forgery, alteration, falsification, or unlawful production of the minister’s National Youth Service Corps (NYSC) certificate.

According to him, the investigation established that there was no proof of forgery, alteration, falsification, or unlawful production of the minister’s NYSC certificate.

“After an exhaustive investigation into the allegations, it has been established that there is no evidence whatsoever of forgery, alteration, falsification or unlawful production of the minister’s NYSC certificate,” Hundeyin said.

He explained that the National Youth Service Corps (NYSC) was contacted during the investigation and confirmed that the certificate in question was duly issued to the minister.

“The NYSC was contacted and it was verified that the certificate was duly issued by the corps to the minister. The allegations are therefore unfounded,” he added.

The development comes a day after youth and civil society groups staged a protest in Abuja over the alleged certificate forgery involving the minister.

The demonstrators accused Tunji-Ojo of providing conflicting information regarding his NYSC records, which they said raised concerns about integrity in public office.

Addressing journalists during the protest, one of the demonstrators said the minister had yet to publicly respond to the allegations.

“We have not heard from him. He has not come out to clarify to the public whether what is being said is right or wrong,” the protester said.

The protesters also argued that in similar circumstances, some public officials had resigned from office when faced with such allegations, insisting that accountability should apply equally to all public office holders.

“We want accountability, and we want everyone to be treated equally. What is good for one person should be good for all. If other ministers could resign over similar issues, we do not see why he should still remain in office,” the protester added.

They warned that failure to properly address such allegations could erode public trust in government institutions, particularly among young Nigerians, and undermine the credibility of public offices at the federal level.

 

 

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After Long Wait, Tinubu Assigns Portfolios To 65 Ambassadors-Designate

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President Bola Ahmed Tinubu has approved the posting of 65 ambassadors-designate to various Nigerian missions and international organizations worldwide.

The list comprises 31 career diplomats and 34 non-career ambassadors, whose nominations were earlier confirmed by the Senate in December 2025.

According to a statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the postings assign the envoys to various countries and international missions.

Among the non-career ambassadors, former presidential aide Reno Omokri was posted to Mexico, while former Minister of Aviation Femi Fani-Kayode was assigned to Germany.

Former Minister of Health Prof. Isaac Adewole will serve in Canada, while former Minister of Interior Abdulrahman Bello Dambazau was posted to China.

Other notable appointments include Senator Ita Enang to South Africa, Senator Jimoh Ibrahim as Nigeria’s Permanent Representative to the United Nations, Olufemi Pedro to Australia, and Lateef Kayode Are to the United States.

The President also approved the posting of several career diplomats to key missions.

These include Ambassador Abdussalam Habu Zayyad to Senegal, Ambassador Haidara Mohammed Idris to The Hague, Netherlands, Ambassador Ayeni Adebayo Emmanuel to Belgium, and Ambassador Ibrahim Danlami to Kenya, among others.

The Presidency disclosed that some countries have already issued diplomatic clearance, known as agrément, for Nigeria’s envoys.

The United Kingdom has approved Ambassador Aminu Dalhatu as Nigeria’s High Commissioner, while France has granted agrément for Ambassador Ayo Oke.

The Ministry of Foreign Affairs has also formally notified other host countries of the appointments and requested their agrément in line with diplomatic procedures.

Tinubu has directed the Ministry of Foreign Affairs to immediately begin the induction programme for the ambassadors-designate and high commissioners ahead of their deployment to their respective missions.

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Kidnappers Kill Ex-Ebonyi Deputy Governor’s Father, Nine Suspects Arrested

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The Ebonyi State Police Command has confirmed that Ezeogo Francis Igwe, the traditional ruler of Ndufu-Alike and father of former Deputy Governor Kelechi Igwe, has been killed by his abductors.

The victim, Francis Igwe, was the traditional ruler of Ndufu-Alike in Ikwo Local Government Area of the state before his death.

According to the police, the monarch was abducted on Sunday, March 1, 2026, while on his way to church.

Confirming the incident in a statement issued on Friday, the spokesperson of the Ebonyi State Police Command, Joshua Ukandu, said operatives launched intensive operations immediately after the abduction was reported.

Ukandu explained that deploying technical and intelligence assets led to the arrest of two suspects believed to be members of the kidnapping syndicate.

During interrogation, the suspects reportedly confessed that the monarch had been killed on March 2.

“They further volunteered to lead operatives to their hideout and assist in recovering the monarch’s remains,” the statement said.

However, while approaching the hideout, other gang members allegedly opened fire on the police team.

Ukandu said the operatives responded with superior firepower, overpowering the criminals during the gun battle.

“In the course of the confrontation, one of the hoodlums was neutralised, while others fled the scene,” he said.

The police spokesman added that seven additional suspects were later arrested, bringing the total number of suspects in custody to nine.

He also confirmed that one locally made pistol was recovered during the operation.

Ukandu said the remains of the slain traditional ruler had been recovered and deposited in a morgue for autopsy.

The suspects are currently in police custody, while efforts are ongoing to arrest other fleeing gang members.

He added that the suspects would be charged to court after the investigations conclude.

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