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Illegal Deductions: CBN Returns N65bn To Bank Customers

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The Central Bank of Nigeria says it has recovered over N65bn from commercial banks in the country for wrongful deductions and charges from customers’ deposits and other transactions in the last six years.

The Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor, stated this on Wednesday on the sidelines of a two-day fair with the theme: ‘Promoting Financial Stability and Economic Development’ for stakeholders in Asaba, Delta State.

Okorafor explained that the recovery was made between 2012 and now, stressing that the funds had since been returned to customers, who hitherto complained of wrongful charges and deductions by commercial banks.

“We have recovered and returned to customers over N65bn out of complaints by people over acts of treatment on customers, wrong charges, wrong deductions and others since 2012/2013 when we started,” he said.

He stated that the purpose of the fair was to have a face to face interaction with customers and critical stakeholders in order to understand their challenges and proffer solutions.

Okorafor added that hawking of various denominations of the naira was an offence punishable under the CBN Act of 2005, and warned that the apex bank would not tolerate the breach of its Act, and called on those involved, particularly its staff members, to desist from the practice as they would be dismissed if caught.

He, however, blamed the police for the lack of prosecution of offenders who were caught hawking naira during various raids in Lagos, Port Harcourt, Onitsha, Ibadan and other cities.

He stated, “The CBN is very committed to making sure that people do not hawk the naira, because it is an offence punishable under the CBN Act of 2005. We have made it clear to any of our staff involved in the practice that they will be dismissed.

“We have also made it clear to banks that any of them caught doing it will be severely punished. We are a regulator and not a law enforcement agency. It is the duty of the Nigerian Police to enforce the law. We have collaborated with them at different times.

“We have had raids in Lagos, Port Harcourt, Onitsha, Ibadan and so on, and we will continue to do that, and people have been caught and money confiscated. We are waiting on the police to begin to prosecute those people.”

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Senator Ifeanyi Ubah dies at 52

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The Senator representing Anambra South in the National Assembly, Ifeanyi Ubah, is dead.

Ubah, who was the Chief Executive Officer of Capital Oil, was said to have died in a hotel in London, the United Kingdom, on Saturday.

He would have been 53 on September 3.

Senate spokesperson, Yemi Adaramodu, confirmed Ubah’s death to our correspondent on Saturday.

He said, “It’s confirmed, but I am sending an official statement soon.”

Ubah, who was re-elected into the 10th Senate under the Young Peoples Party, had last year defected to the All Progressive Congress.

In September 2022, Ubah escaped assassination when he was attacked by gunmen on his way to Nnewi in Enugwu-Ukwu in Anambra State.

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JUST IN: Edo state Assembly impeaches Deputy Governor Shaibu

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The Edo State House of Assembly, on Monday, impeached the state’s Deputy governor, Comrade Philip Shaibu.

The impeachment followed the adoption of the report of the seven-man investigative panel set up by the Assembly to probe allegations of misconduct against Shaibu.

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JUST IN: Olubadan of Ibadanland, Oba Lekan Balogun joins ancestors at 81

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The Olubadan of Ibadanland, Oba Lekan Balogun has joined his ancestors after a brief illness.

He joined his ancestors at the age of 81.

It was gathered that the late monarch was taken to the hospital Wednesday morning having stayed indoor throughout Tuesday on account of slight malaria fever, though, he was hail and hearty on Monday during which he personally received few guests that paid him congratulatory visits on his second year anniversary on that day.

Making this announcement was the Baba-Kekere Olubadan and his younger brother, Dr Kola Balogun in a statement by the Personal Assistant (Media) to the late monarch, Oladele Ogunsola.

According to the statement, Dr. Balogun disclosed that Oba Balogun would be buried at his Aliiwo ancestral home by 4.00pm on Friday according to Islamic rites just as he said that the State Governor Seyi Makinde, though already verbally informed, would be formally notified early in the morning.

The late Olubadan was the first most educated to have emerged as Ibadan monarch, a British trained P.hd holder, a former university lecturer, former member of management staff of Shell British Petroleum, former gubernatorial candidate of the defunct Nigeria People’s Party, NPP, former Senator and a successful business man.

His last official outing was the Olubadan Advisory Council’s meeting which he presided over last Saturday where the decision to derobed Mogaji Akinsola, Olawale Oladoja was taken.

He however, on Tuesday instructed the Ekerin Olubadan, Oba Hamidu Ajibade to midwife a small committee to deliberate on last Friday’s decision on what should be the position of Ibadan Zone in the proposed newly reconstituted Oyo State Council of Obas and Chiefs.

The decision of the small committee was earlier on Thursday ratified by the Olubadan Advisory Council at a meeting presided over by Otun Olubadan and the former governor of Oyo State, High Chief Rashidi Ladoja and was to be taken to the late Oba Balogun for his signature Friday morning so as to meet the deadline for submission to the state Commissioner for Local Government and Chieftaincy Matters later in the day.

The late Olubadan is survived by wives, children and grandchildren.

Announcing the passage of the monarch, Governor Makinde, in a statement, stated that Olubadan, who joined his ancestors late Thursday evening at the University College Hospital, UCH, Ibadan, described him as an epitome of royal excellence and a great achiever, who made great marks on Ibadanland in just a little over two years of his reign.

He expressed his condolences to the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland and Oyo State, praying to God to grant repose to the soul of the deceased monarch.

Makinde said: “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Dr. Mohood Lekan Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Dr. Balogun has joined the ancestors.

“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the Government and good People of Oyo State, I condole with the immediate family of the Oba Dr. Balogun, the Olubadan-in-Council, the Oyo State Traditional Council and the people of Ibadanland.

“It is my prayer that God grants repose to the soul of our late monarch.”

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