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Expert urges CBN check exploitative bank charges

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Okechukwu Unegbu, a financial expert, has called on the Central Bank of Nigeria, CBN, to check the multiplicity of service charges by Deposit Money Banks, DMBs.

Mr Unegbu, a past president of the Chattered Institute of Bankers of Nigeria, CIBN, made the appeal in an interview with the News Agency of Nigeria on Sunday in Abuja.

According to him, banks no longer empathise with their customers, as was the case in the past.

“What we have now is a situation where the DMBs pile up so many unexplained charges on their customers without offering any service.

“Most of the bank officials know next to nothing about banking, and the heads of the banks are also complicit.

“The acting CBN governor, Folashodun Shonubi, should pay particular attention to understanding the DMBs and their customers, and take full charge of regulating their activities,” he advised.

Mr Unegbu said that the mission of any bank should be to serve its customers without expecting any favours.

According to him, in the past, the only charges that banks imposed on their customers were the Commission on Turnover, COT and interest payments on loans, which were strictly regulated by the CBN.

“In the past, banks could not charge above what the CBN had stipulated, but these days they are making more money cunningly. Most of them are there for the money they make.

“The CIBN has discussed this issue severally; that banks should serve their customers with conscience,” he said.

NAN reports that many Nigerians have complained about the multiple, unexplained charges being deducted from their bank accounts.

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According to findings, however, there are specific bank charges approved by the CBN.

Electronic Funds Transfer is N50 for transactions done above N50,000; N25 for N5,000 – N50,000 and N10 charge for below N5,000.

The charge on Automatic Teller Machines, ATM withdrawals from other banks’ ATMs is N35 for the third withdrawal within the same month.

Card Maintenance Fee for Naira Debit/Credit Cards linked to savings accounts attract a maximum of N50 quarterly maintenance fee, while foreign currency denominated debit/credit cards attract 10 dollars.

The charge for hardware token is subject to cost recovery to a maximum charge of N2,500.

According to the CBN, the issuance fee for these cards are N1,000 (one-off charge), irrespective of the card type, either regular or premium card.

The same charge applies for a replacement or renewal.

“Intra-Scheme Money Transfer Sending to an account holder attracts a minimum of N50 subject to one per cent of transaction value or N300, whichever is lower.

“For a non-account holder, it attracts a minimum of N50 subject to 1.5 per cent of transaction value or N500, whichever is lower.”

Other approved charges are Status Enquiry at the Request of Customer, like Confirmation Letter, Embassy Letter, Reference Letter, Letter of Indebtedness/Non Indebtedness, which attracts a rate of N500 per request.

The fee for Short Message Service (SMS) mandatory alert is based on cost recovery from previous maximum charge of N4.

Bill payment via e-channels will attract a maximum charge of N500 from 0.75 per cent of the transaction value subject to a maximum of N1,200.

Special Request for Statement of a Bill of account is N200.

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The CBN warned that any financial institution that breached any of the provisions as contained in the guide will pay a penalty of N2 million per infraction or as may be determined by the CBN from time to time.

It urged bank customers with such complaints to contact the apex bank through the email – cpd@cbn.gov.ng.

 

NAN

 

 

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Trump Orders Review of 55 Million US Visa Holders in Mega Crackdown

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The Trump administration has announced a sweeping review of more than 55 million foreigners holding US visas, aiming to identify potential violations that could trigger visa revocation or deportation.

In a statement to The Associated Press, the State Department confirmed that all visa holders are now subject to “continuous vetting.”

Officials will examine any indicators of ineligibility, including overstaying authorised periods, criminal activity, threats to public safety, engagement in terrorism, or support for terrorist organisations.

If authorities find evidence of such violations, they will revoke the visa, and individuals already in the US could face immediate deportation.

Officials stressed that the review targets both individuals residing in the United States and those holding multiple-entry visas abroad.

Since assuming office, President Donald Trump has prioritized strict immigration enforcement, targeting not only undocumented migrants but also holders of student and visitor exchange visas.

The current vetting process extends far beyond prior reviews, potentially affecting individuals who initially received approval to stay in the US.

According to the Department of Homeland Security, last year the US had 12.8 million green-card holders and 3.6 million people on temporary visas.

Immigration policy expert Julia Gelatt of the Migration Policy Institute noted that the 55 million figure likely includes individuals living abroad with tourist or business visas. She questioned whether allocating resources to review people unlikely to return justifies the scale of the initiative.

Alongside the review, Secretary of State Marco Rubio announced on X that the US will immediately halt work visas for commercial truck drivers, citing safety risks and threats to American jobs.

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“The increasing number of foreign drivers operating large tractor-trailer trucks on US roads is endangering American lives and undercutting the livelihoods of American truckers,” Rubio wrote.

The administration recently strengthened English proficiency requirements for foreign truckers following incidents where language barriers contributed to accidents. State Department officials confirmed they are pausing the processing of new work visas to reassess screening and vetting protocols.

“Ensuring that every driver meets the highest standards protects American workers and maintains a secure, resilient supply chain,” the department added.

Experts warn the broader implications of the review could ripple across the US economy. Edward Alden, senior fellow at the Council on Foreign Relations, explained that the administration’s policies aim to discourage companies, universities, and hospitals from employing foreign workers.

“The economic consequences will extend far beyond individual visas,” Alden said, emphasizing that employers risk compliance issues if they continue hiring foreign staff.

The review represents the most comprehensive enforcement action in recent US history and signals that the administration will aggressively monitor both legal and temporary visa holders to maintain national security and prioritize domestic employment.

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2027: ADC Coalition Deceiving Nigerians – Baba-Ahmed

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Labour Party vice presidential candidate, Senator Yusuf Datti Baba-Ahmed

The 2023 Labour Party (LP) vice-presidential candidate, Datti Baba-Ahmed, has warned Nigerians that the opposition coalition under the African Democratic Congress (ADC) is giving false hope about rescuing the country from underdevelopment.

“They are deceiving us,” Baba-Ahmed said during an interview on Channels Television’s Politics Today on Friday.

Baba-Ahmed, who ran alongside Peter Obi in the 2023 presidential election won by Bola Tinubu of the All Progressives Congress (APC) expressed his willingness to be Obi’s running mate in the 2027 presidential election.

Although Obi has shown interest in the 2027 race and is aligning with ADC coalition figures such as David Mark, Atiku Abubakar, Nasir el-Rufai, Rotimi Amaechi, and Rauf Aregbesola, Baba-Ahmed stressed that he wants Obi to remain in the Labour Party and contest as its presidential candidate.

“I’m in the Labour Party. I’m a Peter Obi man. I still want Peter Obi to come back to the Labour Party and contest the 2027 election,” Baba-Ahmed stated.

When asked about his plans for the 2027 race, Baba-Ahmed confirmed his readiness to serve as a running mate for like-minded leaders committed to restoring Nigeria.

“If Nigeria is still around and there is an electoral system to follow, my love for Nigeria is undying.

I would appropriately associate with groups and individuals aligned with restoring the nation,” he said.

Baba-Ahmed also revealed two potential leaders he would consider deputising, with Peter Obi being his primary choice. “The first one has not said anything.

The second one is Peter Obi. I’m always with Peter Obi until he decides not to,” he added.

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Tinubu Secures Fresh $238m Loan from Japan

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President Bola Ahmed Tinubu

Nigeria has secured a $238 million loan from the Japan International Cooperation Agency (JICA) to support the expansion and modernization of the national power grid.

The deal, confirmed during engagements at the ninth Tokyo International Conference on African Development (TICAD9) in Yokohama, Japan, reflects a strategic shift towards implementation-driven energy development.

President Bola Tinubu highlighted that Nigeria’s participation at TICAD9 focused on concrete, outcome-oriented partnerships rather than ceremonial diplomacy.

“We are moving from planning to implementation, from agreements to delivery, and from promises to measurable results,” he said.

Details of the JICA Loan Project

The $238 million loan, supported by a Federal Executive Council counterpart funding of ₦19,083,192,805.30, will finance significant upgrades to Nigeria’s transmission infrastructure.

Key components of the project include:

Construction of 102.95 km of new 330kV double-circuit lines

Construction of 104.59 km of 132kV double-circuit lines

Development of four 330/132/33kV substations and two 132/33kV substations

Multiple line bay extensions to improve efficiency and reduce system losses

According to Minister of Power, Chief Adebayo Adelabu, the partnership with Japanese companies such as Toshiba, Hitachi, and Japan’s Transmission & Distribution Corporation is essential for unlocking Nigeria’s energy potential.

“Our focus is on transmission infrastructure, operational efficiency, and strategies to reduce system losses.

This $238 million loan from JICA provides the backbone for that transformation,” Adelabu explained.

Adelabu acknowledged Japan’s consistent support for Nigeria’s power sector, highlighting contributions in infrastructure, technical studies, training, and financing.

He emphasized that JICA’s backing is critical to expanding access to reliable, affordable, and sustainable electricity across the country.

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The project aims to strengthen Nigeria’s power transmission network, improve system reliability, and enhance overall efficiency, ultimately supporting industrial growth and meeting rising electricity demand nationwide.

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‘Gate of Hell’ Will Open on Gaza’– Israeli Defence Issues Finally Warning to Hamas

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Hamas militants kill Israeli male hostage, injured two female hostages in Gaza

Israeli Defence Minister Israel Katz has issued a fierce warning to Hamas, declaring that Gaza City will face complete destruction if the militant group refuses to accept Israel’s conditions for ending the war.

Katz, in a statement shared on social media on Friday, August 22, 2025, used sharp words to describe Israel’s next steps.

He said the “gates of hell” would open on Hamas if it failed to disarm and release all hostages.

“Soon, the gates of hell will open upon the heads of Hamas’s murderers and rapists in Gaza until they agree to Israel’s conditions,” Katz wrote.

He added that if Hamas refused, Gaza City would suffer the same fate as Rafah and Beit Hanoun, two cities previously flattened by Israeli offensives.

His comments mark one of Israel’s strongest warnings since the escalation of the conflict.

The minister’s remarks came only hours after Prime Minister Benjamin Netanyahu announced that negotiations had been ordered to free the hostages held in Gaza.

Netanyahu explained in a video address that Israel’s military operation in Gaza City would not stop during talks. “Defeating Hamas and releasing our hostages go hand in hand,” he said.

The prime minister also confirmed the mobilisation of 60,000 reservists to join the offensive.

Meanwhile, mediators have been waiting for Israel’s response to a ceasefire plan that Hamas accepted earlier in the week.

The proposal suggests a phased release of hostages, but Israel insists that only a deal ensuring the release of all captives at once will be accepted.

Israel’s hardened stance has sparked growing concern worldwide.

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International leaders have cautioned that an expanded assault on Gaza City could worsen the humanitarian disaster already unfolding in the region.

Gaza’s health ministry says more than 62,000 Palestinians, most of them civilians, have been killed since Israel’s military campaign began.

The United Nations considers these figures credible.

The war was triggered by Hamas’s October 2023 attack, which left 1,219 people dead in Israel, mostly civilians.

Since then, the conflict has intensified, with both sides showing little sign of compromise.

With Katz’s threat to turn Gaza City into rubble if demands are not met, the conflict appears to be entering an even deadlier stage.

The international community continues to press for a ceasefire, but Israel’s leadership insists that victory over Hamas and the release of all hostages remain its top priorities.

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NAFDAC Raises Alarm as Fake Cowbell Milk Floods Nigerian Markets

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The National Agency for Food and Drug Administration and Control (NAFDAC) has raised alarm over the circulation of fake Cowbell “Our Milk” 12g sachets in Nigeria.

In a statement issued on Friday, August 22, 2025, the agency explained that the counterfeit milk is packaged to look like the discontinued Cowbell “Our Milk,” but it is unauthorised and unsafe for consumption.

Fake cowbell milk.

NAFDAC clarified that Promasidor Nigeria Ltd, the authentic manufacturer, stopped producing Cowbell “Our Milk” in September 2023.

The product was replaced with Cowbell “Our Creamy Goodness.” Despite this, fake versions of the old product have found their way into Nigerian markets.

Picture of Fake cowbell milk.

Picture of Fake cowbell milk.

The counterfeit sachets bear the brand name, NAFDAC registration number, and familiar packaging design, making them difficult for unsuspecting buyers to identify as fake.

Health Dangers of Fake Cowbell Milk

NAFDAC warned that the consumption of these counterfeit products poses serious health risks.

Fake milk could contain toxic chemicals, harmful additives, or diluted ingredients that endanger human health.

Infants, children, pregnant women, and the elderly are the most vulnerable. Possible dangers include:

  • Foodborne illnesses
  • Allergic reactions
  • Organ damage
  • Long-term health complications
  • In extreme cases, death

Counterfeit Product Details

  1. Product Name: Cowbell “Our Milk” 12g sachet
  2. Purported Manufacturer: Promasidor Nigeria Ltd
  3. Production Date: 04/2025
  4. Expiry Date: 12/2028

Picture of original cowbell milk.

NAFDAC Issues Strong Warning

The agency urged Nigerians to remain vigilant and avoid purchasing the counterfeit milk.

Healthcare professionals, distributors, and consumers have been advised to report suspicious sales of substandard or fake products immediately.

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Reports can be made through:

The nearest NAFDAC office

Toll-free line: 0800-162-3322

Email: sf.alert@nafdac.gov.ng

NAFDAC also called on traders and retailers to stop selling the fake sachets.

The agency assured the public that strict enforcement measures are being taken to remove the counterfeit products from circulation.

This is not the first time Nigerians have faced risks from fake food and beverages.

Experts warn that counterfeit consumables are becoming more sophisticated, often making them difficult to spot.

Consumers are advised to always check product details, expiry dates, and packaging changes announced by manufacturers.

By highlighting the dangers and raising awareness, NAFDAC says it hopes to protect Nigerians from avoidable health crises linked to fake milk products

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