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EXCESSIVE AND ILLICIT BANK CHARGES! Senate urges CBN to suspend ATM card maintenance charges

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The Senate has passed a resolution calling on the Central Bank of Nigeria to suspend the ATM card maintenance charges being deducted from customers.

The Senate made this known via a tweet @SPNigeria.

This resolution came as part of a motion on the illicit and excessive bank charges on customers accounts, sponsored by Senator Olugbenga Ashafa (Lagos East, APC).

The Senate also called on commercial banks operating in the country to configure their machines to dispense up to N40,000 per withdrawal pending the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.

Speaking on the Motion, the President of the Senate, Dr. Abubakar Bukola Saraki said: “This is a motion that affects the lives of every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have. This is why we are here: to always defend and protect the interests of the Nigerian people.”

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The Senate President stated that the Senate must work to ensure that the Senate’s resolutions on the excessive bank charges goes beyond the debate stage, so that whatever action the Upper Legislative Chamber takes, would come into effect.

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“This Senate has done this many times before; when there was a hike in the mobile telecommunication data charges, we intervened and put an end to that. When there were discrepancies and increases in electricity prices, we also took action. We have done this on a number of similar cases. Therefore, on this, I want us to take effective resolutions,” Saraki said.

Other Senators who contributed to the debate, called on banks to review their charges.

“The common man is also a victim,” said Senator Emmanuel Bwacha, “Banks declare profits and you wonder where these profits are coming from — it’s from the sweat of the common man. Let us come up with a law that puts banks on their toes.”

“It won’t be out of place to institute a committee that will call on the CBN to tell us what these charges are about. The Senate by fiat should abolish charges if they can’t be verified,” said Senator Bala Ibn Na’Allah.

“The Senate must take a serious stand on this issue. Nigerians are really suffering. The banking system is not encouraging. I had an issue, took it to the bank and was refunded but how many Nigerians can do this? The issue needs to be addressed,” stated Senator Kabiru Gaya.

“For me, this is a major step that we are taking. This is because I introduced the first ATM machine that came into Nigeria over 25 years ago,” the Senate President, Dr. Saraki told his colleagues, “Now, after 25 years, we should have grown out of these excessive charges and moved on. So, I believe that this something that we must address to create an environment that protects all Nigerians, because these kind of charges in this economy affects everyone.”

The Senate further directed its Committees on Banking, Insurance & other Financial Institutions and Finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

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The Senate also directed the aforementioned committees to invited the Governor of the CBN to appear before it to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

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Finally, the Senate called on the Consumer Protection Council to look into the various complaints of excess and unnecessary charges by Nigerian Banks.

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JUST IN: UCH CMD, Prof Otegbayo, reportedly cured of COVID-19

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After eight days of isolation and treatment, the Chief Medical Director (CMD) of the University College Hospital (UCH), Ibadan, Prof. Jesse Otegbayo, has tested negative for COVID-19.

According to The Nation, the Head of Public Relations Unit of the hospital, Mr Toye Akinrinlola, said that the last test on his blood sample has come back negative.

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Akinrinlola said the test result arrived at about 3:45 pm to gladden the heart of family, friends and workers of the institution.

Otegbayo had tested positive to the virus seven days ago.

He said he may have contracted the virus through Board meetings of the hospital held from Monday to Wednesday last week.

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The week-long meetings were suspended on Thursday after some members showed symptoms of COVID-19.

He was among the eight confirmed cases in Oyo State as at Wednesday, April 1.

The Provost of the College of Medicine and his deputy have also tested positive for the virus and have since placed themselves in self-isolation.

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COVID-19: Why Africa urgently needs an Ubuntu Plan BY Dr Victor Oladokun

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  • One virus has disrupted the whole world in a manner never seen before in history

Africa urgently needs a globally coordinated Ubuntu Plan in response to COVID-19, a fiscal stimulus that recognises our shared and connected humanity, as we find ourselves in the midst of an unprecedented crisis.

The world’s largest cities are eerily silent. One virus has disrupted the whole world in a manner never seen before in history.

COVID-19, a term that did not exist in our vocabulary a couple of months ago, has brought virtually everything to a grinding halt. It’s a surreal almost cinematic scene. Except that we are all living through it.

With governments balancing economies and the welfare of their citizens, entire industries and institutional systems find themselves fighting for survival in the midst of mandatory lockdowns. Food supply chains, transportation networks, educational systems, governance and judicial systems are either strained or barely functioning with medical services being the worst hit.

Unlike any other pandemic, COVID-19 will alter the way we live, work, and socialise.  The financial costs and the economic devastation are already of epic proportions. This is why Africa in particular urgently needs an Ubuntu Plan. A globally coordinated fiscal stimulus plan that recognises our shared and connected humanity.

The case for an Ubuntu Plan

This past week, America passed a 2 trillion Dollar stimulus package that will keep markets operational, support Americans out of work, and help reduce Federal Reserve lending rates. It is the largest bailout in the history of the United States. European economies likewise have announced stimulus measures in excess of 1 trillion Euros. Chinese factories are ramping up again, backed by a $344 billion stimulus package.

In contrast, Africa’s economies are already buckling. Global demand for oil and gas and commodity products – the mainstays of Africa’s leading economies – has stalled. Revenues which were already overextended have dried up and small, medium, and large enterprises are at risk of total collapse.

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Last Thursday, the United Nations Conference on Trade and Development (UNCTAD) estimated that the pandemic could reduce the growth of the region’s gross domestic product (GDP) from 3.2% to 1.8% in 2020. On 27th March, The Secretary-General of the UN Antonio Guterres said: “Africa is a continent with very little capacity to respond and I am extremely worried that in those situations, we might have millions of cases with millions of people dying”.

Lockdowns are not equal

Even though the United States, Europe and many parts of Asia are better suited economically and infrastructurally to a lockdown, they are struggling to cope with the burden of this sudden pandemic. A situation that will likely be worsened by the duration and unpredictability of the pandemic.

If these societies are struggling, the impact on Africa is best imagined.

Prior to the crisis, 41% of sub-Saharan Africa’s population lived on less than $1.90 a day which is very little to survive on. Seven out of ten persons (70%) in Africa are in vulnerable and precarious forms of informal employment eking their living on a daily basis. Lockdown, homeworking and teleconferencing is therefore not an option. Family support systems from blue and white-collar workers and the diaspora, are themselves under threat. Job losses will strain these critical informal support systems to breaking points.

In Africa, formal social safety nets rarely exist. Therefore, stockpiling food items for extended periods of isolation is out of consideration. Linked with this, Africa requires vast food supplies to meet the needs of the continent’s poorest who can barely afford a decent meal.

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Recent cyclones, Kenneth and Idai, and a  plague of locusts have already put considerable pressure on immediate food supplies for the continent.

Which is why an Ubuntu Plan is now critical in order to cushion the harsh social and economic impacts of the COVID-19 pandemic in Africa. Such a plan would include a fiscal stimulus package, the development of critical infrastructure and support for the continent’s most vulnerable populations.

The fact is that in the 21st century, clean water supplies and access to electricity are the stuff of dreams for millions of Africans. Globally, almost 800 million people are without access to clean water. Of these, 40% live in sub-Saharan Africa.  The simple act of handwashing which the pandemic requires for prevention is still not possible for millions. Linked with this, less than 58% of Africa’s population has access to modern healthcare facilities.

A race against time

Africa and its partners have already been striving hard to tackle the challenge of eradicating poverty with measures such as the UN’s Sustainable Development Goals, and the African Development Bank’s High5 strategy.

The COVID-19 pandemic, however, shines the spotlight on Africa’s poor healthcare delivery systems and facilities and its vast challenges. Africa has one of the highest population densities in the world. For people living in tens of thousands of informal settlements, the idea of social distancing is inconceivable. Millions of vulnerable low-income people live in cramped communal houses and rooms and in areas that lack basic amenities, especially water and sanitation.

In the short term, to effectively combat COVID-19, we urgently need self-testing kits, personal protective equipment (PPEs), makeshift living spaces and hospitals, recovery units and inexpensive easy-to-operate ventilators.

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The World Health Organisation (WHO) has already issued a ten-point strategy that calls for the creation of corridors on the continent to facilitate emergency deployments and material shipments.  The plan also calls on governments and the private sector to help increase supplies, medical equipment and care, and to strengthen surveillance and public awareness, in order to prevent continent-wide community transmission.

In the short window available, global cooperation is imperative.

The African Union’s Vision Agenda 2063 and action plan states among other things, that “We are part of the global drive through the United Nations and other multilateral organisations to find multi-lateral approaches to humanity’s most pressing concerns including human security and peace, the eradication of poverty, hunger and disease …”

Rethinking the future

In the mid to long term, we must urgently rethink social life, urban and rural planning and our budgetary priorities, if life is to be preserved. We must decongest informal settlements rapidly and in their place develop affordable housing that is suitable for isolation and quarantine, in the event of future pandemics.

There is no better time for a globally coordinated Ubuntu Plan. To stop the global spread of COVID-19 and its global devastation, it must be stopped in Africa. The world must pay attention and lend a helping hand by strengthening global cooperation, now more than ever before.

Ubuntu – The preservation of human dignity, health, lives and wellbeing, demands nothing less.

– Dr Victor Oladokun is the outgoing Director of Communication & External Relations at the African Development Bank Group

 

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Coronavirus: Nigeria disease control agency boss quarantined – Health Minister

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Dr. Osagie Ehanire

The Minister of Health, Dr. Osagie Ehanire, said on Tuesday that the Director-General of the Nigeria Centre for Disease Control, Chikwe Ihekweazu, has been quarantined for 14 days.

Ehanire stated this when he appeared before the Senate leadership to provide an update on the activities of his ministry to curb the spread of coronavirus in the country.

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He told the Senate principal officers that Ihekweazu was quarantined because he just returned from China.

He said the standard practice was for anyone coming into Nigeria to be quarantined for 14 days before mingling with other members of the public.

Details later…

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