The Central Bank of Nigeria has instructed regulated entities to provide customers with notices of outstanding obligations before beginning debt collection. This is to ensure that the debt recovery process is transparent, courteous, and fair. CBN stated this in a document released on Thursday on its website titled “Revised Consumer Protection Regulations.” It noted that the essence of the document is to ensure financial institutions follow consumer protection principles. The regulations outline consumer rights and aim for better outcomes and access to financial services. The document states that foreclosures should only be initiated as a last resort after other recovery options have failed. Foreclosure is the legal process in which the ownership shifts to the bank or lender if the debtor fails to pay the loan. “Customers should be given the option of a private sale before foreclosure, which must be exercised within 30 days unless the customer has waived this right,” the document stated. The apex bank further mandated that financial service providers must apply the net proceeds from foreclosures to the loan account and inform customers of the remaining balance. The CBN added that banks must give customers a report on the collateral sale, stating process, expenses, and net proceeds noting that banks are responsible for the actions of debt collection agents. The document outlines restrictions for loan providers in terms of contacting individuals related to a customer. It stated, “Providers are not allowed to contact friends, employers, relatives, or neighbors for any information other than employment status, telephone numbers, or address. The only exception is if the person has guaranteed the loan or has given consent to be contacted.” Additionally, banks must safeguard customers’ assets and are responsible for losses due to control breaches; test products with consumers and modify to reduce fraud/errors and implement measures and authentication for transactions. FSPs are also mandated to install automated transaction monitoring, alert functions, and behavioural monitoring to detect and prevent fraud; customers must also be educated on fraud threats or scams. The document added that the providers must communicate procedures for reporting suspicious, unauthorised, fraudulent, lost, or stolen payment instruments and/or authentication information to consumers periodically. The apex bank requires financial institutions to offer secure and user-friendly interfaces for digital financial services to prevent errors and double transactions. The CBN added that banks must protect consumer data privacy and confidentiality from unauthorised access and be responsible for any acts or omissions in this regard. The providers are required to incorporate personal data protection into their product or system designs; they must obtain written consent from consumers to collect and process their personal data for specific purposes, and allow them to withdraw their consent at any time and are prohibited from sharing consumers’ personal data with third parties without their express consent, and must provide clear and simple “Opt-in” and “Opt-Out” options for data sharing. “Safeguarding the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations,” it added.

  President Bola Tinubu’s Chief of Staff, Femi Gbajabiamila, has said that social media has become a societal menace and must be regulated. Gbajabiamila said this while representing Tinubu at the public presentation of a book, “Nigerian Public Discourse: The Interplay of Empirical Evidence and Hyperbole” written by the a Minister for Works and Housing, Babatunde Fashola, in Lagos This is according to a Thursday statement by Tunde Alao, the Senior Special Assistant to Governor Babajide Sanwo-Olu (Media), Office of the Lagos State Deputy Governor. “The social media has become a societal menace and must be regulated. As many people do not understand that once the send button is hit, there is a potential to reach millions of people around the world which is capable of causing a great danger not just in the society but even unintended consequences to the individuals that are receiving information which may include security of life,” the statement quoted Gbajabiamila as saying. Governor Sanwo-Olu was also represented at the event by his deputy, Obafemi Hamzat. The statement noted that Tinubu maintained that his administration had an obligation to engage in evidence-based discussion and data-reliant decision-making, hence, the need for accurate data that would be used for better policy formulation and execution. “As citizens become more interested in governance, it is the government’s obligation to ensure that engagement with citizens springs with shared agreement on what the truth is, what is real and what is not,” Gbajabiamila said. The president commended the author for putting in book form his thoughts and experience garnered both as a governor and member of the federal executive council. Speaking at the event, Hamzat noted that accurate data would help in finding lasting solutions to myriads of challenges facing the nation adding that “for a developing country like us, part of the problem we have is that we don’t have data, which is very crucial for policy formulation for national development.” While stressing the importance of data, he noted that “deterministic data is essential even in our daily lives, even on issues such as building – buildings require correct data to know the threats.” In his remarks, the book author, Fashola, disclosed that the book was written based on his 21 years of experience as a public office holder, highlighting different public issues. “My joy is that the conversation has just started, and by and large, we will get good and positive results in our quests for national development”, Fashola was quoted as saying.

  A 62-year-old man, fondly known as Okiribo, and a 45 year-old man Samuel Omo-Folorunsho have died in Isanlu community, Kogi State after they reportedly drank her drink made of Gegemu roots and other items. Two other persons are also currently in the hospital battling to survive after drinking the self-made herbal drink in excess The victims reportedly drank the herbal concoction, a combination of Gegemu and other roots to get high but only landed themselves in trouble. While Okiribo and Omo-Folorunsho died, one Shola Pempe and another youth were hospitalized at ECWA hospital, Makutu. Some of the youths in the community went ahead to dig the said roots and turn them into concoction (agbo) by themselves and consumed them to be high. The traditional ruler, Oba Moses Etombi, Agbana of Isanlu, who confirmed the incident described the incident as “tragic” and “very unfortunate”. The traditional ruler said the incident threw the community into mourning as “it is unbelievable that the herbs that we have been using for treatment of pile could send our beloved ones to their early graves. “From what I learnt, they drank more than two litres of the concoction, which badly affected their health. “We only use those herbs for treatment of pile and only a little of its quantity is supposed to be taken. Taking it in excess is not advised at all. “Thank God the other two survived or else it would have been so disastrous for us in the community,” he told newsmen. Etonbi, however, advised his subject residents, especially youths, to desist from taking anything that would affect their health. According to him, hard drugs destroy and should be hated and kept at bay so as to enjoy a good and healthy life. The Kogi Police Command’s Public Relations Officer, SP Williams Ovye-Aya, also confirmed the incident and advised youths against drugs.

  Friday 09 February 2024 BOI to disburse N200bn to manufacturers, SMEs FERMA repairs roads, links stranded Niger Delta communities Banks dollar sale falls as naira weakens to 1,479/dollar Motorists seek extension of Lagos-Ibadan Expressway streetlights FG, MultiChoice agree to $37m tax settlement 14-day strike notice: FG, Labour differ on aborted peace deal Tinubu Directs Release Of 42,000 Metric Tons Of Grains Governors Meet With NSA Over Insecurity, Inflation CBN’s Missteps Contributed To Tumbling Naira Value, Says Utomi Troops Kill Four Terrorists, Rescue 11 Kidnap Victims In Kaduna NNPCL, CBN Set Limit For Oil Revenue Management 16 Political Parties To Contest Edo Election, Says INEC Policeman Rejects N4m Bribe In Lagos, Arrests Drug Peddlers 14 Abducted Abuja-Bound Passengers Rescued – Police NNPCL Denies Plan To Increase Fuel Price Abducted Plateau Catholic Priests Regain Freedom Tinubu Orders Recitation Of National Pledge At Public Events Troops Arrest Suspected Female Kidnapper While Trying To Pick Ransom In Taraba Police Declare Bauchi Cleric Abdulaziz Wanted Anambra Firefighters Save Nnewi Timber Market From Fire Glo, MTN Resolve Interconnect Debt Dispute – NCC UK’s Cancer-Hit King Charles ‘Doing Extremely Well’ – Camilla Education with tears: Hardship creating more indigent students Protests: FG mulls food import if hunger persists Moving NNPC revenues to CBN in nation’s best interest —Kyari High food prices: Kano warns stores against hoarding foodstuffs Social media, a menace, must be regulated —Gbajabiamila Imams, Bishops To Govt: Provide Food, Security To Poor At Grassroots Troops Killed 105 Terrorists, Arrest 140 Others In 1 Week – DHQ Man Bags 7 Years Imprisonment For Attempted Robbery Enforce executive order on patronage of Nigerian-made products, Reps tell FG Reps step down NGOs, CSOs regulatory bill 85 million Nigerians lack access to electricity — World Bank Visit a newspaper stand this morning, buy and read a copy for yourself…

  The World Bank has said that about 85 million Nigerians lack access to electricity with many businesses and households not connected to the national grid. This was disclosed on Thursday by the Managing Director of Operations, World Bank Group, Anna Bjerde at the Abuja Roundtable for Economic Transformation in West and Central Africa, which was co-chaired by Mr. Wale Edun, Minister of Finance and Coordinating Minister for the Economy and Chair of the African Governors Forum of the World Bank; and Ousmane Diagana, Vice President Western and Central Africa, the World Bank. Bjerde, while speaking on ‘Accelerating Recovery, Crisis Management, and Economic Transformation in West and Central Africa’, stated, “Take Nigeria, our host for example, where 85 million people still lack access to electricity, but whereas our level of ambition is proportional to the size of challenge. Together with the government, we are currently expanding access to over 70 million unsaved and underserved Nigerians to redistribute renewable energy solutions. “We estimate that with about $30 billion in IDA support through 2030, that is about $5 billion a year, the world bank group could facilitate access to 300 million people by the end of the decade across Africa, including 100 million in Western and Central Africa”. Bjerde stressed that the World Bank Group is a consistent and steadfast partner for countries in Africa, and is “interested in your success. We’re here with you when you succeed, but we’re also here when challenges arise. Not just when it’s convenient, and certainly not just to issue a statement, but really we want to work hand -in-hand with you towards the very best achievable results for the long -term prosperity of your countries”. The World Bank boss noted that Africa’s problem can be surmounted if there is a collective decision to address it, noting that it is also an issue that Africa leaders have prioritised since 2000. While praising African leaders for their resolve to make energy accessibility to all a top priority, she said that, “Access to energy has more than doubled across Africa yet, despite significant investment and progress, about 600 million Africans are likely to remain without electricity by 2030, with two third being those living in countries classified as fragile states.” The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the Roundtable aimed to provide a forum for the World Bank to discuss how to make progress on ambitious priorities for development in the region. “The ongoing World Bank evolution could help accelerate this progress and can engage and support an ambitious financing and policy package for IDA”, Mr. Edun said. He stressed that as African countries continue to confront multiple overlapping internal and external challenges, an economic transformation of the continent is achievable but will require creating the right conditions to turn opportunities into transformational accomplishments in key development areas. Edun stressed that the Bank is a key partner in this endeavour and its ongoing transformation will further leverage its capacity to support the people of Western and Central Africa. He said, “The importance of budget support to stabilise the macroeconomy and create fiscal space for investments were highlighted, and participants also recognised efforts by the World Bank Group to remain engaged during crises. “The roundtable stressed the critical need to invest in resilient infrastructure across the region. In particular, accelerating electricity access, digitalisation and transportation connectivity which will promote growth, increase social inclusion, and consolidate fiscal stability. “Participants recognised the need for strong national leadership and significant investments, primarily from the private sector. exchanged on the benefits of financial integration.” He added that the discussion centered on the need to harmonize reforms and systems in member states, and achieving this will require sustained political commitments and investments in the capacity of regional bodies. The Finance Minister noted that there was a consensus that West and Central African countries can realise and sustain development gains that tangibly improve the lives of their citizens through strategic approaches to sustainable growth, job creation, private sector mobilisation, and economic transformation.

  A Nigerian court has granted Nigerian fintech giant Flutterwave the permission to reclaim ₦19 billion lost in unauthorised transactions through Point-of-Sale (POS) devices. About 6,000 accounts across 35 banks and financial institutions are affected. This development comes after a months-long investigation into a technical glitch that led to the fraudulent funds transfers. The Mareva injunction was granted on February 1, Tech Cabal reported. Flutterwave maintains that no customer funds were directly compromised, noting that the merchants involved were not entitled to the transferred funds and refused to return them. “In 2023, we discovered that certain POS device merchants abused their access by conducting unauthorised transactions. In response to this, we temporarily suspended the accounts where funds were improperly transferred,” Flutterwave said. “The merchants listed did not provide any service to our client and were not entitled to funds that were erroneously transferred and have continued to keep said funds.” “We continue to actively engage with the relevant authorities to investigate and address the situation,” Flutterwave added. An earlier court order placed debit restrictions on those accounts two months after the incident occurred. This legal order enables Flutterwave to freeze assets and recover funds from the identified accounts, even if the merchants have already spent the disputed money. Flutterwave added that to facilitate the recovery process, the court also mandated 35 financial institutions to share account holders’ information, like email addresses and phone numbers.

  A 43-year-old man, Mikail Osundiji, died while watching the semi-final football match between Nigeria and the Republic of South Africa in Abeokuta, Ogun State. It was gathered that Osundiji went into shock and died while watching the match at a public football viewing centre in Olomoore area of Abeokuta. The father of two reportedly died when the referee cancelled Nigeria’s second goal against South Africa, by Victor Osimhen. Relatives said the deceased did not show any sign of sickness prior to his death. An elder sister to the deceased, Mrs. Adetunji Nofisat, explained that Osundiji suddenly breathed out heavily after the cancellation of the Nigeria’s second goal, lowered his head and consequently fell to the ground at the football viewing center. “That was when other people at the football viewing center rushed to him and took him to one of the private hospitals in Olomoore before the doctor on duty pronounced him dead”, the deceased’s sister said. Nofisat however, disclosed that the remains of the deceased had been buried on Thursday afternoon according to the Islamic rites. “We cannot take his corpse to his hometown, Okuku in Osun State because he still has a father, mother and two children who are of 12 and seven years of age”, she said. Nofisat appealed to the state governor, Dapo Abiodun to come to the assistance of the family, particularly through scholarships so as to enable the children left behind complete their education, up to the university level. Daily Trust reports that the death of Osundiji adds to the list of casualties from the Nigeria/South Africa match. Dr. Cairo Ojougboh, former Executive Director of the Niger Delta Development Commission (NDDC), Alhaji Ayuba Olaitan Abdullahi, deputy Bursar of Kwara state University (KWASU) Malete; a corps member in Adamawa State, all lost their lives in similar circumstances in the tension-soaked match Nigeria won by 4 goals to 2 on penalties.

  President Bola Tinubu has directed the mandatory recitation of the National Pledge after the National Anthem at every official and public engagement. Tinubu who spoke at the groundbreaking ceremony of the 3,112 housing-unit Renewed Hope City at Karsana, Abuja, on Thursday said the imperativeness of respecting national values, promoting the nation’s ideals, and abiding by its established norms. “Before I left home this morning, I asked for a printout of the National Pledge, and we have to relaunch it again at this event. The relaunch is about being committed to the values, greatness, and hope of our country. It is our pledge to Nigeria, our country, to be faithful, loyal, and honest,” President Tinubu was quoted as saying in a statement by his spokesman, Ajuri Ngelale. “To serve Nigeria with all your strength – we saw it on the field of play yesterday. We were all rejoicing. Everyone one of us loves victory. We love to win. When you are positive and you are hopeful, Nigeria is winning.” He also called on Nigerians to uphold the country’s glory, saying they should have absolute respect for national symbols. “We will defend our unity and uphold Nigeria’s glory in every way possible because we are Nigerians, and we have no other country,” he added. “We did not say it will be Eldorado and smooth all the way. But we are confident that this country will excel in all ramifications.”

  Gov. Umaru Bago of Niger on Thursday ordered the release of 22 male and three female protesters who protested against nationwide economic hardship on Monday in Minna, but were arrested by the police. Commissioner for Information and Strategy, Hajiya Binta Mamman, told a news conference in Minna that a mix-up led to the arrest of the protesters. “The state government has directed the release of Aisha Jibrin and 24 others arrested by the police for leading the protest. They have been released and reunited with their families,’’ she said. The commissioner apologised to the suspects, their families and the people of the state over the arrest. Mamman explained that the police clamped down on the protesters when their protest turned violent, resulting in the destruction of public and private property. “They did not seek the permission of the police before embarking on the protest,’’ Mamman noted. She explained that the release of the suspects was based on thorough review of the circumstances surrounding their arrest. “It was determined that there was a misunderstanding, and they have been exonerated of any wrong doing,’’ she said. The commissioner assured the people of the state that government remained committed to upholding the rights and freedom of all citizens. “We understand the importance of ensuring that justice is served and we are dedicated to maintain the highest standard of fairness and transparency in all legal matters,’’ she stressed. The commissioner noted that government was aware of the current hardship of the people occasioned by the economic downturn. She admonished that violent protests were not the solution, but meaningful discussion that would ameliorate the suffering of the people was the way to go. “We are part of the society; so we know what is happening and how the people feel. “We know that our people are hungry and there is hardship in the land and that is why the government is working hard to provide palliatives to cushion the hardship,’’ the commissioner said. Minna residents trooped out in large numbers on Monday to protest the hardship caused by the rising cost of living. They blocked the popular Kpakungu Roundabout in Minna to express their grievances. They urged the federal and state governments to do something urgently to tackle the hardship across the country.