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Reps task CBN on delays in electronic bank transfers

Ada Okafor by Ada Okafor
July 21, 2022
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The House of Representatives on Wednesday urged the Central Bank of Nigeria (CBN) to address delays arising from instant (Inter-Bank) electronic funds transfer services in Nigeria with a view to finding a lasting solution to the problem.

The House also urged the CBN to make regulations with respect to the procedure channelling complaints by aggrieved customers and mandated the Committee on Banking and Currency to ensure compliance. 

This followed the adoption of a motion on a Call on the Central Bank of Nigeria to Ensure Swift E-Fund Transfer Services in Nigeria by Hon. Mohammed Shamsudeen Bello. 

The House noted that pursuant to Sections 2(d), 33(I)b) and 47(2) of the CBN Act, 2007, the Central Bank of Nigeria is saddled with the duty and responsibility to promote a sound financial system in Nigeria. 

It also noted that via a circular dated September 13, 2018, the CBN issued a regulation on instant (Inter-Bank) Electronic Funds Transfer Services targeted at various payment platforms that seek to provide instant electronic funds transfer services in Nigeria. 

The House said it was aware that the circular was directed at all deposit money banks, micro-finance banks, other financial institutions, mobile money operators, development financial institutions, payment service providers and other stakeholders within the financial institutions. 

It said it was also aware that the said circular was initiated to curb issues regarding delayed or failed transfer of funds, and the regulation also stipulated sanctions against banks and other financial institutions in the event of a failed or delayed E-Funds transfer. 

The House was concerned that the regulations are not being complied with by banks and other financial institutions as issues regarding failed and delayed transfers are still very pronounced in Nigeria. 

The House was also concerned that the delays occasioned by sending and receiving entities with respect to E-Funds Transfer Services have resulted in untold misery to Bank customers who depend on it for emergencies. 

It worried that customers of financial institutions across the country have inadequate means of filing complaints and getting immediate resolutions over failed E-Funds transactions that occur on weekends and public holidays. 

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2027: NDC fixes October 20 for Campaign Council inauguration, Presentation of Certificates of Return 

by Myke Uzendu
October 10, 2026
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By Myke Uzendu, Abuja  The Nigeria Democratic Congress (NDC) has fixed October 20, 2026, for the inauguration of its Presidential Campaign Council (PCC), presentation of Certificates of Return to its candidates for the 2027 general elections and a strategic dinner for candidates contesting various elective positions.  The party also disclosed that its presidential and vice-presidential candidates, Peter Obi and Rabiu Musa Kwankwaso, respectively, would participate in consultations to determine key appointments in the campaign council.  National Chairman of the NDC, Senator Moses Cleopas Zuwoghe, announced this on Saturday at a press conference at the party’s national secretariat in Abuja.  He said the campaign council’s organisational structure and timetable had been ready since the end of August, but its inauguration was being delayed to allow Obi and Kwankwaso to conclude consultations and recommend nominees for strategic positions.  According to him, the activities scheduled for October 20 would follow a meeting of the party’s National Executive Committee (NEC), where key decisions concerning preparations for the 2027 elections are expected to be considered and ratified.  Cleopas said the delay did not indicate inactivity or internal division, explaining that the party was committed to establishing a properly constituted campaign structure capable of coordinating its nationwide electoral activities.  He added that appointments would reflect national spread, competence, capacity and the ability of nominees to contribute meaningfully to the campaign.  The NDC chairman disclosed that Obi and Kwankwaso were expected to recommend nominees for several strategic positions in the Presidential Campaign Council, including Director-General, Deputy Director-General, campaign spokesperson, Director of Social Media and Financial Controller.  The candidates are also expected to nominate two additional officers who, alongside the party’s National Treasurer, will oversee the campaign council’s separate and dedicated bank account.  Cleopas said the arrangement was intended to ensure that the presidential and vice-presidential candidates were actively involved in decisions affecting the organisation, financing and direction of their campaign.  He maintained that the party leadership, the candidates and the National Leader, Senator Henry Seriake Dickson, were united in their preparations for the 2027 elections.  The chairman said the campaign council would be formally announced after the national leadership received the candidates’ nominations and recommendations.  He argued that constituting the council without the active participation of the presidential candidate and his running mate would be inappropriate, given their central roles in the presidential contest. Cleopas also dismissed reports suggesting that the party was divided or struggling to organise itself ahead of the 2027 elections.  He said the press conference was partly convened to address concerns raised by party members, supporters and Nigerians over the apparent delay in establishing the presidential campaign structure.  The chairman maintained that the National Working Committee (NWC), NEC, National Leader and party structures at the state, local government and ward levels remained committed to the party’s candidates.  He equally rejected suggestions that Dickson was working with the ruling All Progressives Congress (APC) to undermine the NDC presidential ticket.  Questioning the basis of the allegation, Cleopas said it would have been easier for Dickson to join the APC than to undertake the more demanding process of establishing and registering a political party if his objective had been to work for the ruling party.  He urged journalists to exercise caution in reporting political allegations and speculation, warning that misinformation could create unnecessary distrust and mislead the electorate. ...

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