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House of Representatives have urged CBN to direct banks to reverse failed transactions immediately

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1 year ago

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House of Representatives

The House of Representatives has urged the Central Bank of Nigeria, CBN, to direct banks to work on their systems to mitigate failed transactions and immediately reverse failed transactions without the customer’s prompting.

The decision of the House followed the adoption of a motion moved at plenary on Tuesday by Emmanuel Ukpong–Udo.

Explaining his motion, Ukpong–Udo said according to the Nigeria Inter-Bank Settlement System Plc, over 135, 500,000 Nigerians use banks.

He said the CBN released a statement on June 8, 2020, revising timelines for reversals and resolution of refund complaints as follows; Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three days, where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours”

The lawmaker noted that the CBN also resolved that refunds for failed “Not-on-US” ATM transactions, where customers use their cards on other banks’ ATMs shall not exceed four hours from the current 3-5 days.

Ukpong–Udo added that the CBN further resolved that resolution of disputed/failed POS or Web transactions shall be concluded within 72 hours from the current five days.

He noted that the CBN also resolved that all banks are directed to resolve the backlog of all ATM, POS, and Web customer refunds within two weeks starting June 8, 2020.

The lawmaker decried that Nigeria’s financial sector was facing serious concerns due to persistent complaints of failed customer transactions, with over 69 percent of complaints in July 2023 encompassing failed transactions.

Ukpong–Udo noted the rapid increase in the number of failed banks and the magnitude of the problem which has reached an unprecedented level.

He expressed worry that the high rate of failed bank transactions was causing a decrease in business investments and lending across the country.

The Green Chamber, therefore, urged the apex bank to direct banks to reverse customers’ funds within the stipulated periods whether or not the customers lodge complaints.

It also urged the CBN to direct banks to work on their systems to mitigate failed transactions and immediately reverse failed transactions without the customer’s prompting;

The House also mandated the Committees on Banking Regulations, Banking and other Ancillary Institutions, and Digital and Electronic Banking to liaise with the apex bank and Nigeria Interbank Settlement System, NIBSS, to look into the issues and provide solutions.

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Fresh Tragedy Hits India As Helicopter Carrying Hindu Pilgrims Crashes, Kills All 7 On Board

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2 hours ago

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June 15, 2025

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Initial findings indicate that poor weather conditions likely played a role in the fatal incident.

India has suffered another aviation tragedy after a helicopter carrying Hindu pilgrims crashed, killing all seven people on board.

The helicopter, operated by Aryan Aviation, went down just minutes after taking off from Kedarnath, a sacred pilgrimage site in Uttarakhand. It was en route to Guptkashi, another popular Himalayan destination for devotees.

 

According to officials cited by Sky News, the crash occurred around 5:30 a.m. local time in a densely forested area, several miles off the designated pilgrimage route.

Initial findings indicate that poor weather conditions likely played a role in the fatal incident.

 

Rescue and recovery operations are underway, while aviation authorities are expected to review safety protocols for flights operating in Uttarakhand’s challenging mountainous terrain.

 

This latest incident has sent shockwaves across the country, coming just days after India was gripped by a far more catastrophic accident — the Air India crash in Ahmedabad that claimed the lives of at least 270 people.

 

That crash, which occurred on Thursday, involved a London-bound Boeing 787 Dreamliner that plummeted into a residential building near a medical college hostel minutes after takeoff.

 

Of the 242 people on board, only one passenger survived. Another 29 people were killed on the ground.

 

In response to that disaster, Indian aviation authorities ordered urgent technical inspections of Air India’s Boeing 787-8 and 787-9 aircraft with GEnx engines. The directive mandates comprehensive checks on takeoff performance, electronic engine control systems, and fuel components.

 

The global community has continued to mourn with India. French President Emmanuel Macron offered condolences following the Air India crash, stating, “We have learned with deep emotion of the tragic plane crash in Ahmedabad, India. In this time of sorrow, I extend our heartfelt thoughts to the victims’ loved ones and to Prime Minister @NarendraModi.”

 

Italian Prime Minister Giorgia Meloni also shared her sympathies: “Deeply saddened by the tragic plane crash that occurred in Ahmedabad. On behalf of the Italian Government and myself, I express my sincerest condolences to the families of the victims and our full solidarity with the Indian people in this time of great sorrow.”

 

Thursday’s crash saw a 40-year-old man, Vishwash Kumar Ramesh, reported as the lone survivor in the deadly incident that rocked India.

 

“Thirty seconds after take-off, there was a loud noise and then the plane crashed. It all happened so quickly,” Vishwash, who received “impact injuries” on his chest, eyes, and feet, told Hindustan Times.

 

Vishwash, a British national, was in India for a few days to visit his family and was returning to the UK along with his brother, Ajay Kumar Ramesh (45).

 

Vishwash, who still had his boarding pass, told HT, “When I got up, there were bodies all around me. I was scared. I stood up and ran. There were pieces of the plane all around me. Someone grabbed hold of me and put me in an ambulance and brought me to the hospital.”

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Protest breaks out in Benue as angry youths block Abuja-Makurdi highway

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3 hours ago

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June 15, 2025

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Angry Benue youths on Sunday staged a protest and blocked the Abuja-Makurdi highway, expressing outrage over the continued killings in the state.

The demonstrators, dressed in black attires and carrying palm fronds and placards with various inscriptions, barricaded the ever-busy road, disrupting vehicular movement and demanding immediate action to end the bloodshed.

Ekwutosblog observed that the protesters prevented vehicles from passing, causing gridlock and panic among commuters.

 

The protest comes barely 24 hours after suspected armed herdsmen launched a deadly attack on Yelewata community in Guma Local Government Area, where over 200 people were reportedly killed.

The Benue State Government had earlier issued a warning against unlawful gatherings and confrontations, particularly by youths, in the wake of escalating tensions across affected communities.

Despite the appeal for calm, the youths said they feel abandoned and are demanding concrete security measures and justice for the victims of the attacks.

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Wanted Bandits Kingpin, Ado Aleru Holds ‘Peace Meeting’ With Katsina Communities, Nigerian Army Officers

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12 hours ago

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June 15, 2025

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Despite his status as a fugitive, Aleru was seen actively participating in the discussions and addressing the gathering.

The notorious bandits kingpin, Ado Aleru, who remains on the wanted list of Nigerian security forces, has again surfaced publicly — this time leading a peace meeting in Danmusa Local Government Area of Katsina State.

The parley, aimed at fostering peaceful coexistence between Fulani herders and other communities, was attended by personnel of the Nigerian Army, community leaders, and several bandit groups, including Aleru’s faction.

Despite his status as a fugitive, Aleru was seen actively participating in the discussions and addressing the gathering.

A peace meeting was held with bandits in Danmusa Local Government Area, where Ado Aleru, who has been declared highly wanted, was seen giving a speech about measures to be taken between the Fulani and other communities to ensure peaceful coexistence.

This isn’t the first time Ado Aleru is seen holding peace talks with communities and the government but he will again be seen attacking innocent communities.

Same Ado Aleru was conferred with a Traditional Title in Zamfara during Bello Matawalle’s administration who is also the current Minister of State for Defence.

A peace parley was held between residents of Dan-Musa and bandits in Dan-Musa LGA, Katsina State.

Attendees included Nigerian Army, community leaders and several bandits groups including notorious leader Ado Aleru.

Meanwhile, SaharaReporters had reported in July 2022 that Ada Aleru was declared wanted by the Katsina State Police Command in 2019 with a bounty of N5million put on his head.

He was the arrowhead of a deadly raid on Kadisau, a community in the Faskari Local Government Area of Katsina State, where about 52 people were killed.

Deadly attacks have raged across Zamfara state where bandits have thrived.

In 2019, the state government signed a peace agreement with the gunmen.

About 15 brand new Hilux vehicles and cash gifts were also given to leaders of different ‘repentant’ gangs of bandits by the governor in 2020.

But despite all these, communities in the state are still being attacked and residents kidnapped and/or killed.

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