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

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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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Kidnappers Took Loan With My Phone – Victim Recounts Ordeal

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A woman has shared a disturbing account of her abduction in Abuja, detailing how kidnappers allegedly exploited her personal information during captivity.

According to her, she was kidnapped while going home in a bus and kept blindfolded for two days as her captors demanded a ransom of ₦5 million from her family and friends.

She further alleged that while she was still in captivity, the abductors accessed her phone and used it to download a loan application.

With her ATM card and identification documents in her possession at the time, they reportedly secured a loan of ₦148,000 without her knowledge.

The victim said she remained unaware of the transaction throughout her ordeal, as she was blindfolded and focused on pleading for her life.

She revealed that when she later found out and wrote to the loan app, they insisted she must pay off the loan.

“I was kidnapped in a bus in Abuja. They blindfolded my eyes for two days. Even after asking for ransom of 5 million from my family and friends, they took a loan. They downloaded a loan app on my phone, and I always carry my ATM card and my ID cards in my bag, so they used it to up the loan app and took a loan of 148 thousand Naira. I didn’t even know about the loan all the time I was there cause I was blindfolded and just begging for my life….” she partly said.

 

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Man Ends His Marriage After Finding Photographs Of His Wife With Another Man While Browsing Google Maps

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A husband was left shocked and reportedly had to end his marriage after discovering photos of his wife with another man while using Google Maps.

The man was using Google Maps to plan a route before setting off on a journey when he noticed an image of his wife sitting on a bench, stroking the hair of another man whose head rested in her lap.

Captured by a Google camera vehicle in Lima, the Peruvian capital, the stunned husband said the photograph grabbed his attention because the woman pictured seemed to be wearing identical clothing to pieces his wife owned.

Although the photo dated back to 2013, the furious husband challenged his wife with proof of her previous betrayal.

The pair, whose identities remain anonymous, subsequently divorced after the woman confessed to having an affair.

In a twist of fate, she was photographed with her lover on a bench near the city’s Puente de los Suspiros de Barranco (Bridge of Sighs of the Ravine).

 

The husband recently posted the photographs on Facebook where they sparked considerable reaction amongst users.

One social media commenter, San Pateste, said: “What a small world it is… It would have been enough if she said to her husband that she did not love him any more.”

Guillermo Sanchez added: “Out of 100 women, 90 per cent are not loyal, the rest are loyal and only have one eye (hahaha) or are immortal (hahaha).”

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Explosion injures soldier, NSCDC personnel in Imo

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An Improvised Explosive Device, IED, explosion injured a soldier and a personnel of the Nigeria Security and Civil Defense Corps, NSCDC, in Orsu Local Government Area of Imo State.

A counter-insurgency and security expert in the Lake Chad region, Zagazola Makama, made this disclosure on X.

Makama disclosed that the incident occurred at about 8:35am on March 18 during a joint operation by troops of 34 Artillery Brigade in the Orsu general area.

According to the source, the personnel were operating around a suspected hideout of Indigenous People of Biafra, IPOB, and its armed wing, the Eastern Security Network, ESN, when they stepped on a concealed pressure-activated IED.

It noted that the device detonated, leaving both operatives injured.

“They were immediately administered first aid and subsequently evacuated to a medical facility for further treatment.

“Operations are ongoing in the area to dismantle criminal hideouts and enhance safety,” the source said.

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