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

Published

2 years ago

March 13, 2024

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.

IPOB group cancels sit at home on Nnamdi Kanu’s directive

Published

8 hours ago

February 8, 2026

Ekwutos Blog

The Indigenous People of Biafra, IPOB, says it has cancelled its sit at home order across the South East.

The group announced the decision in a statement on Saturday, saying it followed a directive from its detained leader, Nnamdi Kanu.

According to IPOB, Kanu instructed the leadership to suspend the action in the interest of peace and the return of normal economic activities in the region.

The group said the move is aimed at easing hardship on residents and allowing businesses, schools and other daily activities to run without disruption.

IPOB urged people in the South East to go about their lawful activities. It also reaffirmed its commitment to non violence and peaceful engagement.

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Gunmen k!ll President General of Ogidi community and one other in Anambra.

Published

1 day ago

February 7, 2026

Ekwutos Blog

Unidentified gunmen, suspected to be cultists, have k!lled a community leader and one other person in Anambra State.

The President-General of Ogidi community in Idemili North Local Government Area of Anambra State, Ikwuka Okoye, popularly known as Anumili (pictured above), was k!lled on Friday, Feb. 6.

The attack was alleged to have been carried out by members of a rival cult group in revenge for the de@th of their leader, who was arrested and k!lled by local security operatives.

During the attack, which took place at the School Field, Ogidi, another man whose identity has yet to be ascertained was also gunned down.

The spokesman for the Anambra State Police Command, SP Tochukwu Ikenga, confirmed the incident in a press statement on Saturday.

Ikenga said the incident is allegedly linked to the recent capture and k!lling of a known notorious cultist within the community.

He said, “The Anambra State Police Command regrets the murd£r of the President-General of the Ogidi community and one other person. The incident, which occurred on the evening of February 6, 2026, at the School Field, Ogidi, is allegedly linked to the recent capture and k!lling of a known notorious cultist within the community.

“Following the report, police operatives swiftly took over the scene of the incident and commenced investigations. The command is currently working with eyewitness accounts and other available intelligence to identify and arrest the perpetrators.

“The Anambra State Police Command assures members of the public that all efforts are being intensified to bring those responsible to justice.

“Residents are urged to remain calm and cooperate with the police as investigations continue.

“Further developments will be communicated in due course.”

Police bust syndicate behind nude photo blackmail in Lagos

Published

2 days ago

February 6, 2026

Ekwutos Blog

Men of the Police Special Fraud Unit (PSFU), Lagos, have apprehended three suspects who allegedly run a cyber blackmail and extortion scheme in the state.

According to the spokesperson of the unit, DSP Ovie Ewhubare, the suspects get a hold of their victims explicit photos and then threaten to release them if a ransom is not paid.

He said that the suspects, two males and a female, were apprehended after a petition was filed by a complainant who reported being repeatedly threatened by unknown individuals demanding money.

“The complainant received several phone calls in which the callers threatened to release her nude photographs to the public if she failed to pay them. Acting out of fear and emotional distress, she transferred money to the suspects.

The situation escalated when the suspects demanded an additional N10 million, prompting her to formally petition the police,” he said

The police imagemaker state dthat upon receipt of the complaint, the Commissioner of Police, PSFU, Mr Kayode Ojapinwa, ordered the immediate deployment of operatives to investigate the matter.

“The investigation led to the arrest of the three suspects. Investigations revealed that one of the suspects gained unlawful access to the complainant’s mobile device and fraudulently transferred her nude photographs to his own device. Further findings indicated that he conspired with the other suspects and other accomplices currently at large to demand and receive money from the complainant in several tranches,” he said

According to him, the suspects are currently in police custody and are expected to be arraigned before a court of competent jurisdiction.

The image maker said that investigations were ongoing to apprehend other fleeing members of the syndicate and to recover all proceeds of the alleged crime.