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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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Borno: Troops foil attack on Buratai, others, neutralise bandits

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The Air Component of Operation HADIN KAI, OPHK, has foiled attacks on its personnel in Buratai, Biu Local Government Area, and Mallam Fatori, Abadam Local Government Areas of Borno State.

Troops also neutralized scores of terrorists with assorted arms and ammunition recovered.

Captain Reuben Kovanggiya, Acting Deputy Director Army Public Relations Headquarters Theatre Command Operation HADIN KAI, in a statement said the failed attack on Buratai occurred in the early hours of Thursday, 5 June 2025, when the terrorists attempted to deceitfully infiltrate troops’ location from all approaches.

The troops, however, swiftly engaged the terrorists with heavy gunfire, while the Air Component provided close air support to the gallant troops.

According to the statement, troops also recovered a large cache of assorted arms and ammunition.

Similarly, the troops of Mallam Fatori also foiled another attack by terrorists, who attempted to attack troops’ location from different fronts.

The troops engaged the insurgents with superior firepower, causing the terrorists to flee in disarray with support from ACC air platforms.

The troops neutralized scores of insurgents after pursuing them in different directions.

According to the statement, the troops recovered AK-47 rifles, General Purpose Machine Guns, Rocket Propelled Guns, and other terrorists’ equipment after dealing a blow to the terrorists, killing scores.

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Apprentice hospitalised as petrol tanker, truck collide in Ibadan [PHOTOS]

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A motor apprentice whose identity has not been revealed has been hospitalised as a result of injuries he sustained when a petroleum tanker caught fire in Ibadan, the Oyo State capital.

Ekwutosblog gathered that the incident occurred at Michael Koleoso Government Reserved Area (GRA) along Oyo/Ibadan Expressway.

It was learnt that the tanker carrying forty-five thousand litres of Premium Motor Spirit (PMS), also known as petroleum, collided with another trailer.

The petroleum tanker lost control and caught fire immediately.

It was gathered that the incident occurred on Wednesday.

The apprentice was injured during the incident.

Our correspondent gathered that the apprentice was later rushed to a nearby hospital for medical attention.

Chairman of Oyo State Fire Service, Hon. Maroof Akinwande, when contacted, confirmed the incident to Ekwutosblog on Thursday.

Akinwande, in a statement, advised motorists to always drive with care.

“The fire incident was reported at exactly 10:30 hrs on Wednesday, 4th June, 2025. Immediately the address of the fire was taken, firemen led by ACFS Tijani promptly deployed to the scene of the incident, and on getting there, we met an IVECO trailer tanker, reg. no. KEY 909YE (KWARA), of 45,000 litres capacity loaded with Premium Motor Spirit (PMS) well alight.

“The agency personnel swiftly swung into action by applying necessary chemicals and observing all precautionary measures to avoid an explosion that might lead to fire disaster. The fire was completely extinguished within a short time.

“No death was recorded, but the motor boy sustained a minor injury and was conveyed to the nearest hospital for treatment.

“The incident was as a result of a collision between the petrol tanker and an empty MACK truck container with reg. no. T6267LA (LAGOS) whilst trying to manoeuvre the potholes in a single lane.”

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FRSC launches Eid-el-Kabir special patrol in Kano

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The Federal Road Safety Corps (FRSC) Kano Sector Command has launched a week-long special patrol operation to facilitate the safety of road users for the 2025 Eid-el-Kabir celebrations.

The operation which started today, will continue until Wednesday 11 June 2025.

This was contained in a statement issued by the command’s Public Relations Officer, Abdullahi Labaran.

According to Labaran, the special patrol was flagged off due to high volume of vehicular movement during festive periods. Therefore, the operation is anticipated to ensure a hitch-free and crash-free Sallah celebration across the State.

“To achieve these objectives, the command will deploy 1,889 personnel, comprising 1,348 Regular Marshals and 541 Special Marshals, 24/7 standby provision of five ambulance service points for prompt rescue and emergency response,” the statement revealed.

Mobile courts will also be positioned along major routes to prosecute traffic offenders.

“The Sector Commander, CC MB Bature, has warned against dangerous/reckless driving, overloading, car racing, underage driving and other traffic violations during and after the Eid-el-Kabir celebration,” the statement added.

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