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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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2Baba Cries Out For Help in Now Deleted Instagram Post

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This morning, 2Baba posted “Help Me” on his Instagram stories, but less than 20 minutes later, the message vanished.

For the past few days, his relationship with his current wife, Senator Natasha Osawaru, has been under serious scrutiny, as a series of public incidents have surfaced and fuelled widespread speculation about the state of their marriage.

His cry for help should not be taken lightly. But who will answer him?

Will it be his family, his close friends, or the entertainment industry that has benefited from his legendary career?

At this point, one thing is clear. The music icon seems to be calling for real support and those around him cannot afford to look away.

 

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BREAKING: Unknown Gunmen Attack Gov. Otti’s Advance Team In Imo, As Scores Were Kidnapped From A Bus Along Owerri-Road Road

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An advance team of Abia State Governor, Dr. Alex Otti, escaped unhurt after unidentified gunmen opened fire on their vehicle in the early hours of Tuesday, December 2, 2025, along the Umuowa–Ihite axis in Imo State.

The three-member team was en route to Sam Mbakwe Cargo Airport, Owerri, when the attack occurred shortly before the airport junction.

In a statement electronically signed by the Chief Press Secretary to the Governor, Mr. Ukoha Njoku Ukoha, the Abia Government clarified that Governor Otti’s main convoy was not involved in the incident and was nowhere near the location at the time.

“The convoy of His Excellency, Dr. Alex Chioma Otti, was not attacked. No member of the advance team or any other person sustained injury, and no life was lost,” the statement stressed, urging the public to disregard rumours suggesting otherwise.

It was learned that Security agencies have been notified, and investigations are underway to identify and apprehend the assailants.

Meanwhile, a commercial bus plying along Owerri -Aba road towards the Ngor Okpala axis was attacked Monday and scores of passengers were feared kidnapped by yet-to-identify gunmen.

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Gunmen attack Ngige’s convoy in Anambra

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The convoy of former Minister of Labour and Employment, Senator Chris Ngige, was attacked by gunmen in Umuoji, Idemili North Local Government Area of Anambra State.

Ngige who confirmed the incident to newsmen, stated that he was not in the convoy when the attack occurred. He mentioned that several people were shot and injured.

“I was not in the convoy. I’m still alive and well. Those hoodlums have started again. I came to my state to relax, but what happened is unfortunate. I will go back to Abuja. But I assure those who did this, they will not go unpunished.” he said

The vehicles were reportedly returning from a mechanic workshop in Nkpor when the gunmen struck along the busy Umuoji–Nkpor Road leading to Alor, Ngige’s hometown.

According to Mr. Fred Chukwulobelu, Ngige’s former Special Adviser on Media, a policeman in the pilot car was shot, and the attackers, dressed in police and army uniforms, took away his gun and uniform.

He also confirmed that a woman filming the incident was fatally shot. He added that a shop owner who rushed out to see what was happening was also shot; he lost significant blood and is scheduled for surgery, but is expected to recover fully.

The pilot car was riddled with bullets, while the wounded escort leader has undergone surgery and is also expected to recover.

Meanwhile, the Anambra State Police Command said it has launched a state-wide manhunt for the perpetrators.

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