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Bank customers laud Senate directive on ATM maintenance charges

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Bank customers have expressed gratitude to the Senate for its directive to the Central Bank of Nigeria to suspend the monthly Automated Teller Machine card maintenance fee imposed on users by commercial banks.

The President, Bank Customers Association of Nigeria, Dr Uju Ogubunka, described the directive as a good development for the industry and bank customers using the facility.

He said the development had long been awaited as people had been complaining about the maintenance fee.

According to him, though the bank customers are happy, those benefitting from the charges will not be happy because an avenue for revenue inflow will be blocked.

Ogubunka stated, “People have been suffering and now I am happy that their suffering will be reduced, if not eliminated. I know the CBN is a responsible organisation and if the National Assembly conveys a directive to them, it is only logical that they obey, though I cannot speak for them.

He added that there were several other charges being imposed on customers by banks that also needed to be reviewed.

He said the calculation of the maintenance fee was the same as that of Commission on Turnover that was scrapped years ago.

According to him, the ATM maintenance charge can be described as a new name for the CoT, which he described as unfair to customers.

“If you are removing the CoT, remove it and do not replace it with maintenance fees. That way, it will be fair enough on customers. When we talk about credit failures, some of them are as a result of high charges on customers,” Ogubunka added.

A bank customer, Eniola Tunwashe, described the ATM card maintenance fee as extortion.

According to her, the maintenance fee is unfair, considering the fact that she is unemployed and is just managing to save part of the little revenue she makes from menial jobs.

Tunwashe said, “The new directive is very good, and if you ask most people, they are happy about it too. How can the banks be charging me for card maintenance when my card is with me? Are they the ones helping to maintain it?

A professor of Economics at the University of Lagos, Olufemi Saibu, described all bank charges, save replacement of cards, as extortion of the customers.

He said, “Even the renewal of the ATM cards is wrong. The ATM cards should not expire, what is expiring in them? Many of the banks today have left their intermediation services and are looking for other ways of revenue not tied to their productivity.

Saibu, however, added that the Senate was going about the directive the wrong way.

He stated that the National Assembly, coming on board, was overstepping its legislative roles.

“What they should have done is to set up a committee to work with the CBN and banks to see what can be done on the issue. The approach the Senate is taking may not necessarily bring desired results,” Saibu added.

He noted that if the CBN ended up not obeying the directive, the Senate would appear as a toothless dog and an object of ridicule.

The President/Chairman of Council, Chartered Institute of Bankers of Nigeria, Dr Uche Olowu, buttressed the fact that the Senate was overstepping its boundaries.

He said members of the upper legislative chamber ought to focus on legislation that would improve infrastructure in the country to bring the cost of doing business down.

He stated that the ATM maintenance charges were as a result of the cost of buying the machines, installing inverters, maintaining them, and so on.

According to him, a critical analysis of banks’ financial statements will reveal that they make their revenue from treasury bills and not necessarily charges.

Olowu said, “I do not blame the Senate because they are representatives of the people and the people are complaining; but they are complaining without knowledge of how the system works.”

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Dangote Denies Fallout with Elumelu, Debunks Financial Support Claims

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The Dangote Group has dismissed as false and malicious claims of a rift between its President, Aliko Dangote, and the Chairman of Heirs Holdings, Tony Elumelu, and also rejected allegations that he (Dangote) solicited support for financing his refinery project.

In a statement issued on Sunday, the group described as “entirely baseless” a publication stating that Dangote had revealed why he distanced himself from Elumelu, stressing that neither the businessman nor the organisation made such remarks.

The statement, signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, said the report misrepresented both personal and corporate positions and added that there was no disagreement between the two prominent business leaders.

“The Dangote Group has become aware of a publication titled ‘Aliko Dangote Speaks Out on Why He Distanced Himself from Tony Elumelu’, which is false, malicious, and baseless. At no time did the President or the Group make such statements or express such sentiments,” the statement read in part.

The company further dismissed claims that the multi-billion-dollar Dangote Petroleum Refinery & Petrochemicals was financed through personal borrowing from friends, describing such assertions as inaccurate and a deliberate misrepresentation of facts.

According to the group, Dangote does not fund projects through informal personal loans, noting that any such claims should be backed by verifiable evidence.

“As a matter of principle, Aliko Dangote neither finances his projects through personal borrowing from friends nor engages in lending arrangements of that nature. Any individual making such claims should provide verifiable evidence to substantiate them,” the statement added.

The group also clarified that there was no strain in the relationship between Dangote and Elumelu, maintaining that both men continue to enjoy a longstanding and cordial relationship despite the claims circulating in the report.

The clarification follows the circulation of a widely shared online post which alleged that Dangote fell out with Elumelu after a failed financial assistance request during the construction of the refinery.

In the post, attributed to Dangote but now disowned by the company, the author claimed that in 2021, when the refinery project was about half-completed, he ran out of funds and approached several business associates for support, including Femi Otedola, Abdulsamad Rabiu, Mike Adenuga, and Elumelu.

The post further alleged that Elumelu promised $20m but later became unreachable, while other associates reportedly raised $500m to support the project, with Otedola said to have contributed $300m.

However, the Dangote Group said such claims were fabricated and should not be attributed to its president, reiterating that the financing narrative presented in the post was false.

Beyond the disputed publication, the company raised concerns over what it described as a growing trend of fabricated statements and the unauthorised use of Dangote’s identity in digitally manipulated content.

It warned that the misuse of his name, likeness, and image in artificial intelligence-generated advertisements and other misleading materials poses reputational risks and could amount to fraud.

“Furthermore, the group notes with concern a rising pattern of fabricated statements and the unauthorised use of Aliko Dangote’s name, likeness, and image in AI-generated advertisements and other misleading content. These actions amount to reputational harm and potential fraud,” the statement said.

The company cautioned individuals, organisations, and platforms involved in creating or disseminating false information to desist immediately, warning that it would not hesitate to pursue legal action where necessary to protect its reputation and that of its leadership.

The Dangote Group reaffirmed its commitment to maintaining high standards of integrity while continuing its industrial and economic contributions across Africa, particularly in advancing self-sufficiency and sustainable development.

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Rising Attacks on Abuja–Kaduna Trains Spark Alarm as NRC Seeks Urgent Community Support

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The Nigerian Railway Corporation (NRC) has raised serious concerns over a growing wave of attacks targeting train operations along the Abuja–Kaduna rail corridor, describing the incidents as dangerous and economically damaging.

In the latest attack, suspected vandals reportedly targeted a moving train around Kilometer 177 on the route, pelting stones at the locomotive and damaging its windscreen. The incident is one of several recorded in recent weeks, highlighting an alarming pattern of hostility along the critical transport corridor.

According to the Corporation, similar acts have occurred in multiple locations, including Gidan Busa and Sarki Gora Village in Kakau District, within Chikun Local Government Area of Kaduna State. In total, more than six attack points have been identified within a two-week span, intensifying operational challenges for railway authorities.

The NRC warned that these repeated attacks pose a direct threat to passengers, railway personnel, and infrastructure. It described the acts as economic sabotage capable of undermining the Federal Government’s heavy investment in rail transport and disrupting a key component of national mobility.

Despite the risks, the Corporation confirmed that train services along the corridor have continued, with heightened safety measures and increased vigilance by railway staff to ensure passenger safety. Management commended security agencies for their ongoing collaboration in protecting railway assets and maintaining order along the routes.

Efforts are currently underway in partnership with security operatives, community leaders, and other stakeholders to strengthen surveillance, identify those responsible, and bring them to justice.

The NRC has also appealed to residents living along railway corridors to play an active role in safeguarding the infrastructure. It urged communities to report suspicious movements and discourage acts of vandalism, warning that continued attacks could disrupt smooth service delivery if not urgently addressed.

Reaffirming its commitment, the Corporation assured Nigerians that it remains focused on providing safe, secure, and efficient rail services nationwide, while intensifying efforts to protect both passengers and critical railway infrastructure.

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Tinubu’s $2.99bn Rail Push Sparks Calls for Nationwide Network Expansion

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By Sotayo Olayinka

The Federal Executive Council (FEC) on Thursday approved a $2.99 billion package of rail infrastructure projects, signalling a renewed commitment by the administration of Bola Ahmed Tinubu to deepen infrastructure development and unlock economic growth.

While this initiative is widely commendable, there is a growing call for the Federal Government to extend similar support to the Nigerian Railway Corporation (NRC). Strengthening the corporation would significantly improve inter-state transportation, ease the pressure on road networks caused by overloaded trucks, and enhance logistics efficiency nationwide.

Nigeria has already recorded progress with the Lagos–Ibadan rail corridor. However, greater impact can be achieved if the government connects Lagos to Abuja, complementing the existing Kaduna–Katsina line. Such integration would go a long way in addressing the country’s persistent transportation challenges. There is also increasing public demand for the expansion of rail services to the northern and eastern regions, which would create a more unified and dependable national transport system.

Many Nigerians still recall the 1960s, when train services operated seamlessly from Lagos to Kaduna and even Sokoto—an era that underscored the immense potential of an efficient rail network.

Expanding the railway system aligns with the administration’s Renewed Hope Agenda and would deliver tangible results in infrastructure development. There is also a widely held view that the current leadership of the NRC, under Managing Director Kayode Opeifa, is making meaningful progress in revitalizing rail services.

Sustained government backing will be critical to consolidating these gains and building a modern, efficient, and nationally connected railway system capable of driving economic growth and easing transportation challenges across Nigeria.

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