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The National Economic Council (NEC) has revealed that 18 federal government’s agencies did not remit N526bn and $21bn into the Federation Account between 2010 and June 2015. The council made this known on Thursday after its meeting presided over by Vice-President Yemi Osinbajo at the Presidential Villa, Abuja.

All state governors, Governor of the Central Bank of Nigeria and relevant ministers make up the council. Speaking on behalf of the council, Governor of Gombe state, Ibrahim Dankwambo, said the non-remittance by the agencies was detected by an audit firm, KPMG.

Agencies indicted include the Nigerian National Petroleum Corporation, Federal Inland Revenue Service, Nigeria Customs Service, Nigerian Ports Authority, Nigerian Maritime Administration and Safety Agency and the Nigerian Communications Commission.

Others are the Central Bank of Nigeria, the Department of Petroleum Resources and the Nigerian Petroleum Development Company, among others.

Dankwambo said a sub-committee would be set up to look into the details, saying those found guilty would be handed over to the Attorney General of the Federation for action.

“Council adopted the presentations and reports of the KPMG and the recommendations of its Ad-hoc Committee including a resolution to identify instances where there appears to have been criminal infringements and forward such to the Attorney General of the Federation and the Legal Committee of the National Economic Council for further action,” he said.

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Senate Orders CBN To Suspend ATM Card Maintenance Charges, ATM’s To Dispense N40,000

Gbemileke Ajayi

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The Senate has urged the Central Bank of Nigeria (CBN) to look into the suspension of the Automated Teller Machine (ATM) maintenance and withdrawal charges by banks.

This was after a motion on “illicit and excessive charges by Nigerian banks in customers’ accounts” was raised by Senator Gbenga Ashafa during the plenary session on Wednesday.

Deputy Senate President Ike Ekweremadu seconded the motion, saying: “The ATM charge is not the only charge we get from the bank, there are VAT charges and so on; this is unacceptable. We have the Customer Protection Agency in Nigeria, but they are not living up to expectations.”

The issue generated much debate on the floor of the Senate and after much deliberations, a few resolutions were made.

The Senate directed the committees on banking insurance and other financial institutions and finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

It also mandated the committees on banking, insurance and other financial institutions and finance to invite the CBN Governor to appear before the body in order to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

The lawmakers urged CBN to suspend the ATM card maintenance charges being deducted from customers accounts, just as they called on the CBN to instruct the commercial banks to configure their machines to extend to N40,000 per withdrawal, pending the outcome of the investigation by the committees.

The Consumer Protection Council was called upon to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian banks.

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