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ATMs Loaded With Cash As N100 Withdrawal Fee Begins

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Banks have stocked their ATMs with cash as the N100 transaction fee began on March 1.

The Central Bank announced the revised ATM transaction charges in a circular dated February 10, 2025. According to the new structure, withdrawals from a customer’s own bank ATMs will remain free of charge.

However, customers using ATMs of other banks will incur a N100 fee for withdrawals of N20,000 or less at on-site ATMs — those located within or affiliated with bank branches.

Off-site ATMs situated outside bank premises, like those at shopping malls, fuel stations, and public spaces, will attract an additional surcharge of up to N500 per transaction.

For international ATM withdrawals, charges will be based on cost recovery, meaning customers will pay the exact fee applied by the international acquirer. The CBN also clarified that withdrawals below N20,000 from another bank’s ATM will still attract the N100 fee per transaction.

During a Sunday afternoon check in Lagos (by The Punch), banks were seen loading their ATMs with cash to prevent their customers from using other banks’ ATMs and paying the extra charge.

At the Wema Bank branch at Barracks Bus Stop along Funsho Williams Avenue, the ATMs displayed a message to other banks’ cardholders that they would be charged “N107.50 inclusive in addition to the stated amount.”

All four ATMs at the branch were loaded with cash. When asked about the new charge, a security officer at the bank said, “There was nothing they could do, as it was from the authorities.”

At a First Bank branch nearby, the ATMs informed non-customers attempting withdrawals, “The amount charged on your account may include a fee of N100 in addition to the requested amount.”

ATMs at Access Bank, Ojuelegba asked customers to confirm if they were willing to pay the N100 access fee before proceeding.

A Union Bank cardholder attempting to withdraw N10,000 was prompted with, “Please confirm if you wish to continue, Amount withdrawn: N10,000, access fee: N100, transaction amount: N10,100.”

At Zenith Bank near Empire Bus Stop, the ATMs displayed, “The amount charged to your account will include a fee of N107.50.”

Guaranty Trust Bank (GTBank) provided a detailed breakdown, stating, “Dear valued customer, in line with CBN’s directive, there will be a charge of N100 and N7.50 VAT for cash withdrawals of other banks’ cards on GTCo ATMs.”

Some customers expressed frustration over the additional charges.

A security worker, Eze Chinonso, said, “This is another cost I must pay to use my money. The cost of data has gone up and other costs as well. Honestly, this is squeezing an already stressed pocket.”

On social media platform X, user Opel Nnenna (@opelnnenna3) shared an email from a fintech firm, which partly read, “In line with the CBN’s recent review of ATM withdrawal fees, you will be charged the following fees by other banks when you make ATM withdrawals with your Kuda Card from this Saturday, March 1, 2025: Fee for withdrawals at ATMs on any bank’s premises. For every withdrawal of N20,000 or less that you make at an ATM located on any bank’s premises, the bank that owns the ATM will charge you a fee of N100. For withdrawals that exceed N20,000 within a day, you’ll be charged an additional fee of N100 for every extra N20,000 or less that you withdraw.”

Opel added, “I’m deeply concerned about the increasing banking charges imposed on Nigerian citizens by the Central Bank of Nigeria and the government. It seems unfair that citizens are being charged multiple fees. The economic hardship is becoming unbearable for most Nigerians. If the current administration and CBN leadership cannot effectively manage the country’s financial system in a way that serves the citizens, perhaps it’s time for new leadership with fresh perspectives. The CBN Governor should understand that citizens are suffering from these policies. These excessive charges are particularly burdensome, given the limited funds many Nigerians have in their accounts.”

The CBN advised customers to avoid the fees by using only their bank’s ATMs or alternative payment methods. The bank suggested, “You should withdraw money from your bank’s ATM (On-Us transaction) to avoid the transaction fees. Additionally, limiting your use of off-site ATMs is advisable to minimise the surcharge. Further, consumers can explore other payment channels such as mobile apps, POS devices for payments, etc.”

Meanwhile, the Trade Union Congress (TUC) and the Socio-Economic Rights and Accountability Project (SERAP) have called for the suspension of the charges.

The TUC, in a statement signed by its president, Festus Osifo, and Secretary-General, Comrade Nuhu Toro, said, “Our attention has been drawn to a circular from the CBN announcing an increase in ATM transaction fees, effective March 1, 2025. We say unequivocally: enough is enough. The Nigerian workers and the general public have endured relentless economic hardship under this administration. Every day brings a new burden—higher taxes, rising electricity tariffs, exorbitant call and data charges, and now, increased ATM fees. This government has failed to cushion the effects of its harsh economic policies, and the patience of Nigerians is wearing thin.”

On Sunday, SERAP urged President Bola Tinubu to instruct the CBN to suspend the charges, saying, “We’ve urged President Tinubu to direct the CBN to immediately suspend the ATM fee hike pending a court verdict on the matter. This is entirely consistent with the Nigerian Constitution 1999 [as amended], his oath of office, and promises to uphold the rule of law.”

BIG STORY

COALITION: Peter Obi Will Be Expelled From Labour Party — Arabambi

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The Labour Party has announced its intention to expel former presidential candidate Peter Obi over his participation in an opposition coalition seeking to remove President Bola Tinubu.

During a live appearance on Channels Television’s The Morning Brief on Tuesday, a party chieftain, Abayomi Arabambi, said Obi’s involvement with the coalition while remaining a Labour Party member was “unconstitutional” and “unacceptable.”

“Let me make it very clear: we are convening a NEC [National Executive Council] meeting where he [Obi] will be expelled. It is unconstitutional for you to belong to two political parties at a time. They have deceived him to their side, and there he shall remain,” Arabambi said.

He explained that the NEC would recommend Obi’s expulsion, which would then be formally approved at the party’s convention in line with its constitution.

“Obi will be expelled from our party. He is no longer a member. It is not within his right to claim, ‘I am still a member of the Labour Party,’ and at the same time be hobnobbing with what we call the ‘yahoo yahoo’ coalition. We are not going to accept that,” he said.

In a critical statement, Arabambi rejected claims that Obi was responsible for the Labour Party’s rise, saying, “I want to correct a very wrong notion—Obi did not make the Labour Party; the Labour Party made Peter Obi. It was just a chance of circumstance because of the #EndSARS protests and the failings of past administrations. Nigerians were simply tired.”

He insisted that it was the party’s credibility that gave Obi the platform that elevated his political image in 2023.

“It’s because of our own integrity. That was what gave Obi what he is today. He should be banking on our goodwill, not the other way around. He started the crisis in the Labour Party,” he said.

Arabambi also accused Obi of having an authoritarian approach, saying, “If he can fight party members to do his will, then he is not fit to run the party.”

He emphasized that the Labour Party had only one recognized leadership, stating, “Let me also make it clear: we do not have groups in the Labour Party. We have only one leadership under Julius Abure, our national chairman.”

Arabambi’s comments came after the Julius Abure-led faction of the Labour Party gave Obi a 48-hour deadline to formally resign from the party over his alleged “bromance” with the coalition.

In a statement dated 3 July, LP’s Obiora Ifoh said, “Labour Party is not part of the coalition. Therefore, any of our members who are part of the coalition are given within 48 hours to formally resign his membership of the party.

Labour Party is not available for people with dual agendas or deceptive personas. We will not allow individuals to have one leg in our party and the other elsewhere.”

Ifoh accused coalition members of being opportunistic politicians “interested in relaunching themselves into the circle of power.”

This situation arose after the opposition coalition met on Wednesday, 2 July, in Abuja, where the ADC was adopted as its platform for the 2027 elections.

The coalition appointed former Senate President David Mark as interim national chairman and former Osun governor Rauf Aregbesola as secretary.

The meeting was attended by many prominent politicians, including Atiku Abubakar, Nasir El-Rufai, Rotimi Amaechi, Dino Melaye, Dele Momodu, Gabriel Suswam, Ireti Kingibe, Emeka Ihedioha, and Sadique Abubakar—along with Obi.

 

Credit: Channels TV

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BIG STORY

JUST IN: JAMB Sets 150 As Cut-Off Mark For Universities

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The Joint Admissions and Matriculation Board has approved 150 as the cut-off score for university admissions in the country.

The decision was reached on Tuesday during the 2025 Policy Meeting on Admissions, held at the Bola Ahmed Tinubu International Conference Centre in Abuja.

It also announced that the cut-off score for colleges of nursing is 140, while both colleges of agriculture and colleges of education have a cut-off score of 100.

“The minimum admissible scores for admissions for the next academic session have been fixed at 150 for universities, 100 for polytechnics, 100 for colleges of education, and 140 for colleges of nursing sciences by the stakeholders (Heads of Tertiary Institutions),” JAMB wrote on its X handle.

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BIG STORY

Over 100 Killed In Texas Flood, Bodies Recovered As Search And Rescue Operations Continue

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The number of deaths from severe flooding in Texas climbed to more than 100 on Monday, as rescue teams continued their difficult search for individuals swept away by the rushing waters.

Among those who died were at least 27 girls and counsellors who were at a youth summer camp located by a river when the disaster struck during the Fourth of July holiday weekend.

Weather experts have cautioned about further flooding risks as rain continues to fall on already saturated ground, making recovery operations harder for the roughly 1,750 personnel involved, using helicopters, boats, and dogs.

“There is still a threat of heavy rain with the potential to cause flooding,” Texas Governor Greg Abbott stated on Monday, warning that the death toll could still increase.

President Donald Trump confirmed plans to visit Texas on Friday, as the White House pushed back against accusations that his administration’s cuts to weather agencies weakened the flood warnings.

“Blaming President Trump for these floods is a depraved lie, and it serves no purpose during this time of national mourning,” said Press Secretary Karoline Leavitt on Monday.

She noted that the National Weather Service, which The New York Times reported had several vacancies in Texas prior to the floods, issued “timely and precise forecasts and warnings.”

Trump described the floods that hit early Friday as a “100-year catastrophe” that “nobody expected.”

Although the president has previously argued that disaster relief should be handled by state governments, he signed a major disaster declaration to release federal funds and provide additional resources.

At least 104 deaths linked to the flooding have been reported throughout central Texas.

Kerr County, where the Guadalupe River flows, suffered the greatest losses, with at least 84 deaths reported, including 28 children, according to the local sheriff’s office.

Among the dead were 27 people who had been staying at Camp Mystic, an all-girls Christian camp hosting around 750 individuals when the floodwaters struck.

Camps are a cherished part of summer in the United States, with children often spending time in rural areas such as parks and woods.

Texas Senator Ted Cruz described the camps as opportunities to make “lifetime friends — and then suddenly it turns to tragedy.”

However, some locals have raised concerns about the lack of stronger flood-warning systems in this region of south and central Texas, often referred to as “Flash Flood Alley” due to its frequent and severe flooding.

Experts have emphasized that the NWS provided timely forecasts, while climate scientist Daniel Swain pointed to failures in “warning dissemination.”

San Antonio resident Nicole Wilson, who almost sent her daughters to Camp Mystic, launched a petition on Change.org urging Governor Greg Abbott to approve a modern warning system.

“Five minutes of that siren going off could have saved every single one of those children,” she told AFP.

During a candlelight vigil in San Antonio on Monday night, people gathered to pray for the victims and express ongoing concerns.

“I was pretty shocked on the gravity of the situation and how big it was, and I wouldn’t necessarily expect that our rivers would rise so quickly,” said Rebeca Gutierrez, 29.

“Hopefully there’s preventative efforts happening in similar areas to make sure nothing to this degree happens.”

In a devastating demonstration of nature’s force, the swollen Guadalupe River rose to the level of treetops and cabin roofs while girls were sleeping inside the camp.

Blankets, teddy bears, and other personal items were left coated in mud.

Cabin windows were smashed, likely from the powerful water currents.

Volunteers assisted in sifting through debris along the river, with some being driven by personal connections to the victims.

“We’re helping the parents of two of the missing children.

The last message they got was ‘We’re being washed away,’ and the phone went dead,” said Louis Deppe, 62, to AFP.

Several months’ worth of rainfall poured down in just a few hours from Thursday night into Friday, with additional rainfall since then.

The Guadalupe River surged by about 26 feet, roughly equivalent to a two-story building, within just 45 minutes.

Flash floods happen when the ground cannot absorb sudden heavy rainfall.

Human-induced climate change has intensified the frequency and severity of extreme weather events such as floods, droughts, and heatwaves in recent years.

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