🇳🇬NigeriaWest Africa
CBN mandates monthly reporting of failed electronic transactions by banks
via Punch Nigeria4 min read
The Central Bank of Nigeria CBN has directed banks and other financial institutions to submit monthly reports on failed electronic transactions across various digital channels. This directive is part of new compliance measures outlined in its revised Guide to Charges, issued via a circular on April 21, 2026. Chief Compliance Officers and Heads of Information Technology are required to jointly submit electronic reports of all failed transactions from Automated Teller Machines ATM, Point of Sale PoS terminals, mobile, web, and other electronic channels. These reports are to be sent to designated CBN email addresses. The revised guide, effective May 1, 2026, replaces the 2020 version and aims to promote a safe financial system, encourage innovation, and expand financial inclusion through lower tariffs on micropayments. It also introduces broader accountability, mandating top management to ensure strict adherence and proper configuration of banking systems to apply only approved charges. The guide caps several banking charges, requires clear disclosure of fees, and allows customers to negotiate charges where applicable. Any new product or service not covered must receive prior written CBN approval. The new structure applies to a wide range of institutions, including commercial banks, microfinance banks, and mobile money operators. To enhance consumer protection, non-credit-related charges can only be applied if funds are available, and unpaid charges must be deferred without accr
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The African Democratic Congress Legislators’ Forum has criticized President Bola Tinubu’s request for Senate approval of an additional $516,333,070 external loan to fund parts of the Sokoto–Badagry Super Highway project. In a statement issued on Thursday, the lawmakers, including Uko Nkole, Chairman, ADC National Legislators’ Forum, described the request as "reckless borrowing" and warned against rising debt dependency and fiscal risk. The forum stated that this request is emblematic of an administration that has made reckless borrowing its default economic policy, with little regard for sustainability, accountability, or the well-being of future generations. While acknowledging the importance of infrastructure, the group questioned the government’s lack of a clear repayment strategy, noting a troubling pattern where debt accumulation is prioritized over prudent fiscal management, innovation, and domestic resource mobilization. The legislators warned that Nigeria’s already heavy debt burden was worsening, with debt servicing consuming a significant share of national revenue, risking a "looming debt catastrophe" and undermining economic sovereignty. They also raised concerns about the timing of the loan request, questioning whether it was driven by development needs or political considerations ahead of the election cycle. The forum urged the National Assembly to demand full disclosure of financial details, procurement processes, cost-benefit analysis, and a credible repayment
President Bola Tinubu met with Zamfara State Governor Dauda Lawal at the Presidential Villa in Abuja to discuss security challenges and economic development in Zamfara. According to a statement from the governor's spokesperson, Sulaiman Bala Idris, President Tinubu committed to increasing troop deployment and providing enhanced operational support to the state. The meeting focused on strategies to restore peace in Zamfara, with the President emphasizing his dedication to supplying necessary equipment for security operations. Governor Lawal also briefed President Tinubu on the state's economic progress, including growth in internally generated revenue, and requested federal assistance to bolster local industries. President Tinubu reaffirmed his commitment to exploring federal resources and programs to support Zamfara's industries and create employment opportunities. This meeting followed an earlier engagement between the President and governors elected under the All Progressives Congress platform.
President Bola Tinubu on Thursday acknowledged Nigeria's 91.45 percent aviation safety rating from the International Civil Aviation Organisation ICAO. This score, announced by the lead ICAO auditor during a debriefing session at the Nigerian Civil Aviation Authority headquarters in Abuja, represents the highest the country has recorded in the UN body's Universal Safety Oversight Audit Programme USOAP. According to Bayo Onanuga, Tinubu's Special Adviser on Information and Strategy, Nigeria's Effective Implementation EI score significantly surpasses the West Africa regional average of 61.1 percent and the global average of 70.4 percent. President Tinubu commended the Ministry of Aviation and Aerospace Development for this achievement, viewing the rating as an affirmation of Nigeria's aviation safety standards and an incentive for international investment in aviation infrastructure, maintenance facilities, and airline operations. He urged the ministry to implement all ICAO recommendations to further improve the rating. The ICAO, a specialized United Nations agency, assesses member states through its USOAP to ensure effective safety risk management. Nigeria's improved score, which was previously lower in preceding audits, is attributed partly to the five-point agenda of the Minister of Aviation and Aerospace Development, Festus Keyamo, which prioritizes strict compliance with safety regulations and enhancing Nigeria's ICAO rating. The Presidency noted that Tinubu's administration
The US Justice Department's internal watchdog announced an investigation into the department's compliance with a law mandating the release of millions of documents in the Jeffrey Epstein case. The Epstein Files Transparency Act, passed last November, required the Trump administration to release all documents related to Epstein, with redactions only for victims' personally identifiable information. Powerful figures connected to Epstein were not to be shielded based on embarrassment or reputational harm. Despite the release of approximately three million pages, the Justice Department faced criticism from lawmakers for withholding information and redacting parts of the case file. Additionally, the department released names and photos of Epstein victims who had not been publicly identified, leading to outrage and the subsequent removal of these sensitive details from the public domain. The Office of the Inspector General's probe will evaluate the department's processes for identifying, redacting, and releasing records as required by the Act, with a final report to be issued. Lawmakers who viewed the unredacted files in February also complained that some information in the publicly released documents was improperly shielded. Revelations from the document release have impacted prominent individuals globally, leading to criminal probes, arrests, and resignations, primarily in Europe.