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Banks Stop International Transactions On ATMs Over ‘EFCC Harassment’

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Some banks in the country have made real their threat to suspend international transactions on Naira and Dollar denominated ATM cards.
This followed the earlier protest of the harassment of their staff by operatives of the Economic and Financial Crimes Commission (EFCC).

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Last week, one of such banks announced a temporary shut-down of Mastercard International transactions.
“Please be informed that all international transactions on your MasterCard Naira and Dollar (Debit, Prepaid) will be temporarily declined, effective May 26, 2016 due to the current volatility in the foreign exchange market.

“However, your Naira denominated cards can still be used for local transactions on PoS Terminal, ATM and online for Nigerian retailers”, the bank informed its customers.”

In a letter written to the CBN last month, banks complained that the EFCC has been going to banks arresting staff members, stating that card rate for cross border transactions should not be more than the CBN rate plus a margin of N0.50.

The protest memo titled ‘Harassment of banks by the Economics and Financial Crimes Commission over charges on FX Card Rates’ read; “As you will recall sir, the Central Bank of Nigeria does not sell foreign exchange (FX) to banks for settlement of international cards schemes for the cross border spend on our Naira debit card, most banks have had to be sourcing FX from autonomous markets.
“At several meetings of the CBN with Deposit Money Banks, it was reiterated that we need to protect the scarce FX of the country and limits were placed on cross border spend of naira debit ($300/ day for ATM withdrawal and a total of N50,000 p.a for ATM and PoS purchase per card). One the measures adopted by banks to discourage the abuse of usage was the card rate as most banks PTA/BTA at the CBN rate.

“Any customer of a bank travelling with appropriate document can access the PTA window at $4,000 per quarter. Deposit Money Banks set the card rates based on a daily market competitor scan, thereby leaving market forces to dictate what the banks can charge their customers.

“As the sole regulator of banking practice in Nigeria, we hereby request the CBN to urgently take steps to clarify to the EFCC that the banks have been allowed to offer the product solely on a market determined basis. This has become unavoidable in order to forestall further harassment by the EFCC.”

Source: Dailypost

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Tinubu Visits Sanwo-Olu, Says “I’m Still The Jagaban”

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Tinubu Visits Sanwo-Olu, Says “I’m Still The Jagaban”

 

Asiwaju Bola Ahmed Tinubu, former governor of Lagos State and National leader of the ruling All Progressives Congress on Saturday paid a courtesy visit to the governor of the state, Babajide Sanwo-Olu.

Tinubu, in his visit to the governor, stated that contrary to false news making the rounds, he did not travel to France, adding that he is still the Jagaban.

He also denied rumours that his son Seyi was kidnapped or chased out of his residence outside the country, emphasizing that nobody can chase him or his family out of Lagos.

The former governor’s visit comes after the infamous shooting of unarmed protesters in Lekki area of the state.

Watch video below;

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Air Force Intervenes, Slams Policemen For Shooting At A Crowd (Video)

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Air Force Intervenes, Slams Policemen For Shooting At A Crowd (Video)

A viral video has captured moment soldiers of the Nigeria Air Force intervened and slammed some policemen for shooting at a crowd.

Air Force slammed Policemen

The incident which occurred at a yet to be identified venue showed some men of the Nigeria Air Force calling on officers of the Nigeria police to cease fire.

In the videos also, residents were seen running helter-skelter while soldiers used a megaphone to call for calm. “Stop shooting, the Air Force are here”, the soldiers could be heard screaming.

However, the policemen appeared reluctant in taking orders from the soldiers until one of them showed proof of his rank by pointing to the stars on his shoulder.

The soldier also warned that if they refuse to ceasefire, he would charge them and their headquarters for inciting violence.

The officer who spoke on behalf of the Air Force then commanded the policemen to move their van behind theirs so the Army would serve as a buffer between them and the crowd.

Watch videos below;

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#EndSARS: Hoodlums vandalize Senator Gershom Bassey’s family house in Calabar

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#EndSARS: Hoodlums vandalize Senator Gershom Bassey’s family house in Calabar

Senator Gershom Bassey’s resident has been vandalized and looted by hoodlums rampaging the streets of Calabar.

Information Nigeria gathered that the hoodlums overpowered the security men attached to the property.

 

This is in spite of the  24 hours curfew declared in Cross River state.

Some of the buildings already vandalised include the Independent National Electoral Commission (INEC) office along Marian Road, Cross River State Transport Regulatory Agency (CRTRA) office and banks along Mayne Avenue and 8-Miles Calabar.

Federal institutions like the Ministry of Agriculture, Cross River Basin Authourity, and Federal Psychiatric Hospital were also vandalized.

Houses belonging to some politicians were not spared. Some of those affected include Senators Gershom Bassey and Victor Ndoma Egba. Bassey’s houses located at Mayne Avenue by White and the one at Asari Iso were looted and burnt.

Egba’s house located within the same Asari Iso axis was also vandalized.

To restore normalcy, military personnel have reportedly taken over major streets.

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