Latest news with #N20
Irish Independent
15-05-2025
- Sport
- Irish Independent
Sunday's Munster SHC clash of Cork and Limerick could be part one of a summer trilogy
There's a sense that Cork and Limerick are out in front of the chasing pack right now, there's every chance they could meet again a couple of times this summer Corkman Just days away now from one of the most eagerly anticipated games of hurling in years. Cork v Limerick in the Munster Championship when both sides are on an upward curve has the senses tingling all over the country. This year, Cork are on the road and Limerick will be looking to send the men in red back down the N20 with more than a flea in their collective ears and no extra points in their bag. Same goes for the Rebels who will feel this is another chance to inflict pain on the side that they dismissed in the All-Ireland semi-final in 2024.
Zawya
25-04-2025
- Business
- Zawya
SEC urges Nigerians to report suspected illegal investment schemes
The Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investment schemes to the Commission for proper investigation and necessary action. The Commission issued this notice on Thursday to the investing public, warning that Ponzi investment schemes pose a significant threat to the growth of the capital market. In its latest advisory, the Commission highlighted the increasing risks associated with Ponzi schemes, illegal investment operations, and unregistered digital asset platforms. It explained that fraudulent entities and individuals continue to exploit unsuspecting investors through deceptive promises of high returns, often using digital assets to create a false sense of legitimacy. 'The public is strongly advised to be wary of investment opportunities that promise guaranteed or unusually high returns with little or no risk. 'These include unregistered platforms offering cryptocurrency investments, forex trading, or blockchain-based schemes, which have not undergone the prescribed approval process with the SEC.' 'The SEC reiterates in this regard that 'If it sounds too good to be true, it likely is'.' The Commission urged potential investors to conduct thorough due diligence before investing and to verify the registration status of any company or individual offering investment opportunities through the SEC's website: Additionally, the Commission explained that Section 196(3) of the Investments and Securities Act, 2025 criminalises the promotion and operation of prohibited or unregistered schemes. 'This violation is punishable upon conviction by a fine of not less than N20 million or a prison term of 10 years, or both,' the Commission warned. The SEC reaffirmed its commitment to identifying and prosecuting offenders to the full extent of the law. 'We encourage the public to partner with the SEC to safeguard the integrity of Nigeria's investment environment by promptly reporting suspected illegal investment schemes to the Commission,' the notice concluded. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
03-03-2025
- Business
- Zawya
Nigeria's new ATM fees: Customers groan as banks begin implementation
Banks have commenced implementation of the new Automated Teller Machine (ATM) transaction fee charge on customers following the Central Bank of Nigeria (CBN's) directive. The News Agency of Nigeria (NAN) correspondent who monitored some banks' ATM gallery in Abuja and environs on Sunday, reports that some customers were lamenting about the increase. NAN reports that all the banks' ATM visited had monies loaded in them. Mr Luke Abudu, a customer seen at First Bank along Nyanya-Jikwoyi road, said the implementation would only affect the poor masses who were struggling to make a living. Abudu said the move would discourage customers from lodging monies in the banks. 'I came to withdraw N20,000 but I found out that I was charged N100 for the withdrawal. This is too much for a small business owner like me,' he said. Another customer, Mrs Victoria Adejo, seen at Zenith Bank, Mararaba branch said that withdrawal from Point of Sale (PoS) agent was now cheaper than using an ATM. 'It is unfortunate that our government formulates policies without feeling the pulse of the people. 'I read that the CBN said the decision is in response to rising cost and to improve efficiency of ATM services but banks still bill us for service charge,' she said. Mr Nurudeen Ehimotor, a customer at Guaranty Trust Bank (GTB), Asokoro, said he was at the bank to use the ATM due to the bank's poor online network. 'I came to use ATM because I tried to transfer money from my bank using USSD since yesterday but it didn't go through. 'I have an issue with my app, so I have been using USSD codes for my transfer. I think they (the banks) are trying to make people use ATM now for them to make more money,' he said. Ehimotor appealed to banks to reduce incessant charges on customers' accounts. NAN reports that the CBN had on February 10, released a circular to all banks and other financial institutions to apply the fees with effect from March 1. CBN in the circular entitled: 'Review of ATM transaction fees,' said the move was in response to rising cost and the need to improve efficiency of ATM services in the banking industry. 'On-Us (customers withdrawing at the ATM of the customer's financial institution) in Nigeria, no charge. 'Not-on-Us (withdrawal from another institution's ATM) in Nigeria; On-site-ATMs: A charge of N100 per N20,000 withdrawal. 'Off-site ATMs: A charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal. 'The income which is an income of the ATM acquirer/deployer, shall be disclosed at point of withdrawal to the consumer,' it said. Banks had informed their customers through various electronic mails (e-mails) of the increase. GTB told its customers in addition to the ATM transaction fee, that the free monthly withdrawals usually enjoyed by them would no longer be applied. 'Please note that the three free monthly withdrawals at other banks' ATMs (for GTBank customers) and GTBank ATMs (for other bank customers) will no longer apply,' the bank said. SERAP has urged President Bola Tinubu to 'direct Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) to suspend the implementation of the increase in Automated Teller Machine (ATM) transaction fees, pending the hearing and determination of the lawsuit before the Federal High Court, Lagos challenging the legality of the increase.' SERAP also urged him to 'seek legal advice from the Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi, on whether the CBN has the legal responsibilities to uphold the rule of law its operations by suspending the ATM fee hike, pending the determination of lawsuit on the matter.' SERAP had last month filed a lawsuit against the CBN 'over the failure to reverse the 'patently unlawful, unfair, and unjust increase in ATM transaction fees.' The lawsuit followed the announcement by the CBN that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500. In the open letter dated March 1, 2025 and signed by SERAP deputy director, Kolawole Oluwadare, the organisation said: 'Directing the CBN to suspend the ATM fee hike would allow the Federal High Court to hear and determine the case on its merit.' The letter also read in part: 'It would also be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 (as amended), your oath of office and oft-repeated promises to uphold the rule of law. 'Implementing the ATM fee hike while the lawsuit on the matter is pending before the Federal High Court would make a mockery of the judicial process and the rule of law. 'The CBN has the duty to maintain the status quo as of February 26, 2025 when the court processes were duly served on it and during the pendency of the lawsuit filed by SERAP on the ATM fee hike before the Federal High Court, Lagos.'
