Minister of Power, Chief Adebayo Adelabu has announced plans by the Federal Government to regularise electricity tariffs to address disparities in the current billing system and encourage investment in the power sector.

Adelabu, who disclosed this at the ongoing public presentation of the National Integrated Electricity Policy and Nigeria Integrated Resource Plan on Thursday in Abuja, stated that the government is considering this option over the slow pace of migration to Band A customers, which he attributed to the reluctance of Distribution Companies to make the necessary investments.

Presently, customers in band B, who enjoy 18 to 17 hours of electricity supply pay N63 per kilowatt-hour, while those in Band A, with only two hours more of supply are charged N209 per kilowatt-hour.

Adelabu described this as “unfair” and stressed the need for a regularisation of the tariffs to create a more balanced and equitable pricing system.

“We will look at the tariff again. I am not saying that we’re going to increase the tariff before I am misquoted.

“We are going to look at it and see how we can improve upon our modest achievement of last year, not only to ensure that we grow the sector that we need, but also to ensure that we can invest more in revamping all these dilapidated infrastructures,” he said.

The minister added that the migration to Band A should have been faster, “but we found out that the DisCos refuse to invest. They have refused to invest in this sector.

“A lot of investment is required for us to achieve an accelerated migration of lower-band customers into Band A. It is taking a lot of time,” he said.

The government is planning on restructuring the tariff bands to reduce the current wide gap between the bands with a new system, proposed to encompass Bands A, B, and C.

“The gap between the Band A tariffs and Bands B, C, D, and E is just too wide,” he said. “We believe it’s not fair. It is not just, and we must be able to carry out some level of regularisation.”

Millions of customers of Fidelity Bank Plc have been stranded and not being able to access their funds for more than a week as the bank said it is undergoing system maintenance after customers complained of challenges across all its banking channels.

Customers of the bank who had taken to social media to register their complaints said they had been unable to access their funds through any of the channels or within the banking halls since last week.

LEADERSHIP findings also revealed that the customers are unable to make transfers via their mobile applications or make use of their debit cards. Within the banking halls visited, bank staff were helpless as they could not execute transfers or pay cash over the counter to customers.

Similarly, the ATMs of the banks were not paying. A customer, who was too distraught to identify himself, lamented that despite having funds in his account, he has been unable to settle his child’s medical bills. “How do they expect us to survive without access to our own money?”

An X user lamented that “it has been over seven days now and I cannot access my account via online or code.” The bank had not issued any notice to its customers prior to the disruption of service last week, leaving many customers stranded.

On Monday, the bank had sent an email  to customers, apologising for the service disruption, adding that it was working to fix it. The email had read “we sincerely apologise for the challenges you are experiencing while using our banking channels.

“We are working hard to resolve the issue and will provide you with an update as soon as normal service has been restored. We thank you for your understanding and assure you of our continued commitment to serving you.”

However, two days after the first email, customers are yet to get a respite or access their accounts with the bank. This had prompted the bank to send out another message to its customers via email and the social media platforms stating that due to the disruption of service, it had to embark on system maintenance.

“Following a recent service disruption we experienced on our banking channels, we have had to carry out a system maintenance exercise. We understand that this exercise has led to difficulties in transacting on your account in the last few days and we apologise deeply for this.

“The ongoing maintenance exercise is needed to help us to improve the performance of our banking channels and enhance our service delivery. We solicit your understanding during this period and wish to assure you that we are working hard to conclude the exercise as soon as possible.”

Last year, millions of bank customers had been stranded after three banks embarked on system upgrades, leaving customers without access to their accounts for days.

The Central Bank of Nigeria has eliminated the three free monthly withdrawals previously allowed for customers using other banks’ ATMs.

In a circular dated February 10, 2025, the apex bank directed all banks and financial institutions to implement new ATM withdrawal charges from March 1, 2025.

This means customers will now pay for every withdrawal made from another bank’s ATM.

The review affects the charges prescribed in Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).

The circular, signed by John Onojah, Acting Director of the Financial Policy and Regulation Department at the CBN, is expected to accelerate the deployment of ATMs across the country while ensuring that financial institutions apply appropriate charges for the service.

It read, “The three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”

Under the new directive, withdrawals made from a customer’s bank ATM will remain free.

However, customers using another bank’s ATM will now be charged N100 per N20,000 withdrawal when using ATMs located within bank premises.

For withdrawals made at off-site ATMs, a charge of N100 per N20,000 withdrawal will apply, along with a surcharge of up to N500.

The surcharge, which will be an income of the ATM deployer or acquirer, must be disclosed at the point of withdrawal.

The CBN also stated that international ATM withdrawals would be charged at the exact rate set by the international acquirer.

The apex bank attributed the review to rising costs and the need to enhance efficiency in ATM operations.

The circular read, “In response to rising costs and the need to improve efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions, 2020 (the Guide).

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service. Accordingly, banks and other financial institutions are advised to apply the following fees with effect from March 1, 2025.”

The new charges mean that bank customers who frequently use ATMs belonging to other banks will now incur higher costs.

The introduction of additional surcharges on off-site ATMs could also lead to increased reliance on digital banking channels such as mobile apps and online transfers.

With banks expected to implement the new structure from 1 March, customers may need to adjust their banking habits to avoid additional fees.

The CBN’s directive aligns with ongoing efforts to promote cashless transactions, a policy that has seen increased regulatory attention in recent years.

This review of ATM charges occurred after a warning to the banks by the CBN that any bank found not dispensing cash via ATMs would be sanctioned.

The CBN recently sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via ATMs during the festive season.

Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines.

The affected banks included Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.

The fines would be directly debited from the banks’ accounts with the CBN.

Operatives of the Bauchi State Police Command have arrested several members of a four-man syndicate that specialises in robbing bank customers.

The syndicate also uses locally fabricated master keys to gain unauthorised access to their victims’ vehicles.

According to a statement issued on Friday by the command’s spokesperson, Ahmed Wakil, the gang targets bank customers across Bauchi, Borno, and Kano states.

The arrested members include Mustapha Bukar, 42; Mustapha Abubakar, 47; and Habibu Tijjani, 30. The fourth member, who is the gang leader, is currently at large.

“The modus operandi of the suspects involves monitoring bank customers who withdraw substantial amounts of money with the intention of robbing them. They utilise locally fabricated master keys, known as ‘Chori,’ to gain unauthorised access to their victims’ vehicles and properties.

“On January 28, 2025, operatives from the State Intelligence Department (SID), acting on credible intelligence, apprehended the syndicate, which specialises in targeting bank customers across Bauchi, Borno, and Kano states. A thorough investigation revealed that on January 27, 2025, at around 5 pm, the suspects observed a 43-year-old businessman (name withheld) leaving FCMB Bank in Bauchi after withdrawing a substantial sum for his business operations.

“The suspects followed him to his residence, positioning their vehicles strategically as they awaited his exit, intending to rob him of his funds. Upon realising he was being followed, the victim contacted his family to open the gate and secure his vehicle. He then informed the police about the suspicious activities, which led to the apprehension of three suspects.

“During the investigation, all apprehended suspects confessed to their involvement and provided crucial information that will aid in the capture of the ringleader, who is still at large,” the statement partly read.

The statement added that items recovered from the suspects included three locally fabricated master keys and two Toyota Honda saloon vehicles.

It also noted that the suspects specifically targeted individuals who had withdrawn money from banks, trailing them to their destinations.

“Once the victims parked their vehicles, the suspects used the fabricated keys to unlawfully access the cars. The suspects indicated that Honda vehicles are particularly susceptible due to weak locking mechanisms.”

The State Commissioner of Police, Auwal Muhammad, urged residents to exercise vigilance when leaving banks, avoid parking in isolated areas, refrain from carrying large sums of money in public, and report any suspicious activities near banks, financial institutions, or residential areas to the police.

The United Bank for Africa (UBA) Plc has distributed over N41.8m in prizes to over 100 lucky customers in its just concluded UBA Legacy Promo series.

The promo which began last year, was specially designed by the bank to celebrate UBA’s rich legacy spanning over 75 years, as well as its long-standing commitment towards rewarding its loyal customers in a grand style.

The campaign, which was opened to several categories of Account holders including Bumper Account holders, Savings account, Kiddies & Teens Account holders as well as Nextgen account holders, also saw lucky customers winning other consolidation prizes including educational grants.

The winners were announced during the Grand Finale draw of the promo which was held at the UBA Head-office, Marina, Lagos last Thursday and was witnessed by members journalists and representatives of relevant regulatory bodies including the National Lottery Regulatory Commission (NLRC), among other stakeholders.

In the Savings Account category, ten loyal customers walked away with N1,000,000 each. The lucky winners are: Olonade Funmilayo, Abdullahi Yunusa, Anibueze Augustine Chidozie, Ibironke Adedayo, Gilbert Godswill Pepple, Ekonmene Daniel Leghemo, Oligbo Francis Azuka, Liafeez Adebowale, Abiodun Bolanle Felicia, and Adamu Bappayo.

When contacted over the phone, one of the winners, Oligbo Francis Azuka, who won N1,000,000 in the savings account category expressed his surprise and excitement, stating that it was totally unexpected. He was however grateful to the bank for the gesture, adding: “I am deeply grateful and surprised by this reward from UBA. I honestly didn’t expect this. I really appreciate the fact that UBA recognizes me. I am very grateful,” he stated.

The Bumper Category saw 10 people who emerged winners of N1,000,000 each. They are: Emem Christian Thompson, Lateefat Omotayo Waheed, Victoria Oluwaferanmi Adebusoye, Nkechinyere Agnes Okolo, Ibrahim Rabiu, Hammed Akande Idowu, Modester Chiadikobi Nwoke, Ajisafe Folashade Success, Thelma Ndubisi Enajiyerin, and Sunday Obaje.

20 lucky customers also received N500,000 each. They are: Ojo Goroye Banjo, Sandra Christopher Effiong, Femi Henry Idehen, Rashida Oiza Momohjimoh, Umar Usman, Joshua Chidera Nweke, Racheal Erhieyovwe, and Fatima Muhammed. Others include Ogbonna Edward, Eziuche Goodluck Chinyere, Lydia Bawa, Obiajulu Augustine Agwazia, Sale Barde, and Sikiru Morakinyo; Tajudeen Kareem Opeloyeru, Regina Queen Abeekaa, Isaac M. Ponfa, Mary Amos, Emmanuel Isa, and Amaechi Okoro.

Also in the bumper category another twenty customers got N250,000 each, while 10 lucky customers each won N100,000 each during the live draws.

In the NextGen category, Emmanuel Olakotan Oke, Sharon Oluwafunmilayo Ibitoye, Fortunate Izegboya Ijewemen, Anozie Janerose Chinelo, Maryam Zaharaddeen, Oluwakamikun Faidat Taiwo, Daniel Ayomikun Olawale, Ayomide Goodness Olowodara, Dennis Ogina Gbele, and Ofeoritse Jessica Waya each received N180,000 pocket money for a year.

The Kiddies and Teens category also saw 20 young customers receiving N200,000 each in educational grants.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who spoke at the event, emphasised the significance of the promotion in strengthening the relationship between the bank and its community.

He said, “UBA Legacy Promo is our way of saying thank you to our loyal customers who have trusted us over the years. As we celebrate 75 years of impact, we remain committed to deepening financial inclusion and providing innovative and customer-focused products and services. Our goal is to make banking more rewarding and life-changing, improving lives and building stronger communities.”

Over the past six months, from July till December 2024, UBA has through a series of draws; cluster, monthly, and quarterly draws, rewarded over 600 customers with prizes totaling more than N200 million. This remarkable initiative has created over 60 millionaires, highlighting the bank’s commitment to enriching the lives of its customers and promoting savings culture, as UBA continues to reaffirm its dedication to launching more impactful initiatives, ensuring customer satisfaction and financial well-being remain at the forefront of its operations.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

Nigeria startup Egoras has unveiled Egomart, a new marketplace designed to help businesses connect with over 100,000 paying customers that the platform has acquired over time.

The initiative aims to expand EGORAS’ offerings by providing a space where various merchants can list and sell their products to a ready-made customer base. The goal of Egomart is to create a marketplace where a variety of businesses can list their goods, from electronics and generators to hospitality services like hotels and restaurants. The platform’s customer base, which has already been actively purchasing from EGORAS in the past, provides a ready market for these new businesses.this

CEO of EGORAS, Ugoji Harry, in an interview with journalists in Lagos, explained the platform’s innovative approach, adding that, “What we intend to do right now is to actually start offering other products from other merchants to our users. When users purchase these products, they are expected to get cashback. This cashback comes from the commission businesses intend to pay us.”

Egomart is open to merchants offering a wide variety of products and services, including restaurants, hotels, electronics, generators, and even labour services.

Harry emphasised that any product or service that can be sold, as long as a store exists to facilitate it, is welcome on the platform. “Our customers, beyond buying from us, may lodge in hotels or visit restaurants. So, we’re looking for merchants across different sectors—restaurants, hotels, and any business that has products or services to sell,” Harry added.

Egomart’s unique cashback system is expected to incentivise both customers and merchants, creating a win-win ecosystem. With its robust database of active buyers, the platform is poised to help businesses grow while enhancing customer satisfaction through financial rewards.

The Ogun State Magistrate Court sitting at Ijebu Imusin in Ijebu East Local Government of the state, on Monday, sentenced a 27-year old mechanic,  Abiodun Ajao, to six years in imprisonment on three counts of stealing, conversion and malicious damage of a customer’s car.

The three counts preferred against Ajao were said to have contravened Sections 390, 434 and 451 of the state Criminal Code Laws.

The mechanic who was said to have pleaded guilty to all the three charges against him was thereafter sentenced to two years imprisonment each for the charges against him.

The Public Relations Officer of the state command of Nigeria Security and Civil Defence Corps, Dyke Ogbonnaya, disclosed this in a statement on Monday.

Ogbonnaya said, “On Monday, December 30, 2024, a Magistrate Court sitting in Ijebu Imusin Magisterial District of Ogun State, sentenced one Abiodun Ajao, 27 years, a  mechanic, arrested in Ijebu Imusin by the Ijebu East Central Division, Esure Ijebu Imusin, of the Nigeria Security and Civil Defence Corps, Ogun State Command Headquarters, Abeokuta, to six years imprisonment.

“He was sentenced on a three-count charge of two years each for: one, stealing, which contravenes Section 390; two, conversion, which contravenes Section 434 and three, malicious damage, which contravenes Section 451 of the Criminal Code Laws of Ogun State.

“The defendant, Abiodun Ajao, pleaded guilty to the three-count charges before him and was sentenced to two years imprisonment on each count charge which are to run consecutively”.

The statement added that the NSCDC state Commandant, Remilekun Ekundayo, had on Saturday after the arrest of Ajao ordered a full scale investigation into the matter which involved an Honda Accord (EOD) car for further and proper action to be taken on the matter.

Trouble began for the 27-year-old mechanic last Friday when the operatives of the NSCDC arrested him for allegedly stealing and dismembering a customer’s vehicle.

Ajao claims to be a resident of No 1a, Oloto Street, Lagos Island while his workshop is at No 6, Olowu Street, Ikeja, Lagos State.

The spokesperson for the NSCDC state command in a statement said, “The suspect who intentionally drove the said vehicle from Lagos to Idona, Ijebu Imusin, Ogun State had already started dismembering the vehicle for sale to intending buyers before he was arrested.”

Ogbonnaya explained that when questioned by the officers of the NSCDC, Ijebu East Central Division Esure, Ijebu Imusin, Ajao said, “The engine of the vehicle is bad and I’m just trying to find some buyers for the parts since the engine is knocked and unusable.”

After thorough and further examination, the suspect was said to have disclosed that the vehicle was brought to him for repairs and that he was test-driving it to see the suitability of the work done on it before handing it over to the buyer.

Ajao was quoted to have said, “I have already driven the car to some distant parts of Lagos with passengers before bringing it down to  Ijebu Imusin en route Epe road before I was caught dismembering the engine and other parts of the vehicle.”

He was alleged to have confessed to the crime and had been pleading with the NSCDC officers for forgiveness.