Notify customers before debt recovery moves, CBN tells banks.

Notify customers before debt recovery moves, CBN tells banks.

The Central Bank of Nigeria has instructed regulated entities to provide customers with notices of outstanding obligations before beginning debt collection.

This is to ensure that the debt recovery process is transparent, courteous, and fair.

CBN stated this in a document released on Thursday on its website titled “Revised Consumer Protection Regulations.”

It noted that the essence of the document is to ensure financial institutions follow consumer protection principles.

The regulations outline consumer rights and aim for better outcomes and access to financial services.

The document states that foreclosures should only be initiated as a last resort after other recovery options have failed.

Foreclosure is the legal process in which the ownership shifts to the bank or lender if the debtor fails to pay the loan.

“Customers should be given the option of a private sale before foreclosure, which must be exercised within 30 days unless the customer has waived this right,” the document stated.

The apex bank further mandated that financial service providers must apply the net proceeds from foreclosures to the loan account and inform customers of the remaining balance.

The CBN added that banks must give customers a report on the collateral sale, stating process, expenses, and net proceeds noting that banks are responsible for the actions of debt collection agents.

The document outlines restrictions for loan providers in terms of contacting individuals related to a customer.

It stated, “Providers are not allowed to contact friends, employers, relatives, or neighbors for any information other than employment status, telephone numbers, or address. The only exception is if the person has guaranteed the loan or has given consent to be contacted.”

Additionally, banks must safeguard customers’ assets and are responsible for losses due to control breaches; test products with consumers and modify to reduce fraud/errors and implement measures and authentication for transactions.

FSPs are also mandated to install automated transaction monitoring, alert functions, and behavioural monitoring to detect and prevent fraud; customers must also be educated on fraud threats or scams.

The document added that the providers must communicate procedures for reporting suspicious, unauthorised, fraudulent, lost, or stolen payment instruments and/or authentication information to consumers periodically.

The apex bank requires financial institutions to offer secure and user-friendly interfaces for digital financial services to prevent errors and double transactions.

The CBN added that banks must protect consumer data privacy and confidentiality from unauthorised access and be responsible for any acts or omissions in this regard.

The providers are required to incorporate personal data protection into their product or system designs; they must obtain written consent from consumers to collect and process their personal data for specific purposes, and allow them to withdraw their consent at any time and are prohibited from sharing consumers’ personal data with third parties without their express consent, and must provide clear and simple “Opt-in” and “Opt-Out” options for data sharing.

“Safeguarding the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations,” it added.

Oyebanji Will Always Care For The Poor In Ekiti, Says Wife.

Oyebanji Will Always Care For The Poor In Ekiti, Says Wife.

....Distributes Working Tools, Cash Support To Widows, Indigent Families.

Ekiti State First Lady, Dr. Olayemi Oyebanji, has assured that her husband, Governor Biodun Oyebanji, will not relent in empowering the poor and vulnerable segment of the population to make life easier for them.

Dr. Oyebanji who described her husband as a selfless and compassionate leader said the Governor's policies and programmes were borne out of his desire to give cushion to the people of the state in the face of the prevailing economic challenges they are facing.

The First Lady made the remarks on Friday while distributing working tools and cash support to 345 beneficiaries under an empowerment initiative organized by her office in conjunction with the Ministry of Women Affairs and Social Development.

A total number of 240 of the beneficiaries who are pretty traders received N25,000 as cash support to scale up their businesses, 105 of them smiled home with 35 sewing machines, 35 deep freezers and 35 grinding machines.

Addressing the beneficiaries at the event, Dr. Oyebanji urged the beneficiaries to put the cash support and working tools into proper use for them to sustain their small scale business and provide economic support for their families.

The First Lady said her husband, Governor Oyebanji, understands what the people of the state, especially the less privileged, are going through presently hence his desire to always support initiatives that will give succour to them.

She said: "Governor Oyebanji is a very compassionate and selfless leader who is always interested in a better life for the people of the state especially the poor, the widows, the orphans and the vulnerable citizens.

"That is why anytime we tell him that we need to empower our women, widows and orphans, he is always ready to give his approval because of his passion to care for the poor and the needy. The Governor knows what we are going through in the state and he wants shared prosperity for us in Ekiti."

Speaking on the impact of her pet project, Widows and Orphans Hope (WAOH) Project launched in October last year, Dr. Oyebanji expressed delight that majority of the beneficiaries who were recently visited in their business centres across the state are doing well and making positive contributions to the economy in the grassroots.

The Secretary to the State Government, Dr. Habibat Adubiaro, commended the Governor's wife for her various initiatives which are tailored towards giving economic support to the less privileged noting that the gesture is making a great impact in the grassroots.

Dr. Adubiaro noted the WAOH Project, the brainchild of the First Lady, has been a great blessing to the beneficiaries and has brought a positive turnaround to their economic fortunes.

The Commissioner for Women Affairs and Social Development, Mrs. Peju Babafemi, said Dr. Oyebanji's impact has complemented the good governance and purposeful leadership provided by her husband for the people of the state.

According to her, the Governor has always been passionate about issues of women, children and girls and ready to give them a lift. 

Mrs. Babafemi charged the beneficiaries to use the opportunity of the empowerment to boost their trade and make life easier for their families.

Speaking on behalf of the beneficiaries, Mrs. Veronica Abiodun, prayed for the success of the Oyebanji Administration noting that the support received served as morale booster for them to do well economically.

Irepodun/Ifelodun LG Chair Hon Oluwatuyi Supports Security Agencies in Ire/Ife Bush Combating Exercise.

Irepodun/Ifelodun LG Chair Hon Oluwatuyi Supports Security Agencies in Ire/Ife Bush Combating Exercise.

...Commends Oyebanji's Efforts Towards Enhancing Security in the State.

In a bid to enhance security and safeguard lives and properties, security agencies in collaboration with the Local Government Chairman, Honorable Gbenga Oluwatuyi, organized a bush combing exercise in Ire/Ife Bush, located in Igede-Ekiti, the capital of Irepodun/Ifelodun Local Government Area.

On Friday, February 9th, gallant personnel from the Nigeria Police Force, Vigilante Group, Amotekun Corps, Association of Hunters and Forest Guard, and Nigeria Security and Civil Defence Corps descended upon the Ire/Ife Bush. The exercise was part of the government's ongoing efforts to combat crime and bolster security measures in the area.

The Chairman Honorable Gbenga Oluwatuyi, after holding crucial meetings with various security agencies in the local government, provided unwavering support and directives to ensure the successful execution of the operation. His commitment to enhancing the protection of lives and properties was evident as he authorized and backed the security agencies in their mission to rid the bush of criminal elements.

During the operation, security personnel interacted with non-indigenous residents in the farmsteads, cautioning them against harboring criminals within their midst. Notably, the only Fulani individual encountered during the exercise, who had erected a hut in the forest with his cattle, was promptly invited to the police station for profiling.

Addressing reporters, Hon Oluwatuyi expressed his readiness to collaborate with Governor Oyebanji in championing the protection of lives and properties in the local government area, aligning with the six pillars outlined by the state government. He commended Governor Oyebanji for his relentless efforts in securing the release of kidnapped pupils and teachers from Apostolic Faith Nursery in Emure-Ekiti. Furthermore, he praised the Governor for initiating dialogue meetings with service chiefs, leading to the deployment of additional military personnel to fortify security across the state's territories.

The combing exercise in Ire/Ife Bush signifies a proactive step towards ensuring the safety and well-being of residents, underscoring the government's commitment to fostering a secure environment for all citizens.

Oyebanji Felicitates Fayemi On 59th Birthday.

Oyebanji Felicitates Fayemi On 59th Birthday.

Ekiti State Governor, Mr. Biodun Oyebanji, has felicitated his immediate predecessor, Dr. Kayode Fayemi, on his 59th birthday.

Dr Fayemi, the immediate past Governor of the state and one time Minister of Mines and Steel Development, clocks 59 years old on Friday, February 9, 2024.

Governor Oyebanji, in a statement by his Special Adviser on Media, Yinka Oyebode, expressed gratitude to God for sparing Dr. Fayemi's life to witness another birthday in good health, sound mind and excellent spirit. 

The Governor said Dr. Fayemi is a beneficiary of immense grace of God judging by the great achievements God has helped him to attain in academics, politics and public service, at a relatively young age.

He noted that history would be kind to Dr. Fayemi for using public office as a means of selfless service to Ekiti State, Nigeria and at the global level. 

He described the former Governor as an exemplary leader, a strategist, a bridge builder, a mentor who believes in the ability of his mentees; a passionate believer in greater Ekiti as well as an incurable optimist in the greatness of the Nigerian nation.

According to Governor Oyebanji, Dr Fayemi's impact as a notable scholar, pro-democracy activist, committed progressive, a diligent leader and eminent statesman are there for all to see. He added the former Governor’s legacies as a visionary leader are quite visible in key sectors of the state. This he said, has continued to endear him to the people of the state. 

Governor Oyebanji commended the ex-Governor for still working for the State and offering useful suggestions which have brought additional value, describing him as one of the state’s gifts to the Nigerian nation and the world at large. 

He prayed God to grant the former Governor long life, good health and sound mind to offer more service to mankind and accelerated divine fulfillment of his wishes as a befitting birthday gift. 

“On behalf of my wife, Olayemi, the Government and good people of Ekiti State, I congratulate our dear leader and former Governor of our dear state, a man of Honour from the land of Honour, His Excellency, Dr John Kayode Fayemi as he marks his 59th birthday today, and pray that God grants him more years in good health, prosperity and undiluted joy. May his shadow never grow less.” The statement added.

Fubara inspects 20,000 housing project, warns saboteurs.

Fubara inspects 20,000 housing project, warns saboteurs.

Rivers State Governor, Siminalayi Fubara has said he will not fold his arms and watch anyone or group of people sabotage his government.

He said the state government would deal decisively with anybody who wants to disrupt the ongoing 20,000 housing units project in the state.

He said the project was aimed at providing decent accommodation for the low-income earners.

Fubara handed down the warning when he inspected the extent of work done at the 20,000 housing units project site located along the Obiri-Ikwerre-Airport Road opposite OPM Headquarters in the Ohio/Akpor Local Government Area of the state.

A statement by the governor’s media aide, Boniface Onyedi, quoted him as saying: “I am also aware that some of the community people are coming up with issues. But let it be clear, we didn’t jump into this land, we did all the due diligence that we needed to do.

“We took our time to check the land. It is a property that belongs to the Rivers State government under the Greater Port Harcourt City Development Authority.

 “We are not taking anybody’s land. However, if you feel that there is an encroachment, you should know the right authority to visit.

“Nobody should come here and disturb the contractor. That is the truth because I am going to take it personally as sabotage to my government.

“I know a lot of people are trying to do one thing or the other to sabotage us. I am not going to take it lightly.

“Inasmuch as I believe that peace is the major ingredient that we need for every development, it doesn’t mean I will be quiet when I see anybody that will come here to disrupt this project.”

Rivers State has been embroiled in a political crisis since October when some lawmakers loyal to former governor Nyesom Wike plotted Fubara’s impeachment.

There has been an uneasy calm since the intervention of President Bola Tinubu last December.

16 parties to contest Edo gov poll, says INEC.

16 parties to contest Edo gov poll, says INEC.

The Independent National Electoral Commission, on Thursday, said 16 political parties would be fielding candidates in the September 21, 2024, Edo State governorship election.

The National Commissioner and Chairman, Information and Voter Education Committee, INEC, Sam Olumekun, disclosed this in a statement on Thursday.

He identified the parties as Accord Party, Action Alliance, African Democratic Congress, All Progressives Congress, All Progressives Grand Alliance, and the Allied Peoples Movement.

Others are Action Peoples Party, Boot Party, Labour Party, New Nigeria Peoples Party, National Rescue Movement, Peoples Democratic Party, Peoples Redemption Party, Social Democratic Party, Young Progressives Party, and Zenith Labour Party.

He advised them to ensure that they conducted rancour-free primaries, compliant with Sections 84(4) and 5(b) of the Electoral Act 2022.

Olumekun said, “Sixteen political parties have notified the commission of their intention to participate in the election as well as their preferred modes and dates of primaries.

“Therefore, primaries must take place within the state in line with Sections 84(4) and 5(b) of the Electoral Act 2022.

“Parties to avoid unnecessary postponement, arbitrary changes of venues of their primaries, wholesale change of delegates’ list or the submission of names that did not emerge from valid primaries as candidates for the election.

“They should also avoid rancorous primaries that lead to the breakdown of law and order often as a result of non-adherence to the provision of their constitutions and guidelines.

“These are some of the issues that lead to a large number of pre-election litigation.”

INEC had in September 2023 released the timetable and schedule of activities for the Edo State off-cycle governorship election.

According to the timetable, political parties are to conduct their primaries between February 1 and, 2024.

By virtue of Section 82 of the Electoral Act 2022, political parties are required to give INEC at least 21 days’ notice ahead of the day fixed for the conduct of their primaries.

Food crisis, hardship: Fed Govt, States launch emergency action.

Food crisis, hardship: Fed Govt, States launch emergency action.                                            ....Tinubu directs release of 102 metric tons of assorted items.                                               ....Governors move to save naira, end insecurity.

Agitations for affordable food items and calls for improved living standards got the attention of President Bola Ahmed Tinubu and governors yesterday.

The Federal Government and the states rolled out emergency actions to stem the tide.

Some of the measures include:

*Release of 100,000 metric tons of assorted food items from the strategic reserve and the stores of the Rice Millers Association of Nigeria;

*Likely importation of food items to block shortfall.

Minister of Information and National Orientation, Mohammed Idris, said the President gave the directive during a meeting of the Special Presidential Committee on Emergency Food Intervention.

The minister, who spoke with reporters at the State House, Abuja after the meeting, warned that those hoarding food items will face the wrath of the law.

“Emergencies require measures to ensure food is available to Nigerians,” he said.

According to Idris, the government plans to clamp down on those deliberately hoarding foodstuffs with the intent of creating artificial scarcity so that they can sell at higher prices.

He warned that nobody would be allowed to hold the country to ransom.

Idris said: “The government has come up with some measures to ensure that food becomes more readily available to Nigerians. ⁣

“The first one is that the Ministry of Agriculture and Food Security has been directed to release immediately about 42,000 metric tons of maize, millet, ‘garri’ and other commodities in their strategic reserve so that these items will be made available to Nigerians.

“The second one is that we have held meetings with the Rice Millers Association of Nigeria – those responsible for producing this rice and we have asked them to open up their stores.

“They’ve told us that they can guarantee about 60,000 metric tons of rice.

“This will be made available and we know that is enough to sustain Nigerians for the next one month to six weeks, perhaps up to two months.

“They’ve agreed that they will make that available to Nigerians.⁣

“The whole idea of this is to crash the cost of these food items and these are measures that would happen immediately.⁣

“The government is also looking at the possibility – if it becomes absolutely necessary as an interim measure in the short run – of importing some of these commodities immediately so they can be made available to Nigerians within the next couple of weeks.”

On the long-term measures, the minister said that the President directed the Ministry of Agriculture and Food Security to work with farmers and invest heavily in the production of various food crops in the upcoming farming season.⁣

He said: “As soon as the dry season farming gets underway, the government hopes that food prices will drop. ⁣

“Now, the government of course is also looking at all those who are hoarding these commodities because actually, they are available in the stores of many traders.

“The government is appealing to them to make these commodities available in the interest of our nation.

“Don’t lock up the products to make more money and then Nigerians suffer. ⁣

“Of course, the government will not fold its arms. We know where all these major traders are. We know where all these major stores are.

“If they don’t respond by bringing these commodities to the market, the government will take appropriate measures to ensure that these products are made available to Nigerians.”

Asked if the committee discussed the prices at which the items will be sold, Idris said: “Yes. The President has directed that whatever it will take, food will be available to Nigerians at a cost that is also very reasonable.”