News
IBTC In Messy Deal As Tribunal Wades In
Bank transaction Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday imposed a fine of N120 million against Stanbic-IBTC Bank over the bank’s failure to complete a transfer request for a customer.
In a split decision of two to one, the tribunal convicted the bank for contravening the provisions of Section 130(1)(a) of the FCCP Act, 2018 and Section 5(2)(8) and (9) of the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers.
The tribunal said the fine was imposed due to the bank’s faliure to comply with the 10 minutes or at most one hour mandatory timeline for failed transfers to be reversed as provided by Sections 154 and 155 of the FCCP Act, 2018.The lead judgement delivered by Hon. Sola Salako-Ajulo also ordered the bank to pay the claimant, Mr Clement Osuya, the sum of N1 million as cost of filing the action.
“The tribunal holds that in as much as the defendant (IBTC) failed to comply with the two instructions of the claimant to transfer the sums of N500,000 to another account in Access Bank, as no transfer took place at both times, defines that the defendant breached the banker-customer contractual relationship between the two parties,” Ajulo said.
The tribunal, however , refused to award the sum of N5 million to Osuya as compensation on the grounds that he failed to prove any injury he suffered as a result of the failure of service delivery by the bank.
Hon. Ibrahim Yakubu concurred with the verdict of Salako-Ajulo while the presiding judge, Hon. Chuma Mbonu disagreed and gave a minority judgment.
Mbonu in his minority judgment held that the tribunal lacked the jurisdiction to entertain the petition.
According to him, the tribunal has the powers of appellate jurisdiction and not of original jurisdiction and he consequently struck the suit out for lacking in merit.
The News Agency of Nigeria, (NAN) reports that Osuya had filed a petition against the bank challenging the failure of the bank on two occasions to transfer the sum of N500,000 from his IBTC account to his Access bank account.
He claimed that the money was for the payment of school fees for his children.
He told the tribunal that on Sept. 8, 2022, he filled out a form under NIS Instant Payment option for a transfer of the sum of N500, 000 to his Access Bank account.
He held that whereas the money, on both occasions left his IBTC account as the account was debited, it never arrived his Access bank account because it was not credited.
Osuya told the tribunal that reversal on the first transaction was done after 24 hours while that of the second transaction was reversed after 72 hours.
He further alleged that this neglect of duty of care by the bank caused him trauma, embarrassment and a dent in his reputation as he was forced to collect a loan.
The bank, through its counsel, Mr Marcel Osigbemhe had blamed the failure of the transaction on the third-party NIPS service.
Osigbemhe,in a brief remark expressed his displeasure over the judgment, saying he wondered how his client could be convicted when there were clearly no charges brought against it.
Counsel to the claimant, Ms Deborah Solomon, for her part thanked the Tribunal for the well considered judgment.
The fine is to be paid into the tribunal’s remitta account.
NAN
Tunisia head coach Sabri Lamouchi has been sacked after defeat on World Cup opening game against Sweden.
Plans are under way to appoint Mondher Kebaier as the new national team coach on an interim basis, Federation confirm.
A statement released on the Tunisian FA Instagram read:
“An agreement has been officially reached to dismiss coach Sabri Lamouch.
“Plans are under way to appoint Mondher Kebaier as the national team coach [on an interim basis].”
Tunisia play Japan in their second group game on Saturday before facing the Netherlands.
The Commander-General of the Kano State Hisbah Corps, Sheikh Aminu Ibrahim Daurawa, has said preparations are in top gear for the mass wedding of 1,500 couples sponsored by the state government, with the sum of ₦1.5 billion earmarked for the programme.
Daurawa disclosed this while addressing newsmen in Kano on Monday, saying part of the preparations includes premarital medical tests such as HIV, hepatitis, pregnancy and genotype screening, among others.
He explained that about ₦1 million would be spent on each couple to provide household items including beds, mattresses, bedsheets, pillows, furniture and food items.
According to him, a dowry of ₦100,000 will be paid for each bride, while an additional ₦100,000 will be given to the bride as seed capital to support small-scale businesses after the wedding.
“Mass wedding was one of the promises made to the people of Kano by Governor Abba Kabir Yusuf during his election campaign, and he has now fulfilled it,” Daurawa said.
“The governor has approved ₦1.5 billion for 1,500 couples, with each couple benefiting from about ₦1 million meant for furniture, food items and empowerment.”
The Commander-General also disclosed that the Hisbah Corps had informed intending couples of a guiding rule that discourages divorce without the prior involvement of the Hisbah Board.
He advised intending couples to ensure they undergo genotype tests before marriage because of the risks associated with giving birth to children living with sickle cell anaemia.
Daurawa added that the date for the mass wedding would be announced once it is approved by Governor Yusuf.
Nigeria’s inflation rose for the third consecutive month to 15.93 percent in May 2026 from 15.69 percent recorded in April.
The National Bureau of Statistics disclosed this in its Consumer Price Index and inflation data released on Monday.
This means that in May, the country’s inflation rose on a month-on-month basis by 1.75 percent.
Also, the report showed that food inflation also skyrocketed to 16.96 percent in May, up from 16.06 percent recorded the previous month.
“In May 2026, the headline inflation rate on a month-on-month basis was 1.75 percent, which was 0.39 percent lower than the rate recorded in April 2026 (2.13 percent).
On a year-on-year basis, the headline inflation rate rose to 15.93 percent, up from 15.69 percent in April 2026 and down from 26.06 percent in the same month of the preceding year (May 2025).
“The Food inflation rate in May 2026 on a month-on-month basis was 2.98 percent, down by 0.65 percentage points from April 2026 (3.63 percent). On a year-on-year basis, it was 16.96 percent and stood at 24.55 percent in the same month of the preceding year, May 2025”.
Recall that the headline inflation rate dropped in March and April, respectively even as the Central Bank of Nigeria retained the country’s interest rate 26.50 percent in its 305th Monetary Policy meeting.
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