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IBTC In Messy Deal As Tribunal Wades In

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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

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Soldier Who Rejected Kidnapper’s N500,000 Bribe Rewarded With Same Amount

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A Soldier, Private Utim Terwase, has bagged a monetary reward of N500, 000 for turning down a bribe of the same amount, from a suspected kidnapper,

 

The reward is in recognition of his honesty and commitment to duty.

The soldier, who reportedly rejected the money offered in exchange for the suspect’s release, has been rewarded with N500,000 by the Commander of Operation Enduring Peace (OPEP), Maj. Gen. Maxwell Dangana.

Terwase was said to have apprehended the suspect following an attempted escape. When the suspect allegedly offered him N500,000 to secure his freedom, the soldier turned down the offer and handed him over to the appropriate authorities.

Impressed by his conduct, Dangana approved a cash reward equivalent to the amount he had refused to collect, describing his action as an example of the integrity, discipline and professionalism expected of military personnel.

The development was disclosed in a statement issued at the weekend by the Media Information Officer of the Joint Task Force, 3 Division, Nigerian Army, Rukuba Barracks, Jos, Capt. Chinonso Polycarp Oteh.

Presenting the reward through the Commander of Sector 6, OPEP, Col. Philimon Malgwi, Dangana said Terwase’s decision to resist the temptation of personal gain reflected the highest standards of military professionalism, loyalty and commitment to duty.

He said the soldier had demonstrated that his responsibility to the nation and the values of the military were more important than personal financial benefits.

According to him, the commendation is intended to encourage other personnel to uphold similar standards of honesty, accountability and selfless service.

Oteh said the reward also sent a strong message that integrity and professionalism remained values worthy of recognition, particularly at a time when corruption continued to undermine public trust.

He described Terwase’s action as proof that integrity was a personal choice, even when faced with temptation.

“A soldier who refused N500,000 in dirty money has earned N500,000 in honour. Indeed, integrity pays,” he said.

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Two To Die By Hanging For Killing Housewife, Six Children

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A Kano State High Court on Friday sentenced Umar Auwalu and Yakubu Dayyabu, to death by hanging for the gruesome murder of a housewife, Fatima Abubakar, 35, and her six children at Dorayi Chiranchi Quarters, Kano.

 

The court also sentenced the two convicts to life imprisonment with hard labour each for conspiracy and armed robbery.

The third defendant, Isyaku Yakubu, 21, of Sabon Gida Sharada Quarters, was, however, discharged and acquitted for lack of credible evidence linking him to the murder.

Justice Nasiru Saminu found the two person guilty of the two count charges filed against them, insisting the prosecution proved charges against them beyond reasonable doubt.

Justice Saminu described the killing of the housewife and her six children as a horrific crime that challenged the conscience of the society.

He said the victims were entitled to the protection of their home but were attacked by people who ought to have protected them, particularly as the first defendant, Auwalu, was a nephew of the deceased.

Justice Saminu lamented that seven lives, which could have grown into responsible members of society, had been permanently lost.

“How I wish there is a punishment heavier than this. My emphasis is not to administer vengeance but justice,” the judge said.

On the third defendant, Justice Saminu held that although there were telephone conversations between him and the first and second defendants, the prosecution failed to establish the contents of the conversations or demonstrate that they amounted to conspiracy.

The judge further noted that evidence before the court showed that Isyaku was attending a Qur’anic graduation ceremony at the time of the incident.

Earlier, the prosecution counsel and Attorney-General of Kano State, Abdulkarim Kabiru-Maude, told the court that the defendants committed the offences on January 17, 2026, at about 11:30 a.m. at Dorayi Chiranchi Quarters, Kano.

He said the defendants allegedly conspired, armed themselves with sticks, iron rod and a sharp cutlass before trespassing into the residence of Fatima. According to him, they robbed the deceased of two mobile phones, an Infinix and an Itel, as well as N200,000 in cash.

The Attorney-General told the court that the defendants attacked Fatima with sticks and iron rod, hitting her on the neck before striking her head with a sewing machine, which resulted in her death.

He further alleged that the defendants attacked her six children, identified as Maimuna, 17; Aisha, 16; Bashir, 13; Abubakar, 10; Faruk, seven; and Abdulsalam Haruna, a toddler, with sticks, knives and cutlasses, inflicting injuries on their faces, bodies and heads.

The prosecution said Faruk and Abdulsalam were subsequently thrown into a well within the premises after the attack.

During the trial, Auwalu pleaded guilty to the charges but denied throwing the children into the well, while Dayyabu and Isyaku pleaded not guilty.

The prosecution presented eight witnesses and tendered 30 exhibits, including medical reports from Murtala Muhammad Specialist Hospital, Kano, confessional statements, a bloodstained broken iron rod, a stool, bloodstained trousers, N200,000 cash, two mobile phones and a flash drive containing audio-visual recordings.

The prosecution maintained that the offences contravened Sections 97, 221 and 298(c) of the Penal Code.

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Tinubu: Any Money Recovered By EFCC Will Go Into NELFUND

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President Bola Tinubu says all funds recovered by the Economic and Financial Crimes Commission (EFCC) will be channelled into the Nigerian Education Loan Fund (NELFUND).

 

The president spoke on Friday at the launch of Arise Palm Resort in Uyo, the Akwa Ibom state capital.

Tinubu said the decision was informed by the need to ease the burden of tuition fees on parents and ensure equal access to education for all Nigerians.

“I feel your pain and share in the difficulty, and that’s why I decided to take away the responsibility of tuition fees from parents and equal opportunities for everyone who wants to read, taking education as the greatest weapon against poverty,” he said.

“And creating opportunities for those who are still coming behind. From today on, as we are fighting corruption, any money recovered by EFCC will be dumped into that education programme. It will be. No one can reverse it.”

On August 19, the president directed the EFCC to channel all recovered funds into NELFUND.

Tunji Alausa, minister of education, announced the development while answering questions from State House correspondents shortly after the weekly federal executive council (FEC) meeting that day.

He said the FEC also approved the allocation of all unclaimed dividends in the Capital Market Trust Fund and funds in the Dormant Account Trust Fund to the student loan scheme to expand its reach and improve its efficiency.

Speaking at a press briefing in Abuja on August 31 to highlight the commission’s achievements under his leadership, Ola Olukoyede, EFCC chairman, said the federal government had allocated N100 billion from funds recovered by the anti-graft agency to the student loan scheme since 2024.

He noted that when “recovered criminal value” helps finance education and household credit, enforcement moves beyond punishment to restoration and productive national use.

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