Business

Banks Customers Lamenting Over Fraudulent Deductions

Published

1 year ago

May 26, 2025

637 Views

Customers of commercial banks are complaining bitterly about several unautorised withdrawals from their savings accounts.

A woman who gave her name as Ruth, told our reporter that she has resolved henceforth, to be keeping her money at home rather than in the bank.

She referenced her savings account at one of the UBA branches in Lagos, where she deposits profit from her crayfish and zobo business.” I use parts of the money to support the school fees for my children; I kept receiving withdrawal alerts as early as 5.am .

Sometimes, they withdrew N2000, N2,500 and even N4,000, for POS purchases, I didn’t make.

Other times, the alerts are not sent,” she lamented.” It’s banks that are doing it, a POS operator told her, adding, “go to your bank and complain about it.”

At the customers desk, she was asked , after scrolling through her account history, “whom did you shared your PIN details with?”None, Madam ,” she replied.

She was told to change her PIN number …Likewise , Lucy , a customer of Zenith Bank, couldn’t take it anymore.

Like a matador bull, she went to the bank and harassed the customers desk.

” You people are thieves…I didn’t buy anything online, you must return my money, she fumed”. “Calm , down; Madam…”, a security staff interjected.

Madam, I’m here for the same purpose. I had 18k+ in my savings account. I bought an item worth N2,800 for family dinner. I was left with a balance of 16k plus.

That was Friday May 24. In the morning, I went to the same POS point to withdraw 8k to attend a friend’s wedding.

The machine couldn’t disbursed but showed ” insufficient balance. They withdrew 12k and left 4k balance. ..” Another victim explained, “Cyber thieves are very smart and have been changing their mode of operations.

There’s a chip they are using to defraud customers, either from inside the bank or it’s planted with the POS. So, you don’t really know who’re the thieves – the Banks or the fintech operators – Opay, moniepoint, and the rest.

“Even children’s savings account are not spared. I want to close my child’s account, for the same wrongful deductions.

It’s sad that this is happening despite the billions of Naira /$ banks have spent on upgrades.

“Is it for nothing that they have been declaring billions of profits?, ‘quipped another customer, adding ” It’s hightime the CBN beams search light on them.”

Related Topics:Featured Fraudulent Deductions

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BUA Group Denies Reports of Bid to Acquire Stake in Kano Pillars Football Club

Published

2 hours ago

June 30, 2026

Charles Flames

13 Views

BUA Group has firmly dismissed online reports claiming that the conglomerate and its Chairman, Abdul Samad Rabiu, submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

In a press statement issued on Tuesday, the company described the publication as inaccurate and misleading.

PRESS STATEMENT

Re: False Claims of Bid to Acquire Stake in Kano Pillars Football Club

Our attention has been drawn to an online publication suggesting that BUA Group and its Chairman, Abdul Samad Rabiu, have submitted a bid to acquire a 70% stake in Kano Pillars Football Club.

We would like to clarify that this report is inaccurate and does not reflect any position, action, or communication from BUA Group or Abdul Samad Rabiu. No such bid has been made, and there has been no engagement with any party on this matter.

We kindly request that this report be disregarded, and we encourage the public and members of the press to rely only on official statements issued through BUA Group’s verified channels for accurate information regarding our activities.

We appreciate the continued interest in BUA Group and thank the public for their understanding.

BUA Group reiterated its commitment to transparency and urged stakeholders to verify information through its official communication channels.

Business

Nigeria’s oil minister orders marketers to reduce fuel price

“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.

Published

6 hours ago

June 30, 2026

OCHEFA

17 Views

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .

At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.

He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”