Business

CBN orders banks to reverse failed ATM transactions immediately

The requirement will be implemented gradually over three years, with banks expected to meet 30 percent of the threshold in 2026, 60 percent in 2027 and full compliance by 2028.

Published

4 months ago

March 16, 2026

OCHEFA

294 Views

The Central Bank of Nigeria (CBN) has directed banks to immediately reverse failed automated teller machine (ATM) transactions.

The apex bank said that the revised framework is designed to strengthen ATM service reliability, improve fraud monitoring, enhance security and ensure stronger consumer protection across Nigeria’s fast-growing digital payments ecosystem., tightening rules aimed at improving consumer protection and reliability across the country’s payment infrastructure.

Beyond refund timelines, the regulator introduced new requirements for ATM deployment nationwide.

All card issuers are required to deploy at least one ATM for every 7,500 payment cards issued.

The requirement will be implemented gradually over three years, with banks expected to meet 30 percent of the threshold in 2026, 60 percent in 2027 and full compliance by 2028.

Under new Guidelines on the Operations of Automated Teller Machines in Nigeria, the apex bank said failed “on-us” ATM transactions, where a customer uses the ATM of their own bank, must be reversed instantly. Where an instant reversal fails due to technical issues or system glitches, banks are required to complete a manual reversal within 24 hours.

For failed “not-on-us” transactions, where a customer uses another bank’s ATM, the refund timeline must not exceed 48 hours.

The guidelines also state that automated reversals for on-us transactions should occur in less than five minutes, while not-on-us transactions should be resolved in less than 15 minutes where automated systems function properly.

The CBN added that in cases where transaction failures arise from biometric mismatch or device errors, ATM operators must provide an immediate fallback to non-biometric verification where it is considered safe.

Such events must also be logged for diagnostics while the stipulated refund timelines are maintained.

The Central Bank also directed that ATMs must be located within reasonable proximity to one another across both urban and rural areas, while deployment, relocation or decommissioning of machines must receive prior written approval from the regulator.

The guidelines also set operational and service benchmarks for ATM operators.

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Business

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

Published

9 hours ago

June 30, 2026

Charles Flames

25 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

13 hours ago

June 30, 2026

OCHEFA

19 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.”