A leading American multinational investment bank, accidentally credited $81 trillion to a customer’s account instead of the intended $280. The error, which occurred in April 2024, was quickly identified and reversed before causing any financial impact. According to a report by the Financial Times, the mistake slipped through the hands of two employees during the payment processing stage but was flagged by a third employee approximately 90 minutes later. The transaction, which involved internal ledger accounts within the bank, was ultimately reversed several hours after being processed. Citigroup disclosed the incident to U.S. regulators, including the Federal Reserve and the Office of the Comptroller of the Currency (OCC). In a statement, the bank assured that its internal controls worked as intended to promptly detect and address the issue. “Despite the fact that a payment of this size could not actually have been executed, our detective controls promptly identified the inputting error between two Citi ledger accounts and we reversed the entry,” Citi said. This incident is part of a broader pattern of operational challenges at Citigroup. The bank reported 10 similar “near misses” involving errors of $1 billion or more in 2024, down from 13 in 2023. These issues have drawn regulatory scrutiny in recent years. In July 2024, Citi was fined $136 million for insufficient progress in addressing compliance and risk management shortcomings. Earlier, in 2020, it faced a $400 million fine for similar failures. Citigroup’s Chief Financial Officer Mark Mason recently acknowledged these challenges and emphasized the bank’s ongoing investments in compliance and technology improvements. “We saw the need to invest more in the transformation on data, on technology, on improving the quality of the information coming out of our regulatory reporting,” Mason said during an earnings call.
Ibadan airport set for six-month closure starting march for major upgrade
The Samuel Ladoke Akintola Airport in Ibadan, Oyo State, is set to undergo a six-month closure starting in March 2025 to facilitate a comprehensive maintenance and infrastructure upgrade. This announcement was made on Friday via the official X (formerly Twitter) account of Michael Achimugu, Director of Public Affairs and Consumer Protection at the Nigerian Civil Aviation Authority (NCAA). According to Achimugu, the planned upgrade is aimed at improving operational safety and efficiency at the airport. While specific details of the project have not been disclosed, the six-month timeline suggests an extensive overhaul of the facility. This development follows a proposal by the Oyo State Government in August 2024 to expand and modernize the airport, with the goal of transforming it into an international aviation hub. The project is part of Governor Seyi Makinde’s vision to enhance Oyo State’s aviation infrastructure and position Ibadan as a key player in both domestic and international travel. In August 2024, representatives from the Oyo State Committee on the Airport Expansion Project met with officials from the Federal Airports Authority of Nigeria (FAAN) to discuss plans for upgrading the airport to international standards. The proposed expansion includes extending runways, upgrading terminals, and incorporating state-of-the-art facilities to meet global aviation standards. This move aligns with a broader trend among Nigerian states to invest in aviation infrastructure. For instance, Cross River State recently expanded its state-owned airline, Cally Air, while Abia and Ebonyi States have embarked on developing new airports and acquiring commercial aircraft to boost connectivity and economic growth. The planned upgrade of Ibadan Airport is expected to improve travel options for residents and businesses in Oyo State while stimulating local economic activity through enhanced connectivity and tourism opportunities. Passengers intending to use the airport are advised to make alternative arrangements during the closure period. Further details about the project are expected to be released in due course.
Access bank customers lament service failures after system upgrade
Access Bank customers across Nigeria are voicing their frustrations over ongoing service disruptions following the bank’s recent system upgrade. Many have reported being unable to access their funds, complete transactions, or use the bank’s mobile app, leaving them stranded and financially distressed. For Kola, a customer who needed urgent access to his money, the experience was deeply frustrating. “I could not access my money with Access Bank and had to borrow until I could,” he said. Similarly, Banji recounted multiple issues with the bank’s services, including unexplained deductions from his account. “There was a time earlier when Access Bank started deducting money from my account and called it a loan, one I don’t remember taking. When I reached out, they responded but did not resolve the issue. So, I shut down my account and moved to another bank,” he explained. The impact of the service failures extends beyond individuals to businesses as well. An Ankara trader in Oshodi lost a ₦2.1 million sale because the Access Bank app failed during a crucial transaction. “This customer loved the Ankara and was ready to buy, but we lost that money because the app wouldn’t work,” she lamented. Another business owner shared how three of her customers were unable to make payments due to the app’s malfunctioning. “Transactions that should have been seamless became impossible,” she said, highlighting the ripple effect on businesses reliant on digital payments. The frustration has spilled onto social media, where customers are airing their grievances. One user, @Hereistrustnkem, tweeted: “I can’t even pay for food… Over an hour, the bank app has been malfunctioning this week and they keep making stupid excuses.” Another user, @exon_Idy, expressed anger over unresolved issues: “Access Bank, I have been waiting since Monday to get back my money but it seems you are not ready to do anything about it. Return my money please.” The chaos began after Access Bank announced a system upgrade scheduled for February 22-23, promising customers “a new phase of digital banking experience.” However, instead of smoother operations, customers have faced prolonged downtimes and failed transactions. While the bank later sent an email claiming services had been restored and urged users to reach out for assistance, complaints suggest otherwise. This isn’t the first time a Nigerian bank has faced backlash over system upgrades. GTBank encountered similar challenges during its transition to a new digital platform in the past, resulting in widespread criticism from customers. Despite such precedents, Access Bank’s rollout appears to have repeated these mistakes. Attempts to reach Access Bank for comments have so far been unsuccessful. The lack of communication has left many customers feeling abandoned as they struggle with inaccessible funds and disrupted transactions. For some like Banji, the solution has been drastic, closing their accounts entirely and moving to other banks. For others still waiting for resolution, the silence from Access Bank only deepens their frustration.
FG targets improved power supply with tariff adjustments and infrastructure upgrades
The Federal Government of Nigeria has unveiled plans to overhaul the country’s electricity sector, focusing on tariff adjustments and infrastructure improvements to ensure a more reliable power supply for consumers. This was disclosed by the Minister of Power, Adebayo Adelabu, during the public presentation of the National Integrated Electricity Policy (NIEP) and the Nigeria Integrated Resource Plan in Abuja. The policy, developed with support from the UK Foreign, Commonwealth and Development Office (FCDO) and the UK Nigeria Infrastructure Advisory Facility (UKNIAF), aims to address long-standing challenges in the power sector, including irregular supply and revenue shortfalls. Under the current tariff structure, customers are categorized into service bands based on the number of daily supply hours they receive. Band B customers, who get 17 to 18 hours of electricity daily, pay ₦63 per kilowatt-hour (kWh), while Band A customers, receiving 20 hours or more, pay ₦209 per kWh. Adelabu explained that recent tariff adjustments are not intended as price hikes but as a strategy to improve revenue generation and accelerate infrastructure upgrades. He noted that in 2024, cost-reflective tariffs were introduced for about 15% of electricity consumers, a move he described as a significant step toward reforming the sector. The Minister highlighted that improving distribution and transmission infrastructure has already allowed more customers to transition to Band A. This shift has resulted in a 70% increase in power sector revenue, growing from ₦1.05 trillion in 2024 to ₦1.7 trillion. “As we continue to improve our distribution and transmission infrastructure, more consumers will be upgraded to Band A,” Adelabu said. Efforts are also underway to address Nigeria’s metering deficit. In February 2025, Eko Electricity Distribution Company (EKEDC) began distributing free prepaid meters to Band A customers under the Meter Acquisition Fund (MAF) scheme. This initiative is part of broader reforms by NERC, which recently deregulated meter access to allow consumers to procure meters directly through approved Meter Asset Providers (MAPs). Long-Term Goals for Power ReliabilityThe government’s reforms aim to create a sustainable power sector by encouraging investments, boosting revenue, and upgrading aging infrastructure. These measures are expected to improve service quality for consumers while reducing the government’s electricity subsidy burden. Adelabu emphasized that these steps are critical for transitioning lower-band customers into higher service categories like Band A, ensuring more Nigerians have access to reliable electricity.
FG introduces e-gates at Abuja airport to ease immigration process, plans expansion nationwide
The Federal Government of Nigeria has launched its first set of automated e-gates at the Nnamdi Azikiwe International Airport, Abuja, marking a significant step towards modernizing airport immigration processes. This initiative is designed to provide Nigerian passport holders with a seamless and efficient entry experience while reducing human interaction and curbing harassment by immigration officers. Dr. Joe Abah, a public affairs commentator, shared his experience with the new system on social media, likening it to similar facilities at London’s Heathrow Airport. According to him, the process was swift and straightforward. “I simply scanned my passport, and the gate opened. Then I removed my cap and glasses for facial recognition, and the second gate opened. That’s it! I was in, no long queues or unnecessary greetings from immigration officers asking what I brought back for them,” he wrote. The e-gates leverage biometric technology, including facial recognition and fingerprint scanning, to verify passengers’ identities. Once cleared, travelers pass through without needing their passports stamped, a shift from traditional practices. The system is currently exclusive to Nigerian passport holders and is part of a broader plan to enhance border security while improving travelers’ experiences. The Minister of Interior, Olubunmi Tunji-Ojo, announced that similar e-gates would be installed across all five international airports in Nigeria by mid-2024. Lagos’ Murtala Muhammed International Airport is expected to receive 21 e-gates by April 2024, with installations at Kano, Port Harcourt, and Enugu airports following shortly after. “Once you’re Nigerian and coming into Nigeria, you will have no business seeing an immigration officer unless you’re flagged as a person of interest,” Tunji-Ojo explained. This move aligns with the government’s goal of reducing human interference in immigration processes while enhancing national security. The introduction of e-gates has been widely applauded on social media. Many Nigerians expressed relief at the potential end of harassment by some immigration officers notorious for soliciting favors. One user commented, “This should get to Lagos, Enugu, Kano, and PH [Port Harcourt] to eradicate all those embarrassing officers.” Another noted how this development could gradually eliminate touting in immigration services. However, concerns have also been raised about maintaining the system’s functionality. Some users highlighted the need for uninterrupted power supply to ensure the e-gates operate 24/7. “We don’t want to hear stories that touch,” one user remarked humorously. Others cautioned against potential sabotage by individuals resistant to change or seeking to undermine the system for personal gain. The successful implementation of e-gates at Abuja airport represents a significant milestone in Nigeria’s efforts to modernize its aviation sector. While challenges such as power reliability and system maintenance remain, many see this as a positive step toward creating a more efficient and traveler-friendly experience at Nigerian airports.
FCCPC orders MultiChoice to halt planned 21% price hike pending investigation
The Federal Competition and Consumer Protection Commission (FCCPC) has directed MultiChoice Nigeria, the parent company of DStv and GOtv, to suspend its proposed subscription price increase until an ongoing investigation is concluded. The regulator issued this directive following MultiChoice’s announcement of a 21% tariff hike across all its packages, set to take effect on March 1, 2025. In a statement released on Thursday, FCCPC explained that the decision to pause the price adjustment is aimed at protecting consumers from potential exploitation while the investigation is underway. The commission emphasized that MultiChoice must maintain its current pricing structure as of February 27, 2025. MultiChoice was initially summoned to appear before the FCCPC on February 27 for an investigative hearing but requested a postponement. The hearing has now been rescheduled for March 6, 2025. The FCCPC has mandated the attendance of MultiChoice’s CEO and other key officers, along with comprehensive documentation addressing the inquiry. The commission highlighted concerns over what it described as recurring unilateral price adjustments by MultiChoice. It noted that such actions raise critical questions about fairness, potential market abuse, and anti-competitive practices within Nigeria’s pay-TV industry. Proposed Price AdjustmentsIf implemented, the new pricing would see significant increases across DStv and GOtv packages. For example: DStv Compact: From ₦15,700 to ₦19,000 DStv Premium: From ₦39,500 to ₦44,500 GOtv Value: From ₦3,600 to ₦3,900 GOtv Plus: From ₦4,850 to ₦5,800 MultiChoice attributed the proposed hike to Nigeria’s challenging economic environment, including naira depreciation, rising energy costs, and inflation, which reached 24.48% in January 2025. In a statement to customers, the company said the adjustment was necessary to continue delivering high-quality content and services. The FCCPC has expressed deep concern over the frequency of price increases by MultiChoice and allegations of inconsistent pricing strategies across different markets. The commission warned that failure by MultiChoice to provide a satisfactory explanation could result in penalties or other corrective measures. The regulator reaffirmed its commitment to ensuring fair competition and protecting Nigerian consumers in the pay-TV sector. It also pledged to collaborate with relevant agencies to strengthen consumer rights and promote ethical business practices. This development comes at a time when Nigerians are grappling with broader economic pressures, including inflation, rising telecom tariffs, and the removal of fuel subsidies, factors that have significantly strained household budgets.