The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to publish details of dormant accounts and unclaimed balances on their websites. The CBN’s directive, issued on February 19, 2025, aims to address the issue of unclaimed funds in Nigerian banks. The CBN’s circular, titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” was signed by Michael Akuka, on behalf of the Director of the Financial Policy and Regulation Department of CBN. The CBN requires financial institutions to display the names of individuals authorized to operate the accounts, the account type, and the branch where the account is domiciled on their websites. Financial institutions without websites should publish the information on their association’s website. According to the CBN, the directive responds to inquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA). Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Section 72 (ii) of the Banks and Other Financial Institutions Act mandates the CBN to issue guidelines on the administration of unclaimed funds. The CBN also instructed that the information be published annually in at least two national daily newspapers or on the premises of state and unit microfinance banks. A dormant account is a bank account that has remained inactive for at least one year

Airtel Nigeria, the country’s second-largest telecom operator, has adjusted its data and voice call prices by almost 50%, according to a recent announcement. This decision follows the Nigerian Communications Commission’s (NCC) approval of a 50% telecom tariff adjustment, impacting mobile operators across the nation. A senior Airtel official, speaking with Punch News, attributed the adjustments to rising operational costs, inflation, and foreign exchange volatility, emphasizing the company’s commitment to maintaining service quality and network expansion. The SMS charge has also seen an increase, now standing at N6, up from N4. The revised pricing affects various data bundles. Daily plans now range from N50 for 40MB to N350 for 1GB, monthly plans now range from 3GB for N2,000 (formerly 1.5GB at N1,200), 4GB for N2,500 (previously 3GB at N1,500), 8GB for N3,000 (formerly 4.5GB at N2,000), while weekly  plans have also been adjusted accordingly. Despite the increases, Airtel has assured its subscribers of continued affordability and value. The NCC has defended its decision to approve the tariff increase, citing Section 108 of the Nigerian Communications Act, 2003 (NCA). The commission stated that the decision was made after extensive consultations with stakeholders. This adjustment comes shortly after MTN Nigeria reversed a 200% tariff hike on its 15GB data plan following public outcry.

Sunday Omisakin, an ex-convict recently pardoned by Osun State Governor Ademola Adeleke, has been re-arrested for stealing a plasma television worth N600,000 just days after his release. This incident highlights concerns regarding recidivism among individuals granted state pardons. Omisakin was pardoned on December 24, 2024, as part of a group of ex-convicts, including others who had committed serious crimes. However, on January 3, 2025, he allegedly broke into a residence in the Inudun Area of Osogbo and stole the television.The charge sheet indicates that he was charged with:Breaking and entering into the home of Shittu Damilare.Theft of the plasma TV valued at N600,000.The charges against him are in violation of specific sections of the criminal code applicable in Osun State. Following his arrest, Omisakin was arraigned on January 7, 2025. He applied for bail, but the request was opposed by the prosecution. On January 10, Magistrate A. Adeyeba denied the bail application and ordered Omisakin to be remanded at Ilesa Correctional Centre. This case raises questions about the effectiveness of rehabilitation efforts for ex-convicts and the potential risks associated with granting pardons to individuals with a history of criminal behavior.

Sunday Ozimede, a 43-year-old man, has been arrested for allegedly hacking into the systems of Moniepoint Microfinance Bank and stealing a staggering ₦1.19 billion. The Police Special Fraud Unit (PSFU) reports that Ozimede executed the theft by planting a bug in the bank’s data system, which allowed him to divert funds from various customer accounts into his own. The fraudulent activities reportedly took place in May 2024, raising serious concerns about the security measures in place at financial institutions. Ozimede was arraigned before Justice Ambrose Lewis-Allagoa at the Federal High Court in Lagos on multiple charges, including conspiracy and obtaining money by false pretenses. During the court proceedings, the prosecutor revealed that Ozimede had unlawfully transferred ₦945 million from Moniepoint’s operational accounts through a series of transactions to other banks. Despite denying the allegations and pleading not guilty, Ozimede’s legal team sought bail, arguing for leniency. However, the prosecutor countered this request, labeling him a “flight risk” who might evade trial if released. After considering both sides, Justice Lewis-Allagoa granted bail set at ₦50 million, requiring that he provide a surety with landed property within the court’s jurisdiction. The case has been adjourned to March 13, 2025, for further proceedings, as authorities continue to investigate the extent of the breach and its implications for customer security at Moniepoint Microfinance Bank. This incident serves as a stark reminder of the vulnerabilities that exist in our increasingly digital banking environment.

Students from the University of Ibadan took to the streets today to voice their frustration over an ongoing 82-day power outage at the University College Hospital (UCH). The peaceful protest, led by the President of the Students’ Union, Bolaji Aweda, highlighted the significant impact the outage has had on both patient care and the education of medical students. The power outage at UCH began in November 2023 and was exacerbated by debts owed to the Ibadan Electricity Distribution Company (IBEDC). The hospital’s power supply was disconnected in March 2024 due to unpaid electricity bills, leaving students and staff struggling to cope with the lack of essential services.During the protest, Aweda stated, “For 82 days, there has been no light at UCH. This situation is unacceptable and directly affects us as students.” He emphasized that the hospital is crucial for their training, and without reliable power, both learning and patient care are severely compromised. The students gathered early in the morning to express their dissatisfaction and call for immediate action. They demand that UCH settle its debts with IBEDC so that power can be restored promptly. The ongoing outage has raised concerns not only about the hospital’s operations but also about the quality of education for future healthcare professionals.