₦airaland Forum

Palliative for targeted poor

JUST IN: CONSUMER TRIBUNAL FINES STANBIC IBTC 120 MILLION NAIRA FOR FLOUTING CONSUMER PROTECTION ACT

The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday, July 13, 2023, has fined Stanbic IBTC Bank the sum of 120 million Naira for contravening Section 130 (1) (a) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 by failing to complete a NIBSS Instant Payment transfer request and withholding the consumer’s funds beyond the 10-minute reversal regulation for failed NIBSS Instant Payment electronic funds transfer.

A 2-hour majority decision delivered by the Hon Member representing Southwest on the Tribunal, Mrs Sola Salako Ajulo
@purrples
, in a case between Clement Osuya and Stanbic IBTC, held Stanbic IBTC liable for a breach of contract and duty of care owed the Claimant for failing to complete an instruction to transfer the sum of N500,000 to another account in Access Bank and failing to reverse the failed transaction within 10- minutes as stipulated by the 2018 CBN Regulation on NIBSS Interbank Electronic Funds Transfer but withheld the consumer’s funds for up to 24 and 72 hours consecutively in two failed instant electronic transfer transactions.

Stanbic IBTC in its defence, claimed the transaction failed on the NIBSS Instant Payments platform and not on its own platform and as such, it cannot be held liable for negligence or a breach of its duty of care to the Claimant.

The Tribunal in its decision averred that an “instant” platform should not take 24 or 72 hours to reverse a failed transaction and the Defendant did not provide the court any documentary evidence to prove that the transfer failed on the NIBSS Instant Payment Platform and not on Stanbic IBTC platform.

By violating the CBN Regulation, the Consumer Tribunal held the bank in contravention of Section 130 (1) (a) &(b) of the FCCPA 2018 which granted the consumer the right to expect timely and completed services from an undertaking who had agreed to provide any service to him.

The three-man panel comprising Mr. Chu’ma Mbonu, Hon Member (Southeast)presiding, Mrs Sola Salako Ajulo Hon Member (Southwest) and Mr Ibrahim El Yakubu, Hon Member (Northwest) delivered a 2-1 ruling affirming the jurisdiction of the Tribunal to hear the suit before proceeding to enter judgement in favour of the Claimant.

A preliminary objection filed by the Defendant, challenged the original jurisdiction of the Tribunal to hear the case, arguing that the matter was a bank/customer dispute which was in the exclusive jurisdiction of the Federal or State High Court but the Tribunal held that it had concurrent jurisdiction to hear the substantive suit as can be clearly deduced from S.39(1) (2) and S. 45 which conferred on the Hon Tribunal the status of a High Court dedicated to adjudicate Competition and Consumer Protection conducts prohibited by the FCCPA.

In a minority opinion, the Presiding Member Mr Chu’ma Mbonu supported the Defendant’s preliminary objection claiming that the CCPT had only appellate jurisdiction and cannot hear an originating application in the form of the suit before it.

The lead judgment resolved four issues in favour of the Claimant and one issue in favour of the Defendant .

The Tribunal awarded five million Naira in general damages to the Claimant as well as a cost of one million Naira being cost for litigation against the Defendant.

Damilola Osungade
Communications Officer
CCPT Abuja, Nigeria
July 13, 2023

Benjamin Mendy has been found not guilty of rape and attempted rape by a jury at Chester Crown Court.

Benjamin Mendy has been found not guilty of rape and attempted rape by a jury at Chester Crown Court.

If you’ve been affected by any of the issues raised in this post, help is available online at https://t.co/nUrZffIZs9 pic.twitter.com/BVvzT4dwHz

— Sky Sports News (@SkySportsNews) July 14, 2023

The Biden administration announces it will forgive $39 billion in student debt for 804,000 borrowers

President Bola Tinubu Comprehensive Plan on Food Security, Affordability and Sustainability

Today, we declared a state of emergency and unveiled a comprehensive intervention plan on food security, affordability, and sustainability, taking decisive action to tackle food inflation. These are steps towards a more food secure Nigeria for all.
Our new initiatives will tackle rising food costs, enhance agriculture, and boost job creation. No one will be left behind in our efforts to ensure affordable, plentiful food for every Nigerian

Details of our Plan to follow.

https://twitter.com/officialABAT/status/1679568213892366336

BREAKING:

Nigeria’s President Bola Tinubu
Signs Executive Orders To Ease Tax Burden on Businesses

Special adviser to the president on Special duties, communications and startegy Dele Alake, briefed the media on the following:

To address concerns raised by manufacturers and other stakeholders regarding recent tax changes, President Bola Tinubu has signed 4 executive orders:

1 - The Finance Act Order, 2023, which defers the commencement date of the changes contained in the Act from May 23, 2023, to September 1, 2023.

2 - Customs Excise Tariff Amendment Order, 2023, shifts the commencement date of tax changes from March 27, 2023, to August 1, 2023.

3 - Suspension of the 5% Excise Tax on telecommunication services and excise duty on locally produced produts.

4 - Suspension of the newly introduced Green Tax on Single Use Plastics and the Import Tax Adjustment levy on certain vehicles.

https://twitter.com/AlwaysJayjam/status/1676921122837741571?t=jJOAY68oTU_c5D84y9thnw&s=19

Order ke, de play....

One thing I noticed about Mmesoma Ejikeme's genuine results, as released by JAMB, is that her first three choices of institutions are in Lagos (Unilag, LASU, and Lagos State Polytechnic). Her fourth choice is Akwa-Ibom State Polytechnic in the South-South. The girl (or woman, since she is 19) does not want to stay in the Southeast. Why?

The Southeast should learn a thing or two from this. The girl does not want to study in the Southeast. And she is not alone. Many companies are divesting from the Southeast because of IPOB's Monday sit-at-home.

It is leading to a brain drain from the Southeast and a brain gain for the Southwest, and an exodus of capital from the Orient to the Occident. The leaders of the Southwest have made their region so conducive to education and business. And that is why everybody wants to move there.

#TableShaker

https://twitter.com/renoomokri/status/1676712671612219392

Meta's Twitter alternative, Threads, will be released on Thursday in the United States and on Friday for the rest of the world.

Facebook owner Meta is launching its new app to rival Twitter and says it will go live on Thursday.

The app, which is called Threads and is available for pre-order on the Apple App Store, will be linked to Instagram.

Screengrabs show a dashboard that looks similar to Twitter. Meta describes Threads as a "text based conversation app".

The move is the latest in a rivalry between Meta boss Mark Zuckerberg and Twitter owner Elon Musk.

https://www.bbc.com/news/business-66094072

This one ugly

After Initial Observation, Portrait of PBAT Everywhere

Photos of President Bola Tinubu with Service Chiefs, NSA, IGP

EXCLUSIVE:
1. Tajudeen Afolabi Adeola
2. Adegboyega Isiaka Oyetola
3. Ezenwo Nyesom Wike
Have Made it in President Tinubu's Ministrial list.

https://twitter.com/Imranmuhdz/status/1675854630943703041

National Security Adviser, Nuhu Ribadu And Service Chiefs, IGP in the Villa To Meet With President Tinubu

https://twitter.com/Imranmuhdz/status/1675872617511649282

Big Brother

Freshtruth:
Is campaign now mumus

Convoys of other VIPs are President Convoy too?

Obi Convoy





https://www.youtube.com/watch?v=fipMOHAU4L4

Peter Obi deletes tweet addressing Tinubu as 'Mr President'


https://guardian.ng/news/peter-obi-deletes-tweet-addressing-tinubu-as-mr-president-over-120-car-convoy/?utm_term=Autofeed&echobox=twitter_post&utm_medium=Social&utm_source=Twitter#Echobox=1688131191

Peter Obi Convoy of over 200 Cars Surfaces , as he made unsubstantiated claims against "Mr President" then deleted it after shown receipts of his own convoy



https://www.youtube.com/watch?v=fipMOHAU4L4

“I am glad to see Ambode, Thank you Akin .... Very Good” - President

https://twitter.com/Mr_JAGs/status/1674462359371362314