nEbEd.

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nEbEd.

nEbEd.

@UcheNebed

Jack of all trades Master of Some. Cloud Architect/DevOps.

Lagos, Nigeria Katılım Kasım 2010
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SANTAN
SANTAN@Santandave1·
IM RAPPING AGAIN!
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FCCPC Nigeria
FCCPC Nigeria@fccpcnigeria·
Banks answerable to FCCPC, court rules * Dismisses UBA’s suit, fined N2m * It’s a big victory for bank customers, says Tunji Bello Advocacy for consumer rights in the banking sector recorded a major boost today with a judgement by a Federal High Court in Abuja dismissing, in its entirety, a suit by UBA Plc seeking to contest the jurisdiction of the Federal Competition and Consumer Protection Commission (FCCPC).  In its ruling, presiding Justice James Omotosho affirmed the Commission’s statutory authority to investigate consumer complaints involving banks and other financial institutions. In the suit, FHC/ABJ/CS/1972/2025, United Bank of Africa Plc sought to determine whether in light of Section 251 (1) (d) of the 1999 Constitution of the Federal Republic of Nigeria (as amended 2023) and Section 65(1)(a) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the FCCPC could validly exercise jurisdiction over a commercial bank duly licensed by the Central Bank of Nigeria (CBN) and over any of its functions, acts, financial products, or financial services. In his judgement, Justice Omotosho considered Sections 251 (1) (d) of the Constitution and 65(1)(a) of BOFIA, which the plaintiff had relied upon to challenge the Commission’s jurisdiction, and upheld the authority of the FCCPC in competition and consumer protection matters in the financial sector. Consequently, UBA plc was fined N2m for “bringing a frivolous and unmeritorious case against the defendant”.  With respect to receiving and investigating Consumer complaints, the Court stressed that there is no other agency in Nigeria saddled with this responsibility except the FCCPC. “No portion of the Banks and Other Financial Institutions Act gives such powers to the Central Bank of Nigeria, nor does the Central Bank of Nigeria Act,” said Justice Omotosho.  “The FCCPC (Defendant) is therefore the proper agency to investigate such consumer complaints,” the judge held.  He therefore held that the FCCPC “is vested with statutory powers to inquire into Consumer Protection issues involving customers and banks.”  Justice Omotosho cited Sections 1, 2, 17(e) and 104 of the Federal Competition and Consumer Protection Act, 2018 (FCCPA), relating to the objectives, scope, investigative powers and application of the Commission’s mandate in matters concerning competition and consumer protection. Section 104 of the FCCPC Act states that “Notwithstanding the provisions of any other law but subject to the provisions of the Constitution of the Federal Republic of Nigeria, in all matters relating to competition and consumer protection, the provisions of this Act shall override the provisions of any other law.”  In a swift reaction, the Executive Vice Chairman/CEO of FCCPC, Mr Tunji Bello, hailed the judgment, describing it as “a significant milestone in our advocacy for bank customers who have for long endured unfair treatment.” He said the judgment provides judicial guidance on the complementary relationship between sector regulation and the consumer protection framework established under the FCCPA. Mr. Bello stated that the decision reinforces confidence that consumers in every sector of the economy, including financial services, are entitled to accessible channels for complaint resolution and lawful redress. He noted that the judgment is also significant for businesses, as it clarifies that regulatory accountability and consumer confidence are mutually reinforcing pillars of a healthy market environment. According to him, the Commission will continue to engage financial institutions and other service providers professionally, fairly, and in accordance with due process, while encouraging internal complaint resolution mechanisms that address consumer concerns promptly. Ondaje Ijagwu Director, Corporate Affairs @NigeriaGov @NGRSenate @HouseNGR
FCCPC Nigeria tweet mediaFCCPC Nigeria tweet mediaFCCPC Nigeria tweet media
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Mayowa Lawal
Mayowa Lawal@mayorlawee·
I’m an artist.
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Tudo Bams
Tudo Bams@tudobams·
The World Bank report Vs Ministry’s response - -The report says: 41% of all federation revenue was taken off the top before reaching FAAC. Ministry says: Nothing to see here. -The report says: Deductions are opaque, oversized, and shrinking funds for development. Ministry says: They’re legitimate, so stop asking questions. -The report says: Some agencies now get more money than several states. Ministry says : These are normal transfers. -The report’s data (2023–2025) is current and shows deductions rising from ₦6.2T to ₦14.9T. Ministry says : Critics used outdated data. -The report says: Capital spending is falling despite rising revenue. Ministry says: You’re focusing on the wrong thing. -The report says: Reforms could help if anchored with social safety nets. Ministry says: Reforms are already working; nothing spoil. So, bottom line: The World Bank raised red flags that should concern every Nigerian, especially any responsible government; the ministry responded with talking points, good vibes and insha’ Allah!
Taiwo Oyedele@taiwoyedele

FEDERAL MINISTRY OF FINANCE PRESS STATEMENT FALSE ALLEGATION OF HIDDEN SPENDING AND DIVERSION OF FEDERATION REVENUE The attention of the Federal Ministry of Finance has been drawn to recent media reports and commentaries that misrepresent the findings of the latest Nigeria Development Update by the World Bank, particularly claims suggesting that a significant portion of federation earnings is being “diverted” or constitutes “hidden spending.” These interpretations misrepresent the World Bank’s analysis and reflect a misunderstanding of the fiscal system. MISINTERPRETATION OF FAAC DEDUCTIONS The misreporting in question incorrectly characterises Federation Account Allocation Committee (FAAC) deductions as “waste” or missing funds. This is incorrect. FAAC deductions, as presented in the World Bank report, include: Statutory transfers, Savings and investments, Security-related expenditures, Cost-of-collection charges, Refunds to Ministries, Departments and Agencies (MDAs), Transfers and interventions benefiting subnational governments. It is important to emphasise that refunds and transfers to states and other tiers of government are not leakages. They represent legitimate fiscal flows, including repayments of obligations and statutorily backed allocations. SELECTIVE USE OF OUTDATED DATA Some commentaries selectively relied on past data while ignoring the forward-looking analysis and ongoing public financial management reforms highlighted in the report. The World Bank explicitly notes that reforms implemented in early 2026, including the recently signed Executive Order to safeguard remittance of petroleum revenues, are already addressing concerns around deductions, and are expected to improve transparency while increasing revenues available to all tiers of government by about 0.4% of GDP annually. Misinterpreting one aspect of the analysis without acknowledging the progressive reforms and measures already introduced to enhance distributable federation revenues gives a distorted picture. STRONGER MACROECONOMIC FUNDAMENTALS The broader message of the World Bank report is positive and forward-looking: Economic growth is becoming more broad-based across sectors. Inflation, while still elevated, is declining due to deliberate policy actions. Nigeria’s external position has strengthened significantly, with improved reserves and a current account surplus. Debt indicators have improved, including a decline in the debt-to-GDP ratio, the first in over a decade. These developments reflect the outcomes of the current administration's ongoing macroeconomic policies and public financial management reforms. THE REAL MESSAGE OF THE REPORT The World Bank does not conclude that Nigeria’s fiscal system is collapsing or that reforms have failed. Rather, it states that reforms are working, and they must be sustained and deepened to translate macroeconomic gains into inclusive growth. CONCLUSION The Federal Government remains committed to strengthening fiscal transparency, improving revenue mobilisation, ensuring efficient public spending, and deepening reforms to support inclusive economic growth. An accurate understanding and responsible reporting of fiscal information are critical to maintaining confidence in Nigeria’s reform trajectory and economic outlook. We urge stakeholders, media organisations, and the public to engage constructively with fiscal information and avoid twisted interpretations that may undermine reform efforts and fuel public discord. Signed Taiwo Oyedele Honourable Minister of State for Finance, Federal Republic of Nigeria April 19, 2026

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Peter Cronau
Peter Cronau@PeterCronau·
There is a playbook for destroying a democracy that doesn’t follow the empire’s wishes — and which controls a sea passage for Chinese trade. Keep an eye on Malaysia, as they stand in the way of America’s next China trade choke-point grab. Next, according to the playbook: student riots, anti Anwar protests, disturbances on the border, local media campaigning, politician infighting… It all looks so home grown, so natural — until you see it in country after country which objects to empire dictates.
RT@RT_com

Apocalypse torching of 100s of FLOATING Malaysia homes

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#
#@twoponmotwoegg·
nigerians love "at least" ehn at least he's helping people, at least there's light 12 hours a day, at least we have solar, at least at least
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