Brands/Products
CBN’s New Deposit/Withdrawal Policy: Who Pays the Penalty, Client or Agency
By Anthony Elikene
The Central Bank of Nigeria (CBN) recently introduced a policy it has been tinkering with since 2011 which is embedded in its Cashless Policy scheduled to take effect nationwide from March 31, 2020. This new Deposit and Withdrawal Policy will see depositors of cash being penalized when they exceed 500,000 thousand Naira.
The CBN circular reads, ref BPS/DIR/GEN/CIR/04/004 “We write to inform all Deposit Money Banks (DBM) that the CBN has approved that Charges on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT, in addition to already existing charges on withdrawals, effective from September 18, 2019.”
The circular further explained that corporate accounts will be charged, a processing fee of 5 percent for withdrawals, and 3 percent for deposits of amounts above 3 million Naira.
Still on a corporate account, for instance, you make a deposit of 6 million Naira cash in your account, the first 3 million Naira will be free but the remaining 3 million will be subject to a 3 percent charge.
But how does this new policy affect the business community especially the consulting industry such as marketing communications where cash still plays a vital role. Public Relations practitioner, and Senior Consultant Public Relations, Dijo Communications, Anthony Elikene, a member of the Nigerian Institute of Public Relations, asks a vital question.
According to Elikene “let’s assume I bill my client 6 million Naira after much bargaining for an event activation that will need paying several suppliers cash and make purchases of items crucial for the event. Let’s also say the consultancy withdraws the full amount paid by the client which has already been underpriced to the limit by my client, now the CBN is also going to deduct 150,000 from 3 million of the same money.”
“My dilemma here is a moral one. Is the consultancy going to survive to do business if it bears all the penalty alone or is the client expected to bear this penalty or share a part of it? Because this policy will hit consultants from every angle. Will the client be magnanimous to pay this especially after the proposed increase in VAT and introduction of the Police Fund Levy?” He concludes.
Even individuals are not spared as deposits of N1m cash in your own account, the first N500k will be free but the remaining will be subject to a 2 percent charge. Meaning you’ll be charged N10,000.
The CBN is commencing pilot operations in seven states namely Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the Federal Capital Territory, Abuja.
Brands/Products
Airtel Engages Customers on Concerns Around Data Usage, Others
By Modupe Gbadeyanka
On Tuesday, April 14, 2026, customers of Airtel Nigeria felt more involved and loved when the telecommunications company gathered them together at the Lagos Travel Inn Hotel in Ikeja to discuss some of their concerns, especially around data usage, transparency and their experience with its services.
It was the first-ever Customer Forum of Airtel Nigeria in Lagos, where regulators, high-volume data subscribers, 5G customers, and other key stakeholders learned ways to tackle the issue of data depletion.
The event, themed Understanding Your Data: How to Take Control, also highlighted Airtel Nigeria’s ongoing investments in customer experience, including enhanced digital tools, clearer usage dashboards, and expanded retail and support networks aimed at improving transparency and accessibility.
“This is our very first customer forum, and it is more than an event. It is a bold statement that in today’s digital economy, the most important voice is the informed customer,” the Director of Marketing at Airtel Nigeria, Mr Ismail Adeshina, said.
He emphasised that while data has become central to everyday life, from business transactions to education and healthcare, concerns around data value and consumption remain valid and must be addressed transparently.
“Data is no longer a luxury; it is a necessity as essential as electricity and water. However, as usage grows, customers are asking an important question: “Am I truly getting value for the data I purchase? This is not just a technical issue; it is a matter of trust,” Mr Adeshina added.
He further explained that evolving usage patterns, including high-definition video streaming, cloud-based applications, and background app activity, have significantly increased data consumption compared to previous years. According to him, the forum was designed as both a listening platform and an educational session to help customers better understand how their data is used.
“We are here to listen, to explain clearly, and to provide evidence. When customers understand how their data is consumed, it shifts the experience from uncertainty to control and from frustration to confidence,” he further disclosed.
On her part, the Director of Customer Affairs Bureau at the Nigerian Communications Commission (NCC), Ms Freda Ruth Bruce-Bennett, reaffirmed the regulator’s commitment to protecting consumer interests and ensuring service quality across the industry, noting that data consumption has become deeply integrated into daily life, making any perceived loss of data a significant concern for users.
“We understand that data is central to how people live and work today, which is why concerns around data depletion are taken seriously. The NCC has put mechanisms in place to ensure that consumers receive the quality of service they deserve and that their voices are heard,” she said.
Ms Bruce-Bennett encouraged customers to take advantage of the NCC’s consumer portal, which provides guidance on data management and a platform for lodging complaints.
“There is an A to Z of data management tips available on the NCC portal, and we encourage consumers to use it. We also continue to work closely with operators like Airtel to ensure that complaints are addressed promptly and transparently,” she added.
On customer engagement and service delivery, the Customer Experience Director at Airtel Nigeria, Mr Oladokun Oye, highlighted the company’s multi-channel approach to supporting customers across the country.
“At Airtel Nigeria, customer experience is not just a function; it is embedded across everything we do. From our network design to how we communicate and resolve issues, the customer remains at the centre,” he said.
He noted that Airtel maintains one of the most extensive customer touchpoint networks in Nigeria, including over 1,000 exclusive shops, a dedicated contact centre accessible via 300, and multiple digital platforms such as the MyAirtel App, web channels, and AI-powered chatbots.
“These channels are designed to provide not just service, but clarity and understanding. We are also continuously improving our digital platforms to ensure customers can track and manage their usage in real time,” Oye added.
He further advised customers to engage only with authorised Airtel outlets to ensure service quality and protect personal information.
The Airtel Customer Forum forms part of a broader industry effort, in collaboration with the NCC, to promote data awareness, transparency in billing, and improved customer education.
By creating a platform for open dialogue, Airtel Nigeria is reinforcing its shift from a transactional relationship with customers to a more collaborative and informed partnership.
The company noted that insights from the forum will inform future improvements in service delivery, customer communication, and digital tools, as it continues to support Nigeria’s journey towards a more inclusive and transparent digital economy.
Brands/Products
NAFDAC Warns Consumers Against Fake Colgate Brand in Circulation
By Adedapo Adesanya
The National Agency for Food and Drug Administration and Control (NAFDAC) has alerted the public to the distribution of unregistered and suspected counterfeit Colgate toothpaste brand in Nigeria.
In a public notice shared on X (formerly Twitter), the agency said its Post-Marketing Surveillance Directorate received a complaint regarding the sale of the products in Kaduna State by a shop owner.
Following an investigation, officials of the food and drugs surveillance organisation visited the outlet and discovered two suspected counterfeit products branded as Coglaet ActivGel 100g and Coglaet Herbal 100g. The spellings were not only the indicator, but the production standards.
According to the agency, the shop owner disclosed that the items were sourced from a door-to-door sales representative but could not provide proof of purchase.
NAFDAC stated that the products failed to meet regulatory standards for registration and quality assurance, warning that they pose potential risks to public health and safety. It also added that the stated manufacturer could be traced to Baiyun District, Guangzhou, China.
The agency confirmed that the items have been removed from circulation, while efforts are ongoing to trace those responsible for their distribution.
NAFDAC urged consumers to remain vigilant and report any suspected sale of substandard or counterfeit regulated products to the nearest office, via its hotline or official email channels.
In a statement, NAFDAC said, “All NAFDAC zonal directors and state coordinators have been instructed to conduct surveillance and mop up the unregistered and counterfeited products if found within their zones and states.
“Distributors, retailers, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid the distribution, sale, and use of counterfeit products. The products’ authenticity and physical condition should be carefully checked.”
Consumers are advised to report any suspicion of the sale of substandard, falsified, or counterfeit regulated products to the nearest NAFDAC office, call NAFDAC on 0800-162-3322, or via email: [email protected]. For complaints, the Reforms Unit can be reached: 09097630506, 09097630507, or email: [email protected]
Brands/Products
Airtel Nigeria Suspends Airtime, Data Lending Services
By Modupe Gbadeyanka
Barely 24 hours after MTN Nigeria announced the suspension of its data and airtime lending services, another operator, Airtel Nigeria, has followed suit.
In a statement on Friday by its Director of Corporate Communications & CSR, Mr Femi Adeniran, Airtel Nigeria said it would not no longer offer the airtime and data credit services for now.
However, the company noted that customers will continue to enjoy uninterrupted access to airtime and data purchases through its existing channels.
The Federal Competition and Consumer Protection Commission (FCCPC) introduced new rules on lending services in the country, and in compliance with this, telecommunications companies had to suspend rendering the services.
The affected services allowed eligible prepaid customers to borrow airtime or data and repay on their next recharge.
The Director of Marketing at Airtel Nigeria, Mr Ismail Adeshina, in the statement, noted the suspension of the services was to “align our operations with evolving requirements.”
“Airtel Nigeria remains committed to the highest standards of compliance, transparency, and consumer protection, while continuing to innovate responsibly within Nigeria’s digital ecosystem,” he added.
The telco noted that the temporary suspension is not expected to have a material impact on its service standards across the country, promising to provide updates on the status of the service in due course.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
