…As CBN warns Electronic fraud in bank may hit N6.1trn by 2021***
The Academic Staff Union of Universities (ASUU) may finally be ready to resume negotiations with the Federal Government towards resolving the ongoing strike in the universities.
ASUU President, Prof. Biodun Ogunyemi, disclosed this to newsmen on Wednesday in Abuja, saying that a meeting with the Federal Government delegation has been scheduled for Thursday, one o’clock at the instance of the Minister of Education, Malam Adamu Adamu.
According to him, the N200 billion released by the Federal Government in September 2018 is not an issue but that N200 billion ought to have been released in October 2017 as part of the 2013 agreement.
“It would be recalled that the Federal Government had agreed to inject N1.3 trillion to fund universities at N 220 billion yearly for five years.
“If government fails to fund public universities the situation on campuses may degenerate, worse than the already poor quality teaching and learning environment,’’ he said.
The ASUU president, however, insisted that the ‘No work no pay’ threats by the government would not affect the lecturers as the industrial action was legal in Nigerian labour law and international conventions, which Nigeria is signatory.
He added that ASUU is hoping that the meeting scheduled for Thursday will be used to resolve the issues at stake and not to continue to raise alarm that past administrations made bogus agreements with the university lecturers.
The lecturers had resumed the strike on November 5, same day as the NLC, before inexplicably suspended his, to press home their demands.
Some of the lecturers’ demands were: that the Federal Government should nominate another chairman of the government renegotiating team of the 2009 ASUU/Federal Government Agreement, as lecturers expressed poor confidence and rejected Dr Wale Babalakin- led renegotiating team.
Other demands were: non-payment of Earned allowance, funding of revitalization of the Nigerian universities, implementation of needs assessment report, poor funding of state universities, among others.
Meanwhile, the Central Bank of Nigeria (CBN) has warned that electronic fraud loses in the country’s banking system could reach N6.1 trillion by 2021.
CBN Director of Consumer Protection, Mr Sunday Salam-Alada, said this at a workshop for Business Editors and Finance Correspondents Association of Nigeria (FICAN) in Benin City.
The workshop was organised by Nigeria Deposit Insurance Corporation (NDIC).
According to him, the volume and value of e-transactions are projected to continue to increase nationally and globally due to broader ecosystem scope, evolution of channels, modes payment and evolving technologies.
The director also said that the CBN, through its Consumer Protection Department (CPD) had resolved over 13,715 complaints.
This, he said, had resulted in the refund of about N72.2 billion to customers by the commercial banks, based on 25,043 cases of fraud in 2017.
He said the amount represented a 28 per cent increase if compared to 19,531 cases recorded in 2016.
Salam-Alada said there was a 24 per cent reduction in actual fraud loss value in 2017 with N1.63 billion as against the 2016 figures.
According to him, statistics provided by the CBN shows there is a significant increase in the year-on-year volume and value of transactions across all payment channels in Nigeria.
Consequently, 1.4 billion transactions with a value of N97.4 trillion were processed in 2017 as against 869 million transactions with a value of N69.1 trillion recorded in 2016.
He said the increase of 59.7 per cent and 40.9 per cent were recorded respectively in the volume and value of transactions in 2017.
The director hinted that the CBN would soon issue a framework on consumer protection.
Salam-Alada said CPD had conducted a mapping exercise of financial literacy activities, organised biannual consumer protection compliance exams and reviewed guide to banks’ charges, among others.