…Exchanges at N771.69 at the Investors and Exporters window***

The Naira appreciated against the Dollar on Thursday as it exchanged at N771.69 at the Investors and Exporters window.

The local currency gained by 0.22 percent compared to the N773.42 it exchanged for the dollar on Wednesday.

The open indicative rate closed at N777.82 to the dollar on Thursday.

A spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N771.69.

The naira sold for as low as N700 to the dollar within the day’s trading.

A total of US$121.60 million was traded at the investors and exporters window on Thursday. 

The Lagos State Government, through it Consumer Protection Agency (LASCOPA), has warned filling stations owners on the contravening the Consumer Rights Law.

Mr Afolabi Solebo, the General Manager, Lagos State Consumer Protection Agency (LASCOPA), gave the warning in a statement on Friday in Lagos.

Solebo warned fuel attendants and business owners to desist from all forms of extra charges arising from the use of Point of Sale (PoS) machines for transactions.

He said the warning became imperative due to several complaints received from consumers about illegal charges by some business outlets, especially filling stations.

Soleno noted with dismay the sad occurrence where consumers were charged extra cost for payment made through PoS machines for the purchase of Petroleum Motor Spirit (PMS), by operators of some filling stations in Lagos State and some owners of Small and Medium Enterprises.

He also warned business owners and operators of filling stations, including attendants, to desist from charging extra cost on payment made through the PoS.

According to him, such charges violate consumer rights and constitute unfair trade practices.

”The agency is concerned with the rising consumer feedback by motorist and consumers of PMS product particularly.

”We will continue to monitor this sensitive and evolving situation and remain committed to the protection of consumers in Lagos State,” Solena said.

He, therefore, urged motorists and consumers to report to the agency or visit LASCOPA annex offices closest to them, any filling station or operator that contravened the rights of consumers.

Solebo assured that such violators would be dealt with accordingly. 

The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday imposed a fine of N120 million against  Stanbic-IBTC Bank over the bank’s failure to complete a transfer request for a customer.

it is yet to be determined, if the bank would appeal the decision.

In a split decision of two to one, the tribunal convicted the bank for contravening the provisions of Section 130(1)(a) of the FCCP Act, 2018 and Section 5(2)(8) and (9) of the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers.

The tribunal said the fine was imposed due to the bank’s failure to comply with the 10 minutes or at most one-hour mandatory timeline for failed transfers to be reversed as provided by Sections 154 and 155 of the FCCP Act, 2018.

The lead judgment delivered by Hon. Sola Salako-Ajulo also ordered the bank to pay the claimant, Mr Clement Osuya, the sum of N1 million as the cost of filing the action.

“The tribunal holds that in as much as the defendant (IBTC) failed to comply with the two instructions of the claimant to transfer the sums of N500,000 to another account in Access Bank, as no transfer took place at both times, defines that the defendant breached the banker-customer contractual relationship between the two parties,” Ajulo said.

 The tribunal, however, refused to award the sum of N5 million to Osuya as compensation on the grounds that he failed to prove any injury he suffered as a result of the failure of service delivery by the bank.

Hon. Ibrahim Yakubu concurred with the verdict of Salako-Ajulo while the presiding judge, Hon. Chuma Mbonu disagreed and gave a minority judgment.

Mbonu in his minority judgment held that the tribunal lacked the jurisdiction to entertain the petition.

According to him, the tribunal has the powers of appellate jurisdiction and not of original jurisdiction and he consequently struck the suit out for lacking in merit.

Osuya had filed a petition against the bank challenging the failure of the bank on two occasions to transfer the sum of N500,000 from his IBTC account to his Access bank account.

He claimed that the money was for the payment of school fees for his children.

He told the tribunal that on Sept. 8, 2022, he filled out a form under the NIS Instant Payment option for a transfer of the sum of N500,000 to his Access Bank account.

He held that whereas the money, on both occasions left his IBTC account as the account was debited, it never arrived in his Access bank account because it was not credited.

Osuya told the tribunal that reversal on the first transaction was done after 24 hours while that of the second transaction was reversed after 72 hours.

He further alleged that this neglect of duty of care by the bank caused him trauma, embarrassment, and a dent in his reputation as he was forced to collect a loan.

The bank, through its counsel, Mr. Marcel Osigbemhe had blamed the failure of the transaction on the third-party NIPS service.

Osigbemhe, in a brief remark, expressed his displeasure over the judgment, saying he wondered how his client could be convicted when there were clearly no charges brought against it.

Counsel to the claimant, Ms. Deborah Solomon, for her part, thanked the Tribunal for the well-considered judgment.

The fine is to be paid into the tribunal’s remita account.