luchiinter blog

The Central Bank of Nigeria (CBN) has issued a fresh directive to all commercial banks, microfinance banks, and payment service providers, mandating them to refund customers within 48 hours for any failed Automated Teller Machine (ATM) transactions. The new rule, which comes under the updated draft of the “ Electronic Payment Channels in Nigeria Operational Guidelines ,” is aimed at improving customer experience and restoring public confidence in the nation’s banking system. According to the CBN, this reform became necessary following the increasing complaints from bank customers who often suffer financial losses due to failed or incomplete ATM withdrawals , sometimes waiting weeks or even months before getting their money back. The apex bank has now taken a firm stance to end such delays. Understanding the New Rule Under the new guidelines, the CBN categorizes ATM transactions into two types: “on-us” transactions and “not-on-us” transactions. For “on-us” transactions (where t...

In another dramatic turn in Nigeria’s education sector, the Academic Staff Union of Universities (ASUU) has officially declared a two-week comprehensive warning strike , set to begin at midnight on Monday, October 13, 2025 . The announcement has sent shockwaves across the country’s tertiary education system, rekindling fears of yet another prolonged academic disruption that could destabilize the already fragile university calendar. According to ASUU’s National President, Professor Emmanuel Osodeke , the decision followed the expiration of a 14-day ultimatum earlier issued to the Federal Government. The union had demanded that the government fulfill a series of promises and agreements previously reached, many of which have lingered unresolved for years. Unfortunately, ASUU insists that despite repeated meetings and assurances, there has been “no tangible progress” in the negotiations. Why ASUU Is Striking Again At the core of ASUU’s grievances lies a long-standing demand for the f...

Tension is building across Nigeria as preparations intensify for a nationwide peaceful protest demanding the release of Nnamdi Kanu , leader of the Indigenous People of Biafra (IPOB). The protest, tagged #FreeNnamdiKanuNow , is scheduled to take place on October 20, 2025 , with activists, politicians, and civil society groups planning to converge on the gates of the Presidential Villa in Abuja . The planned protest, announced by human rights activist and former presidential candidate Omoyele Sowore , is designed to draw attention to what many Nigerians see as the unlawful and prolonged detention of Nnamdi Kanu by the Department of State Services (DSS). Kanu has been in custody since June 2021 following his controversial re-arrest and extradition from Kenya — an act that courts have since described as illegal. Despite multiple court rulings, including one from the Court of Appeal discharging Kanu of all charges, the Nigerian government has continued to hold him, citing national sec...

After months of turbulence in the foreign exchange market, the Nigerian naira has shown signs of relative stability in recent weeks — trading around ₦1,466.65 per US dollar at the official Nigerian Foreign Exchange Market (NFEM). However, despite this encouraging development, many analysts warn that the naira’s newfound calm is fragile and could easily be disrupted if underlying economic challenges are not addressed. Across Lagos , Abuja, and other commercial hubs, the naira’s value in the parallel (or black) market continues to hover between ₦1,490 and ₦1,500 per dollar. The narrowing gap between the official and unofficial exchange rates suggests that government policies to unify the market and improve liquidity may be working. Yet, ordinary Nigerians remain skeptical — as the cost of goods and services remains high despite the apparent currency stability. A Brief Overview of the Naira’s Journey The naira’s current situation is the result of a long and often painful journey. Sin...

Nigeria’s economy is showing impressive signs of recovery, but the gains are being overshadowed by the rising cost of food that continues to push millions of citizens deeper into hardship. According to a recent World Bank report, the nation’s GDP expanded by 3.9 percent in the first half of 2025, marking one of the strongest performances in recent years. Despite this, the same report warns that inflation — particularly food inflation — remains the greatest threat to Nigerians’ welfare. The growth, according to analysts, is largely attributed to ongoing economic reforms initiated by President Bola Ahmed Tinubu ’s administration, which include the removal of the fuel subsidy , foreign exchange unification , and renewed investor confidence. These policy shifts have helped stabilize Nigeria’s fiscal position, reduced the rate of debt accumulation, and attracted a new wave of investment into the non-oil sectors . Economic Growth and Reform Successes The report highlights that Nigeria’...

In a move that could reshape Nigeria’s struggling power sector, President Bola Ahmed Tinubu has approved a ₦4 trillion (about $2.6 billion) debt refinancing plan to clear outstanding obligations owed to electricity generation companies ( GenCos ). The initiative, announced by the Ministry of Finance , marks one of the largest government interventions in Nigeria’s energy industry since its partial privatization in 2013. According to official sources, the refinancing scheme aims to settle verified debts accumulated between 2015 and 2023 , which have crippled the operations of GenCos, gas suppliers, and other critical stakeholders across the electricity value chain. The debts, once cleared, are expected to restore liquidity, stabilize electricity generation, and rebuild investor confidence in Nigeria’s long-troubled power sector. Background: Years of Unpaid Debts and Declining Power Supply The Nigerian electricity sector has long been trapped in a cycle of inefficiency, underpayment...

In a development that has stirred both political and public discourse across Nigeria, President Bola Tinubu ’s Minister of Innovation, Science and Technology, Uche Geoffrey Nnaji , has resigned from office following a damning revelation that the University of Nigeria, Nsukka (UNN) disowned the academic certificates he presented during his appointment. The controversy, which had been brewing for weeks, reached a breaking point when the prestigious institution publicly denied ever issuing a Bachelor of Science degree to Nnaji, contradicting the academic credentials he claimed to possess. His resignation letter, tendered on October 7, 2025 , marks one of the most dramatic exits from Tinubu’s cabinet since its formation. How the Scandal Began The scandal first gained national attention after investigative reports alleged that the minister’s B.Sc. certificate in Microbiology/Biochemistry , supposedly obtained from UNN in July 1985, was not authentic. Journalists uncovered inconsistenci...

In a move that has stirred the Nigerian political landscape, former Vice President Atiku Abubakar has publicly declared his support for the #FreeNnamdiKanuNow protest campaign spearheaded by human rights activist Omoyele Sowore and a coalition of civil rights groups. The protest, scheduled for October 20, 2025 , at the Presidential Villa in Abuja , aims to demand the immediate release of detained Indigenous People of Biafra (IPOB) leader, Mazi Nnamdi Kanu , whose continued detention has remained a national and international concern. Atiku, who made his position known in a statement issued through his media adviser, condemned what he described as the unlawful and prolonged detention of Kanu, insisting that it contradicts Nigeria’s constitutional principles and judicial rulings. He noted that several courts had previously ordered the release of the IPOB leader, but those rulings were ignored by the federal government — a development he termed as “an affront to democracy and the ru...