Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.

Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.

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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.

The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.

High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.

The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.

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A luxury jet owned by the Nigerian government has been repossessed by a Chinese firm, Zhongshang Fucheng Industrial Investment Ltd, in Canada. The Bombardier 6000 type BD-700-1A10 aircraft was seized after a Canadian court granted Zhongshang permission to take custody of the plane.

According to Peoples Gazette, Zhongshang recently received a change of custodian paperwork for the aircraft from Canadian authorities in Montreal. The paperwork change was made after a Canadian court gave a verdict empowering the firm to seize the jet from Nigeria.

A source with knowledge of Zhongshang’s activities said anonymously: “The court granted orders for Zhongshang to seize the plane earlier this year, but the change of custody from Nigeria to Zhongshang was only recently concluded.”

The source added: “Zhongshang will not stop seizing Nigeria’s assets worldwide until the last cent of the arbitration awards has been paid.”

The report states that Nigeria’s bid to retain ownership of the aircraft was quashed by Judge David Collier of the Superior Court of Quebec on March 21, 2024.

This is not the first time Nigeria’s assets have been seized by Zhongshang. The firm has already taken possession of Nigerian assets in the United Kingdom and France. The latest seizure brings the total number of countries where Nigeria’s assets have been seized to three.

The repossession of the luxury jet is a significant embarrassment for the Nigerian government, which had attempted to retain ownership of the aircraft. The seizure is part of an effort to recover unpaid arbitration awards.