CBN Takes Financial Enlightenment Campaign to Bayelsa

The Central Bank of Nigeria (CBN) has begun an enlightenment campaign for consumers and potential customers of banks and banking services in Bayelsa State.

The central bank said the move was with a view to enhancing financial inclusion and literacy as well as building customer/bank relations in the state.

During the two-day event which held in Yenagoa, a team from the CBN spoke to the participants, including traditional chiefs, military personnel, government representatives and market women on the need to key into the recent innovations by the bank.

The event which was spearheaded by the Director, Corporate Communication, Isaac Okorafor, who was represented by Sam Okagbue, witnessed presentations on financial inclusion, consumer protection, emerging payment system, among others.

Okoroafor, noted that the changing financial ecosystem in the country had made it inevitable for the apex bank to embark on the campaign to encourage Nigerians to know more about how the banking system works.

He added that it was also to intimate Nigerians of their rights and duties as customers to the various banks in the country.
Describing the customer as the most important person in the economy, the CBN official listed the rights of the customer as right to be informed, the right to choose, right to safety and the right to privacy and confidentiality as obligations owed by banks to the customer.

He added that customers’ rights include the right to redress, right to good service, right to equality and right to free monthly statement of account.
“The right to safety requires a bank to guarantee all its customers a secure and conducive banking environment devoid of threats to their safety and health,” he said.

According to him, the bank customer is also protected from the disclosure of their account details by their banks as well as intrusion into their accounts by a third party.

He added that except in cases where the banks are expected by law to make such disclosures and where a customer consents to such disclosures, the bank must protect their information against unauthorised access.

The apex bank noted that while it was free for a bank to send a monthly statement of account to the customer, any special request outside that attracts a fee.

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He explained that as a duty, the customer also has a responsibility to search for relevant knowledge so as to make informed decisions.
According to him, customers must also protect their information from third parties, repay credit facilities, provide factual information and report suspected fraud or error.

FG Tasks Petroleum Institute to End Gas Flaring
Sylvester Idowu in Warri
The federal government has called on the Petroleum Training Institute (PTI), Effurun, Delta State, to develop strategy for the eradication of gas flare and development of gas reserves in the country.

The Minister of Petroleum Resources, State, Chief Timipre Sylva gave the challenge during the 2019 graduation ceremony of the institution held at Effurun, Delta state CBN.
He urged the PTI, established for the training of middle level manpower for the oil industries, in and outside the country, to also come up with a strategy to assist the government’s agenda of zero loss of crude oil output.

Sylva said, “the Institute has remained in the fore front of providing quality and technically relevant training, thereby delivering the technological need’s required in the petroleum industry and of great importance to the federal government.

“I therefore charge the institute to come up with a strategy or proposal to assisting this administration in its agenda of zero loss of crude oil output, reduction in the cost of crude oil production, eradication of gas flare and development of our enormous gas reserves.

“Most importantly bring up initiatives towards the realisation of Mr. President’s June 12 promise to take 100 million Nigerians out of poverty in the next 10 years,” he added.

The Petroleum Minister, who was represented by his Director and Acting Permanent Secretary, Mr. Kamaru Busari, urged the PTI to collaborate with oil companies to carry out extensive research on how the country could boost its crude oil output of about 2.2 million barrel per day to three million barrels per day.

The Principal and Chief Executive of the PTI, Prof. Sunny Iyuke, disclosed that 1122 graduands were awarded the Institute’s prestigious diplomas and certificates.