Bitcoin is still in its early days, and its price is poised for “massively high returns” over the next two to three decades, according to Wall Street veteran and mathematician Fred Krueger.

“We're super early. We're very, very early,” Krueger said in an interview on Jamie Tree podcast. “We're at the beginning of probably a 20-year journey of massively high returns. It’s going to be… 20 or maybe even 30 years.”

Krueger dismissed the idea that Bitcoin has already peaked, emphasizing that despite its rapid growth, it remains in the “first inning” of its long-term trajectory. He compared it to major tech stocks like Apple and Amazon, where even after early surges, valuations continued to skyrocket.

"I owned Apple in 2008, and I bought it when they first came out with the iPhone. The stock doubled… and then it doubled again. And then I thought, ‘Oh, I’m done. Great trade.’ And then it went up 50 times after that,” he said.

Krueger sees Bitcoin following the same pattern, urging investors to extend their time horizon. “This thing will just work, and it will work,” he stated. “You gotta just extend your time frame to about a decade.”

Bitcoin’s path to the ultra-wealthy

While retail investors have been the primary drivers of past bull markets, Krueger believes the next major wave will be led by institutional capital and high-net-worth individuals.

"If millionaires and billionaires decide to increase their Bitcoin exposure from a negligible 0.01% to just 2%, that small adjustment could unleash an avalanche of capital into Bitcoin," he said. “There’s so much money in real estate, bonds, and overpriced stocks… they just don’t have enough allocation.”

Krueger pointed to the recent launch of spot Bitcoin ETFs as a key catalyst for mainstream adoption among the ultra-wealthy. Previously, accessing Bitcoin required opening accounts on crypto exchanges or dealing with complex self-custody solutions. Now, traditional investors can allocate to Bitcoin through financial products like BlackRock’s IBIT and Fidelity’s FBTC.

“All they need to do is just allocate a very small amount into IBIT or FBTC, and those guys are going to clean up,” he said.

For those who still feel they may have missed out, Krueger had one message: "You're very, very early. Less than 1% of rich people even have any Bitcoin. There’s going to be a lot of great gains."

[TheStreet]

Cathie Wood is known for her exciting and optimistic long-term growth projections. Her investment fund has jumped into some of the trendiest companies and securities of the last decade.

Not all her investments have turned out profitable, but there's no doubt that she understands the world differently than most investors. And this unique mindset has allowed her to pinpoint some major growth investments before the general market gets turned on. Right now, she's a huge fan of an iconic cryptocurrency that she believes could soar in value in the years and decades to come, generating massive wealth for patient investors.

Cathie Wood loves this cryptocurrency

When it comes to cryptocurrencies, Cathie Wood loves Bitcoin (CRYPTO: BTC). She's been talking about Bitcoin for years, and her long-term projections are truly mouthwatering.

Wood uses the year 2030 for her price predictions, and she has four scenarios that she believes could play out in the five or so years ahead:

• Bear case: $258,500

• Base case: $682,000

• Bull case: $1,480,000

• Bullish case: $3,800,000

So even in her bear case, Wood believes Bitcoin's price will more than double by 2030. That's a solid return over a five-year period. In her base case, however, Bitcoin's price will rise by more than 500%. And in her most bullish scenario, a $100 investment in Bitcoin today would be worth nearly $4,000 by 2030.

To be clear, Wood has put her money and her clients' money where her mouth is. "We were the first public asset manager to gain exposure to Bitcoin in 2015 at $250," she revealed in an interview last year. And she believes that her bullish scenarios have actually gotten more likely with a more friendly regulatory climate, plus gradually more willingness for institutional investors to allocate capital to the largest cryptocurrency in the world.

"With this institutional green light that the SEC has provided, kicking and screaming though it did, the analysis we've done is that if institutional investors were to allocate a little more than 5% of their portfolios to Bitcoin, as we think they will over time, that alone would add $2.3 million to the projection I just gave you," Wood concludes.

One reason to add Bitcoin to your portfolio

Many investors have already added Bitcoin to their investment portfolios, either through direct purchases or by buying a Bitcoin ETF. If you haven't done so, now is the time.

It's very rare for new asset classes to be created, but Bitcoin is the exception. It has the longest running track record of any cryptocurrency, which gives it a name recognition and reputation edge that only grows over time. And while its price has been very volatile, it's clear that awareness and adoption continues to gradually grow. Because Bitcoin's supply is finite over the long term, this has caused its price to soar over the long term.

Robert Kiyosaki, the author of Rich Dad Poor Dad, backed Michael Saylor’s Bitcoin prediction on Nov. 20, 2024, claiming that Bitcoin could reach $13 million per coin.

In a post on X (formerly Twitter), Kiyosaki wrote, "$13 million Bitcoin:….according to Michael Saylor. I believe he is right. He is one smart boy."

He compared Bitcoin’s potential to traditional education costs, adding, "Bitcoin today is $90,000. If Saylor is on target….which I think he is…. that means for $9,000 today….you buy .01 Bitcoin today…you are a millionaire tomorrow."

His statement followed a discussion between Saylor and Patrick Bet-David, where Bet-David questioned the long-term valuation of MicroStrategy, now rebranded as Strategy. Bet-David’s calculations suggested that if Bitcoin reaches $13 million, MicroStrategy could grow into a $10 trillion company within two decades.

Can Bitcoin realistically reach $13 million?

Saylor defended the projection, explaining the math behind it.

"Multiply 13 [million] divided by 90,000, and it gets you to a big number," he said on Nov. 19, 2024. He argued that if Bitcoin’s adoption rate increased from 0.1% today to 7% globally, demand would rise significantly, leading to a massive price surge. Given that Bitcoin has a fixed supply of 21 million coins, such adoption levels could drive prices into the millions per coin.

If Bitcoin reaches $13 million, owning 0.01 BTC today for $9,000 would be worth $130,000 in the future.

Bitcoin vs. an MBA: Which holds more value?

Kiyosaki also criticized student debt, arguing that investing in Bitcoin could be a smarter financial decision than taking out loans for an MBA.

"Sure beats going $50,000 in debt for a student loan…studying for years…just to earn a flimsy MBA. Get smarter…. buy Bitcoin today. I am."

Kiyosaki contrasted Bitcoin’s potential with the cost of a Master of Business Administration (MBA), arguing that investing in Bitcoin could yield far greater returns without the debt. The average cost of an MBA at a top U.S. university ranges from $50,000 to $200,000. At Harvard Business School, tuition is $84,000 per year, totaling about $168,000 for two years. Stanford’s MBA program costs $82,000 per year, with similar overall expenses. Many graduates leave school with $66,000 to $120,000 in student debt, with no guaranteed return on investment.

Kiyosaki suggested that instead of taking on massive student loans for a degree that may not lead to financial success, investing in 0.01 BTC for $9,000 today could be a smarter financial decision in the long run.

Bitcoin has already risen 87% in the past year, but reaching $13 million would require a shift in global finance. Saylor’s prediction assumes that Bitcoin will experience widespread institutional adoption, hyperinflation in fiat currencies, and increasing demand due to its scarcity.

In Nigeria, artisans from neighboring countries like Togo, Benin Republic, and Cameroon have long been the backbone of skilled labor.

Known for their expertise in specialized trades such as tiling, plastering, carpentry,and Plaster of Paris (POP) installation, these foreign workers have been the preferred choice for individuals and builders.

However, a significant shift is taking place.

As the economy struggles, many of these artisans are leaving, creating a growing skill gap in the sector. With fewer skilled hands on-site and project delays, concerns about workmanship have become pressing issues.

A building contractor in Lagos, Johnson Odunayo, explained the preference:

“Most foreign artisans come trained from their home countries. Their work is neater, and they take their time to get the details right. They also respect timelines better than many local artisans.” 

Despite their dwindling numbers due to economic challenges, industry professionals continue to seek them out, emphasizing their precision and attention to detail.

“It’s not that there are more foreign artisans than Nigerians in the industry. The difference is that the ones who are here truly know their craft. Many Nigerian artisans lack thorough training and patience, which is why they often don’t meet expectations.” said architect Olu Adegbite.

Simon Nkemakonam, an architect, disclosed to Nairametrics that many foreign artisans in Nigeria come from other countries due to the higher value of the naira compared to their local currencies.

“A lot of foreign workers came for greener pastures. They come here, make money, and return home because the Nigerian economy was better than theirs”, he said.

However, he noted that the current economic hardship in Nigeria has made it difficult to find these skilled foreign artisans as easily as before.

“We learnt these skills in Nigeria” – Congo-born artisan 

Contrary to popular belief, many foreign artisans honed their craft within Nigeria’s borders. John Mensah, a Congo tiler who has worked in Enugu for over a decade, explained that his journey began by learning from his fellow countrymen who had already established themselves in the trade.

“I learnt this work in Nigeria from my brothers who were already tilers before me. We are not better because we come from Togo. The difference is that we take our time to learn properly, while most Nigerian artisans rush the process,” he said.

• John’s perspective highlights a major issue in Nigeria’s vocational sector – the lack of structured training and patience among local artisans. While foreign workers dedicate years to perfecting their skills, many Nigerian artisans opt for quick apprenticeships, often cutting corners.

Okoro Williams, a Nigerian screeding expert, believes that the issue goes beyond skill gaps, it is also a mindset problem.

“It’s a mentality issue. Nigerians generally do not value locally made products or services, no matter how much you try to convince them,” he said.

• Williams noted that Nigeria has a good number of highly skilled artisans, but due to this perception, even when Nigerian professionals are recommended for jobs, clients still opt for foreign workers.
• Sharing his personal experience, he acknowledged the skills of some Togolese screeding artisans he has worked with and learned from. However, he pointed out that while some of them are highly skilled, others lack proper expertise yet still secure jobs simply because they are perceived as better than their Nigerian counterparts.

Speaking on payments, Nkemakonam advised that it is preferable to pay foreign artisans in instalments rather than in full upfront.

“If you pay them in full, they often take the money home to their country and leave your job unfinished, only to return weeks later. To prevent this, they are paid in bits until they complete the work.” 

Immigration challenges forcing artisans into hiding 

Despite their contributions to Nigeria’s construction sector, foreign artisans face significant hurdles, particularly with immigration policies. Many enter the country through ECOWAS free-movement agreements, but residency renewal fees have become a persistent challenge.

“Before, we paid N5,000 yearly for our permits, but now it has increased to N20,000. This is difficult for many of us, so some workers go into hiding to avoid the payment. I pay mine, but I know others who struggle to afford it,” John disclosed.

This increase in immigration costs has forced many skilled workers to constantly have issues with immigration picking them up even while on a sit hence affecting their work.

Personal accounts of subpar workmanship 

Olalekan Ogundare, a fashion designer based in Lagos, recounted his ordeal with a local plumber after moving into a new apartment.

“I got a new toilet seat, and the plumber who installed it did a poor job. Water was dripping from the connection between the WC and the pipe. He came to fix it three consecutive times, but the problem persisted,” Ogundare lamented.

Similarly, Mrs. Oyindamola shared her experience with a technician she hired to repair her front-loading washing machine.

“They always claim to be experts in their field, yet they can’t fix something properly the first time. He worked on the machine and tested it with a quick 15-minute cycle. After he left, I noticed the machine was taking in water but couldn’t drain it after a wash. I called him back; he said he would return but never did. Someone recommended another technician who discovered it was a wrong plumbing connection. He resolved it and fixed the filters,” she recounted.

Anna Njoku recalled her experience with a DStv agent who installed a satellite dish.

“I wanted a two-way connection so my son could watch from his room too. It worked for just that day. The installer said it was a wrong wire. I spent money to get the right wire, yet the same issue persisted. He came repeatedly, trying to fix it but couldn’t. I got tired and moved on. Now, my son watches only YouTube in his room,” she explained.

Discrimination in artisan skills 

Nkemakonam also highlighted the discrimination in the industry stating that while more developed countries prioritize skill acquisition over certificates, the reverse is the case in Nigeria.

“In Nigeria, lucrative jobs are given to degree holders with little or no hands-on experience, while skilled artisans are sidelined,” he said.

• He further lamented the inadequate number of technical schools in the country, despite the growing need for skilled workers.
• The architect also pointed to the increasing number of poorly built structures across the country, blaming it on the lack of practical skills among those in charge.
• Recalling an incident at a construction site, he explained that an iron bender was absent, leaving the degree-holding supervisors unable to manage the work properly.

“When the main bosses arrived, they questioned the supervisors, but they couldn’t even tell the difference between a 5mm and a 16mm rod. Yet, these supervisors are paid more than the iron benders and are assigned to oversee their work,” he said.

He noted that many artisans gain expertise through years of hands-on experience, even without formal education, emphasizing the need for a balance between technical education and practical skills in the industry.

Technical education reform 

Amid these concerns, the Nigerian government has taken steps to strengthen technical education.

Minister of Education, Dr. Moruf Olatunji Alausa, recently announced the conversion of Yaba College of Technology (YABATECH) into a university as part of a broader push to prioritize Technical and Vocational Education (TVE) and Science, Technology, Engineering, Mathematics, and Medical Sciences (STEMM).

“Nigeria’s economic future depends on building a skilled workforce in these critical fields,” Alausa stated, emphasizing the need to move away from the traditional focus on white-collar jobs.

• He also proposed expanding technical courses, launching online training programs with international certifications, and promoting skills in emerging fields like AI and machine learning.
• However, the move to convert polytechnics into universities has sparked opposition from the National Association of Polytechnic Students (NAPS). The association’s president, Eshiofune Oghayan, warned that such changes could undermine the hands-on, industry-focused training that polytechnics provide.

“We reject the proposed conversion of YABATECH into a university. Polytechnic institutions play a crucial role in bridging the gap between theoretical knowledge and industrial application,” Oghayan stated.

Instead, NAPS is advocating for a structured system that strengthens polytechnic education rather than phasing it out.

Need for regulation in Nigeria’s artisan sector 

In an interview with Nairametrics, Dr. Paul Alaje, an Economist, explained that one of the key issues affecting the artisan industry is the absence of a structured regulatory framework.

“The artisan industry operates without any structured oversight. If there were a regulatory system in place or even a middleman to ensure accountability, it would function more efficiently,” he said.

Dr. Paul suggested that while the government may not take direct control, state governments could collaborate with the private sector to establish a framework that ensures better organization and oversight.

He further emphasized the economic significance of the artisan sector, stating, “The artisan industry is actually larger than the entire banking sector, yet its contributions are not properly accounted for in economic indicators like GDP.” 

Rise in labour cost 

Dr. Paul further explained that the lack of a properly developed skillset in the artisan sector has contributed to rising labor costs.

“This gap in skilled labor makes services more expensive,” he said, citing examples of Lebanese workers who come to Nigeria and charge exorbitant fees for their expertise.

According to him, if Nigeria had a well-structured system for training and certifying artisans, it would reduce reliance on foreign labor and make skilled services more affordable.

He concluded that recognizing and integrating the sector into economic planning could bring significant benefits, including improved working conditions, better pay structures, and increased contributions to the national economy.

Prioritizing technical education, and regulating the artisan industry, could help address these challenges, ultimately driving economic growth and reducing unemployment.

[Nairametrics]

All officers recruited before the Pension Fund Administrators (PFA) establishment on June 30, 2004, including inspectors and rank-and-file staff, have been directed by the Nigerian Police authorities to submit their information.

Naija News understands that the impacted officers must submit their details to the administrative office of the Federal Capital Territory Police Command Headquarters in Abuja by Monday, February 24, 2025, per an urgent police wireless communication that SaharaReporters exclusively obtained on Sunday.

They are required to give the following details: serial number, name, gender, date of retirement, pension pin, PFA name, wage structure as of June 30, 2004, and their grade level and step as of 2004.

The memo reads, “Pension scheme X as matter of urgency X all officers X Inspectors X rank and file X enlisted before the PFA come in to existence on 30 June 2004 X down ward X to submit their details to admin office urgently X on or before Monday being 24/02/2025 unfailingly for onward to pension office FCT Police Command Headquarters Abuja X under the following heading X S/No X Name X Gender X Date of Retirement X Pension Pin X PFA Name X salary structure as at 30 June 2004 X grade level and step as at 2004 X You’re further warned to make sure that all information provided are correct or you have yourself to be blame X above for your strict compliance.”

Naija News recalls that in early February, President Bola Tinubu acknowledged that Nigerian police officers’ existing salaries are inadequate given the nation’s economic circumstances and promised to rectify the inadequacy of the pension system for them.

At a recent interactive session with retired police officers and Nigeria Police Pensions stakeholders at the Police Resource Centre in Jabi, Abuja, Inspector-General of Police (IGP), Kayode Adeolu Egbetokun made this news.

According to the police head, President Tinubu has received a fresh proposal to improve the force’s pension scheme.

According to Egbetokun, Tinubu concurred at a recent meeting that the nation’s retired police officers should receive higher compensation.

The IGP added that in order to improve the welfare of its employees, the force has asked the government for an annual intervention sum.

Human rights advocate Omoyele Sowore reaffirmed his opposition to oppression on January 30 by participating in the ‘Egbetokun Must Go’ demonstration at the Federal High Court in Abuja.

This came after his release on ₦10 million bond, which included surrendering his passport and one surety of the same sum. They said he called Egbetokun the ‘illegal IGP’.

The Minister of State for Housing, Yusuf Abdullahi Atta, has cautioned the National Chairman of the All Progressives Congress, APC, Dr Umar Abdullahi Ganduje against any attempts to allow the current Chairman of the APC in Kano to continue in office for a fourth term.

The Minister was quoted to have warned that any attempt to gives the current Chairman of the APC, Abdullahi Abbas another chance, would lead to serious crises in the party.

The Minister issued the threats at a caucus meeting in Fagge Local Government Area of Kano, on Saturday.

The Minister said, “we will not take it lightly with anybody trying to return Abdullahi Abbas to office after the expiration of his tenure, because it violates the constitution of the party”.

“We would not accept the Chairman, Abdullahi Abbas to be imposed on us for the fourth term, this will surely result in us decamping immediately from the party”, he threatened.

“We are saying loud and clear, I swear if Abdullahi Abbas is given another chance all of us will decamp from the party and APC will crash and lose 2027, this is my message to anybody who cares to listen”.

Yusuf Atta alleged that the arrogant and misguided disposition of Abdullahi Abbas as state Chairman is among the many negative tendencies that crippled and made the party to lost power in 2023.

“And up till today, the same person has not changed, therefore we are strongly warning that in any case and anyhow Abdullahi Abbas is given another chance everyone should consider the Party losing 2027.

” We were given good training by our parents and we know who God is, we never dare him but this man doesnt know that, therefore with him as Chairman APC is a foregone party in Kano.”

Atta said in 2023, APC won the governorship contest with Gawuna and Sule Garo as candidate and deputy but that Anti God remarks of Abdullahi Abbas truncated their victory.

There are reports that the National Chairman of the APC, Abdullahi Ganduje is planning on reimposing Abdullahi Abbas to continue as the state chairman of the party for the fourth term.

[DailyPost]

The Osun State Independent Electoral Commission (OSIEC) on Sunday presented Certificates of Return to elected chairmen across the state, following the controversial local government election held on Saturday.

Despite warnings from the Federal Government and the Inspector General of Police (IGP) against conducting the polls, OSIEC proceeded with the exercise.

In a video announcement on Saturday night, OSIEC Chairman declared that all seats were won by candidates of the Peoples Democratic Party (PDP).

Confirming the development in a statement, OSIEC’s Information Officer, Sadiat Isiaka, said the commission officially presented Certificates of Return to the newly elected chairmen.

She said: “The OSSIEC Chairman congratulated the elected chairmen on their victory, just as he urged them to be good ambassadors of democracy both in conduct and service to the people.”

The swearing ceremony will be conducted for the newly elected executives at the Osun State Government House, Oke-Fia, Osogbo. 

[TheNation]

Feyenoord Rotterdam has confirmed the appointment of Robin van Persie as the club’s new head coach, marking the beginning of a new era for the Eredivisie side.

“The next chapter starts here. Robin van Persie, welcome home again,” the club said in an official statement released on Sunday.

Transfer expert Fabrizio Romano reported that the former Netherlands international and Feyenoord legend has signed a contract keeping him at the club until June 2027.

Van Persie, who enjoyed a glittering playing career at clubs such as Feyenoord, Arsenal, and Manchester United, now takes on the managerial role at De Kuip, embarking on a new phase in his football journey.

Romano also confirmed the appointment last Friday via a post on X (formerly Twitter), revealing that Van Persie will be joined by René Hake as part of his coaching team.

“Robin van Persie signs today as Feyenoord’s new head coach until June 2027. Former Erik ten Hag assistant René Hake will join his staff too,” Romano wrote.

Hake previously worked as an assistant to Manchester United manager Erik ten Hag and brings valuable experience to Van Persie’s backroom staff.

[Punch]

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria (CBN) “over the failure to reverse the patently unlawful, unfair, unreasonable and unjust increase in Automated Teller Machine (ATM) transaction fees.”

The CBN recently announced that ATM withdrawals made at a machine owned by a bank but outside its branch premises will now attract a charge of N100 per N20,000 withdrawn. ATM withdrawals at shopping centres, airports or standalone cash points, will incur a N100 fee plus a surcharge of up to N500 per N20,000 withdrawal.

In the suit number FHC/L/CS/344/2025 filed last Friday at the Federal High Court, Lagos, SERAP is asking the court to determine “whether the decision by the CBN to increase ATM transaction fees is not arbitrary, unfair, unreasonable, and contrary to the provisions of the Federal Competition and Consumer Protection Act 2018.”

SERAP is asking the court for “a declaration that the decision by the CBN to increase ATM transaction fees is arbitrary, unfair, unreasonable and contrary to the provisions of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018, which is binding on the CBN.”

SERAP is seeking “an order of interim injunction restraining the CBN, its officers, agents, associates or any other persons acting on its directive or instructions from enforcing and giving effect to the decision, pending the hearing and determination of the motion on notice for an order of interlocutory injunction filed in this suit.”

In the suit, SERAP is arguing that: “The increase cannot be justified under the Nigerian Constitution 1999 [as amended], the CBN Act, Federal Competition and Consumer Protection Act, and the country’s international human rights obligations.”

SERAP is also arguing that, “The increase creates a two-tiered financial system that discriminates against poor Nigerians who may not be able to afford or pay the increased ATM fees.”

According to SERAP, “The patently unlawful, unfair, unreasonable and unjust increase in ATM transaction fees also inherently contributes to violations of the human rights of socially and economically Nigerians.”

The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Andrew Nwankwo, read in part: “The CBN is compromising its stated mission to advance the management of the country’s economy, and ultimately, sustainable development.”

“The CBN is also failing to comply with the Nigerian Constitution, the Federal Competition and Consumer Protection Act and the country’s international human rights obligations in the exercise of its statutory powers and functions.”

“The increase in ATM transaction fees ought to have been shouldered by wealthy banks and their shareholders, not the general public.”

“CBN policies should not be skewed against poor Nigerians and heavily in favour of banks that continue to declare trillions of naira in profits mostly at the expense of their customers. The increase in ATM transaction fees would inflict misery on poor Nigerians and contribute to human rights abuses.”

“Imposing exorbitant ATM transaction fees on socially and economically vulnerable Nigerians at a time several Nigerian banks are declaring trillions of naira in profits yearly is manifestly unfair, unreasonable and unjust.”

“The CBN through a Circular to all banks and other financial institutions dated February 10 2025 stated that it has reviewed and increased the ATM transaction fees prescribed in section 10(7) of the CBN Guide to Charges by Bank, Other Financial and Non-Bank Financial Institutions 2020.”

“Section 1(c)(d) of the Federal Competition and Consumer Protection Act, 2018 provides that the objectives of the Act are to ‘protect and promote the interests and welfare of consumers’ and ‘prohibit restrictive or unfair business practices’ such as the exorbitant and unreasonable increase in ATM transaction fees by the CBN.”

“The provisions of the Federal Competition and Consumer Protection Act are directly binding on the CBN, as the provisions constrain the exercise of the statutory powers and functions of the institution.”

“Section 2(1) of the Act provides that its provisions ‘apply to all undertakings [such as the CBN] and scope of application to all commercial activities within Nigeria.”

“Section 2(2) provides that: ‘This Act is binding upon- (a) a body corporate or agency of the Government; (b) a body corporate; (c) all commercial activities aimed at making profit and geared towards the satisfaction of demand from the public.’”

“According to section 70(1) of the Act, ‘For the purpose of this Act, an undertaking [such as the CBN] is considered to be in a dominant position if it is able to act without taking account of the reaction of its customers or consumers.’”

“The Act prohibits abuse of dominant position by the CBN including charging excessive ATM transaction fees to the detriment of consumers.”

“Section 104 of the of the Act asserts the supremacy of the Act over ‘the provisions of any other law’, such as the CBN Act. The only exception to the provision is the Nigerian Constitution 1999 [as amended].”

“Section 127(1) of the Act also prohibits the CBN from making any policy or providing “any services at a price that is manifestly unfair, unreasonable or unjust.”

SERAP is therefore asking the court for the following reliefs:

A DECLARATION that the decision by the Defendant in upwardly reviewing and increasing ATM Transaction Fees, as contained in the Defendant’s circular dated 10th February 2025 is arbitrary, unfair, unreasonable, unjust and a dis-service to the consumers of the services rendered by Banks, Other Financial and Non-Bank Financial Institutions in Nigeria, and ultimately in breach of sections 1(c) and (d), 104, 105 and 127(1) of the Federal Competition and Consumer Protection Act 2018.

A DECLARATION that by the combined provisions of section 1 (c) and (d), 104, 105 and 127 (1) of the Federal Competition and Consumer Protection Act 2018, section 42(1) (a) of the Central Bank of Nigeria Act 2007 and section 10.7 of the Central Bank of Nigeria Guide to Charges by Banks, Other Financial and Non-Bank Financial Institution 2020, the Defendant cannot unilaterally increase ATM Transaction Fees without the consent of the Federal Competition and Consumer Protection Commission (FCCPC).

AN ORDER setting aside the Defendant’s circular dated 10th February 2025 and published on 11th February 2025, with reference number FPR/DIR/GEN/CIR/001/002, directed to all Banks and Other Financial Institutions for being arbitrary, unfair, unreasonable, unjust and a breach of the provisions of sections 1 (c) and (d), 104 and 127 (1) of the Federal Competition and Consumer Protection Act 2018.

AN ORDER restraining the Defendant, including its agents, assigns, privies and or representatives or such other persons acting on its behalf, and all Banks, Other Financial and Non-Bank Financial Institutions in Nigeria from implementing and/or enforcing the decision of the Defendant.

AND FOR SUCH FURTHER ORDER(S) that the Honourable Court may deem fit to make in the circumstance of this suit.

No date has been fixed for the hearing of the interim application and the substantive suit.

 [Vanguard]