Senate to Probe CBN, Commercial Banks over Illegal Charges, Deductions

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BY OBUTE JAMES

The Nigerian Senate on Tuesday January 30, 2018 resolved to conduct an investigation into the spate of illegal charges and deductions from accounts of their customers by Deposit Money Banks.

The resolution followed the adoption of a motion moved by Senator Magnus Abe and 22 others, entitled, ‘Urgent Need to Investigate, Regularise and Amend Conflicting, Vague and Unjust Remedies, which the Central Bank of Nigeria Offers to Victims of Excessive and Arbitrary Bank Charges and Illegal Deductions by Commercial Banks.’

One of the prayers of the motion, which was passed unanimously by the lawmakers, was to urge the government to “pro-actively protect customers’ rights, eradicate short payment of interests and end the culture of excess and arbitrary bank charges; these steps if taken, will reposition the banks to avert future re-occurrence.”

The lawmakers also revolved to direct the Senate Committee on Banking, Insurance and Other Financial Institutions to conduct a public hearing and invite the Governor of the Central Bank of Nigeria, Godwin Emefiele, his officials and other stakeholders, such as forensic auditors, managing directors of commercial banks and the Bankers’ Committee.

The public hearing, they resolved, would be aimed at “harmonising and amending these laws, rules and guidelines that do not adequately protect the customers and give them substantial remedy when overcharged.”

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