Reps Summon CBN Governor, Bank Chiefs Over Arbitrary Charges

The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, along with chief executives of major commercial banks, to explain the growing outcry over arbitrary deductions and multiple charges imposed on customers across the country.

The decision followed a motion raised during Tuesday’s plenary by Hon. Muktar Shagaya, representing Ilorin West/Asa Federal Constituency, who accused banks of levying “unjustified and multiple charges” on customers in breach of CBN regulations.

Shagaya listed several recurring deductions, including SMS alert fees, card maintenance charges, interbank transfer costs, and account upkeep levies, describing many as “duplicate and unexplained.”

He cautioned that the continuous exploitation of customers was eroding public confidence in the banking system and hindering the Federal Government’s drive for financial inclusion.

“Banks are expected to deliver transparent and fair services, yet the experiences of many Nigerians reveal a troubling pattern of exploitation,” Shagaya said.

Following deliberations, the House resolved to mandate its Committee on Banking Regulations to conduct an investigative hearing within four weeks. The committee is to summon Cardoso and bank executives to justify the charges and recommend measures to protect consumers.

Lawmakers also directed the CBN to publish a comprehensive and simplified list of approved bank charges for public awareness and to sanction any financial institution found violating established rules.

In addition, the Federal Competition and Consumer Protection Commission (FCCPC) was tasked with launching a nationwide sensitisation campaign to educate customers on their rights and available channels for lodging complaints against unfair banking practices.

The lawmakers’ action comes amid mounting frustration among Nigerians over worsening economic conditions, with inflation exceeding 30 per cent and the naira continuing to weaken against major global currencies.