Senate Moves To Investigate Outrageous Bank Charges

Senate Moves To Investigate Outrageous Bank Charges

The Upper Chamber on Tuesday mandated its Committee on Banking to probe alleged arbitrary charges and deductions by commercial banks in the country. The committee is to probe the CBN and commercial banks’ operational charges with a view verifying the allegations and finding an enduring solution to it. This followed a motion moved by Santor Magnus Abe (PDP-Rivers South East).

The motion, titled “Urgent need to investigate, regularise and amend conflicting, vague and unjust remedies which the CBN offers to victims of excess and arbitrary bank charges and illegal deductions by commercial banks”, had 22 other senators as co-sponsors. Abe argued that commercial banks have taken advantage of their customers by over-charging them, arbitrarily and excessively charging them. These acts, he said, are contrary to tariff stipulations, credit and monetary guidelines issued by the CBN.

He said: “If this trend is allowed to continue unabated, Nigerians will be worse of for it, while the commercial banks will continue to declare huge profits at the expense of innocent Nigerians from regular depositors to business firms.” As part of the process, the governor of the Central Bank of Nigeria, Godwin Emefiele, managing directors of commercial banks, forensic auditors and Bankers’ Committee have been sent summons to appear before the lawmakers.

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