Reps summon CBN Governor over arbitrary, excessive bank charges

By Christiana Ekpa

The House of Representatives on Tuesday summoned the Central Bank of Nigeria (CBN), Governor, Olayemi Cardoso, over alleged arbitrary and excessive charges imposed on customers by commercial banks across the country.
The House resolution followed the adoption of a motion sponsored by Hon. Muktar Shagaya (Ilorin West/Asa Federal Constituency) during plenary yesterday.
Moving the motion, Shagaya expressed concern over rising complaints from bank customers regarding incessant and unexplained deductions from their accounts, despite existing CBN guidelines regulating bank tariffs.
He noted that many Nigerians continue to face multiple charges such as SMS alert fees, card maintenance fees, account maintenance charges, interbank transfer levies, stamp duties, and other unexplained deductions—some of which are duplicated or unaccounted for.
“While banks are expected to provide financial services at fair costs, many customers have repeatedly experienced multiple and unjustified charges, despite CBN regulations meant to curb such practices,” Shagaya said.
The lawmaker warned that the continued exploitation of customers could erode public trust in the banking system, increase financial exclusion, and undermine the CBN’s financial inclusion objectives.
Adopting the motion, the House urged the CBN to publish a comprehensive and simplified list of approved bank charges and ensure strict enforcement of penalties against defaulting banks.
It also called on the apex bank to establish an accessible and efficient complaints redress mechanism for customers affected by illegal or excessive deductions.
In addition, the House directed the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to embark on a nationwide awareness campaign to educate customers about their rights regarding bank charges.
The lawmakers further mandated the Committee on Banking Regulations to invite the CBN Governor and chief executives of major commercial banks to an investigative hearing and report back within four weeks for further legislative action.