Senate to drill CBN Governor, others, over exorbitant bank charges

The Nigerian Senate, has resolved to investigate and amend the excess and arbitrary charges incurred by customers of banks across the nation.

 

This was sequel to a motion sponsored at the floor of the Senate on Tuesday, by Senator Magnus Abe (Rivers South East).

Consequently, the Senate urged the federal government to proactively protect customers rights and also eradicate short payments of interests.

The Senate also frowned at the culture of excess and arbitrary bank charges and urged the federal government to urgently wade in the big stick on some commercial banks.

To this end, the Senate directed its committee on Banking and Finance to conduct a public hearing on the issue of exorbitant bank charges.

It further resolved to invited the Governor of the Central Bank of Nigeria (CBN), his officials and other stakeholders like forensic auditors and managing directors of commercial banks in order to harmonize the laws of the nation to end the practice of vague, unjust and arbitrary bank charges.

Speaking on the resolution, the President of the Senate, Dr. Abubakar Bukola Saraki, commented the motion, stating that it was coming at an important time.

“I commend this very important Motion particularly at this difficult time when every Naira is important,” the President of the Senate said, “We must be seen to defend the interest of Nigerians who don’t have the voice to defend themselves.

“Again, the issue here is to get to the bottom of what the laws and guidelines are, and we should show that they are in-line with our laws and we have the powers to make such pronouncements,” Saraki said.