The House of Representatives has summoned Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and the chief executives of major commercial banks to appear before its committees, following widespread public outcry over arbitrary and excessive deductions from customer accounts.
The directive, issued during Tuesday's plenary session, mandates an investigative hearing to probe these practices, which lawmakers say violate existing CBN guidelines and exacerbate economic hardships for ordinary Nigerians.
The summons stems from a motion of urgent public importance titled "Need to Curb Arbitrary Bank Charges and Protect Nigerian Customers," sponsored by Hon. Tolani Shagaya (APC, Kwara), representing the Ilorin West/Asa Federal Constituency.
Shagaya, in presenting the motion, decried the "incessant and unexplained" fees imposed by banks, including SMS alert charges, card maintenance fees, account maintenance levies, interbank transfer costs, stamp duties, and duplicated or unaccounted debits—many of which contravene CBN's tariff regulations.
"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 stated, emphasizing the disproportionate impact on low-income earners, students, and small businesses amid Nigeria's economic challenges.
He warned that these unchecked deductions erode public trust in the financial system and undermine efforts toward financial inclusion.
The House unanimously adopted the motion, directing its Committees on Banking Regulations and Banking Institutions to convene the hearing and submit a report within four weeks for further legislative action.
In addition, lawmakers urged the CBN to immediately publish a simplified, comprehensive list of approved bank charges to enhance transparency and consumer awareness, while imposing strict penalties on non-compliant institutions.
They also called for the establishment of an accessible, efficient complaints redress mechanism for affected customers and tasked the Federal Competition and Consumer Protection Commission (FCCPC) with nationwide sensitization campaigns on consumer rights.
This probe echoes prior legislative concerns, including a 2023 motion by Hon. Godwin Offiono decrying "excess charges and illegal deductions" and recent scrutiny of ATM withdrawal fees exceeding CBN limits.
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