By Gift Chapi-Odekina, Abuja
The House of Representatives has summoned the Central Bank of Nigeria (CBN) and major commercial banks to explain the rising wave of arbitrary and unexplained deductions from customers’ accounts across the country.
This followed the adoption of a motion of urgent national importance moved by Hon. Tolani Shagaya (APC, Kwara) during plenary on Tuesday.
Shagaya expressed concern over what he described as “incessant, arbitrary, and unexplained charges” imposed by banks despite existing CBN guidelines regulating financial service fees.
He noted that while banks are expected to provide essential services at fair and transparent costs, many customers continue to experience multiple deductions — including SMS alert fees, card and account maintenance charges, transfer fees, stamp duties, and other unexplained debits — some of which are duplicated or unjustified.
“These exploitative practices disproportionately affect businesses, low-income earners, students, and vulnerable groups already struggling amid harsh economic realities,” Shagaya said. “If not urgently investigated and addressed, they will continue to erode public trust in the banking system and undermine financial inclusion efforts.”
Adopting the motion, the House directed the CBN to publish a simplified list of approved bank charges and impose strict sanctions on banks violating its regulations.
Lawmakers further urged the apex bank to establish an accessible and efficient complaints redress mechanism for customers affected by illegal or excessive charges.
The House also mandated the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to embark on nationwide consumer education campaigns to enlighten Nigerians about their rights regarding bank fees.
The Committees on Banking Regulations and Banking Institutions were tasked with conducting a comprehensive investigation and reporting back within four weeks for further legislative action.
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