By Muhammad Mamman
The House of Representatives has summoned the chief executives of all commercial banks operating in Nigeria over mounting allegations of arbitrary and illegal charges on customers’ accounts.
The resolution was passed during Tuesday’s plenary following the adoption of a motion raising concerns about unexplained deductions, excessive fees and non-transparent practices that have reportedly become widespread across the banking sector.
Lawmakers expressed worry that millions of Nigerians are being subjected to unlawful charges ranging from maintenance fees and stamp duties to electronic transaction costs that either lack clear justification or contradict existing regulations issued by the Central Bank of Nigeria (CBN).
Presenting the motion, members argued that several complaints submitted to the House Committee on Banking and Currency reveal a pattern of over-charging that not only erodes public trust in the financial system but also deepens the economic hardship facing citizens.
The House consequently directed the committee to invite the CEOs of all deposit money banks to appear before it and provide detailed explanations on the nature of the charges, compliance with banking guidelines, and steps being taken to protect customers from exploitation.
Lawmakers also mandated the committee to work closely with the CBN, the Federal Competition and Consumer Protection Commission (FCCPC), and other regulatory bodies to investigate the issue thoroughly and recommend punitive measures where necessary.
The committee is expected to report back to the House within a stipulated timeframe, as the lower chamber promised to ensure that the rights of Nigerian banking customers are safeguarded and that any identified abuses are addressed decisively.
