The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, to explain the rising incidence of arbitrary and excessive charges imposed by commercial banks on their customers across the country.
The resolution followed a motion sponsored by Hon. Muktar Shagaya, representing Ilorin West/Asa Federal Constituency, during plenary on Tuesday.
Presenting the motion, Shagaya expressed concern over the growing complaints from Nigerians about recurring and unexplained deductions from their bank accounts, despite existing CBN guidelines meant to regulate such charges.
He noted that customers are burdened with multiple fees, including charges for SMS alerts, card maintenance, account upkeep, interbank transfers, and stamp duties—some of which are duplicated or unjustified.
"Although banks are expected to provide financial services at fair and transparent costs, many customers continue to face repeated deductions in clear violation of CBN regulations," Shagaya stated.
The lawmaker warned that unchecked exploitation of customers could erode public trust in the banking system, discourage financial inclusion, and undermine the apex bank's broader goals of expanding access to financial services.
Read also
Consequently, the House urged the CBN to publish a comprehensive, user-friendly list of all officially approved bank charges and to strictly sanction banks found violating the rules.
Lawmakers also directed the CBN to establish a transparent and efficient mechanism for resolving customer complaints regarding illegal or excessive charges.
In addition, the House mandated the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to embark on a nationwide awareness campaign to educate consumers on their rights concerning bank fees.
The Committee on Banking Regulations was further instructed to summon the CBN Governor and heads of major commercial banks for an investigative hearing and to submit its report within four weeks for further legislative action.
