Senate Invites CBN, Commercial Bank Executives, Over Excessive Bank Charges
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The Senate has invited the governor of Central Bank of Nigeria and MD’s of Commercial Bank for an investigative hearing on alleged excess, illegal and arbitrary bank charges imposed on bank customers.
This followed a Motion moved by Sen Magnus Abe who called for an urgent need to investigate, regularize and amend conflicting, vague and unjust remedies which the central Bank of Nigeria offers to victims of excess and arbitrary bank Charges and illegal deductions by commercial banks.
Leading the motion on Tuesday during plenery session, Sen Abe noted that over the years, commercial Banks in Nigeria have indulged in sharp practices of overcharging customers arbitrarily and excessively contrary to tariff stipulations.
National Assembly correspondent Folashade Abdulsalami reports that the Lawmaker further stressed that the commercial banks still goes against the act that established it despite issuance of credit and monetary guidelines from time to time by the Central Bank of Nigeria.
Sen. Magnus Abe
Rivers South-East, APC
However in the contributions of other Senator on the motion advocated for a holistic investigation to be carried out through a public hearing in a bid to eradicate the illegality by commercial banks noting that the senate has a responsibility to intervene and take needed action.
The Senate consequently urged the federal government to proactively protect customers right, eradicate short payments of interests and end the culture of excess and Arbitrary bank charges.
Sen. Dino Melaye
Kogi West,APC
Sen. Bala Ibn Na’Allah
Deputy Senate Leader
President of the Senate, Bukola Saraki therefore assured of the senate getting to the bottom of the matter in a bid to ensure that due process is followed to the latter.
SP, Sen. Bukola Saraki.
The lawmakers further submitted that if the trend is allowed to continue unabated, Nigerian would be worse for it, while the commercial banks will continue to declare huge profits at the expense of innocent Nigerians.
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