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COMMERCIAL BANKS: Senate To Probe Arbitrary Charges

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The Senate has mandated its Committee on banking to probe alleged arbitrary charges and illegal deductions by commercial banks in the country. This followed the adoption of a motion by Magnus Abe and 22 others.

The motion is entitled “Urgent Need to Investigate, Regularise and Amend Conflicting, Vague and Unjust Remedies which the Central Bank of Nigeria, CBN Offers to Victims of Excess and Arbitrary Bank Charges and Illegal Deductions by Commercial Banks.

Moving the motion, Abe said that over the years, commercial banks indulged in sharp practices of overcharging customers arbitrarily, contrary to tariff stipulations, credit and monetary guidelines. He said that some CBN rules tailored toward discouraging sharp practices by the commercial banks were conflicting, vague and unjust.

According to him, the CBN reported that it recovered about 2.6 billion naira from depositors’ funds in some commercial banks as excess charges imposed on their customers in 2015.

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