Philip Nyam 
The House of Representatives on Tuesday summoned Central Bank of Nigeria (CBN) Governor Olayemi Cardoso over alleged arbitrary and excessive charges imposed on customers by commercial banks across the country.
The move followed the unanimous adoption of a motion sponsored by Muktar Shagaya (IAPC, Kwara).
The House also urged the CBN to establish an accessible and efficient complaints redress mechanism for customers affected by illegal or excessive deductions. Additionally, lawmakers directed the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to embark on a nationwide campaign to educate Nigerians on their rights regarding bank charges.
The Committee on Banking Regulations was mandated to invite the CBN governor and chief executives of major commercial banks for an investigative hearing, with a report due within four weeks for further legislative action.
Presenting the motion, Shagaya highlighted growing complaints from bank customers over incessant and unexplained deductions, despite existing CBN guidelines regulating bank tariffs.
He cited multiple charges faced by Nigerians, including SMS alert fees, card maintenance fees, account maintenance charges, interbank transfer levies, stamp duties, and other unexplained deductions, some of which are duplicated or unaccounted for.
“While banks are expected to provide financial services at fair costs, many customers have repeatedly experienced multiple and unjustified charges, despite CBN regulations meant to curb such practices,” Shagaya said.
The lawmaker warned that continued exploitation of customers could erode public trust in the banking system, increase financial exclusion, and undermine the CBN’s financial inclusion objectives.
The House urged the CBN to publish a comprehensive and simplified list of approved bank charges and enforce strict penalties against banks that violate the regulations.
