Reps summon CBN gov, bank CEOs over excessive charges

The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, alongside chief executives of major commercial banks, to explain the growing concerns over arbitrary deductions and multiple bank charges imposed on customers across the country.

The decision followed a motion moved by Muktar Shagaya, member representing Ilorin West/Asa Federal Constituency, during Tuesday’s plenary session. Shagaya accused banks of levying “multiple and unjustified charges” on customers in violation of CBN’s existing guidelines.

He listed recurring deductions such as SMS alert fees, card maintenance charges, interbank transfer fees, and account upkeep levies—many of which, he said, were duplicated or lacked clear justification.

“These practices have continued to erode public confidence in the banking system and hinder financial inclusion,” Shagaya warned, adding that Nigerians deserve fairness and transparency in the financial sector.

Adopting the motion, the House directed its Committee on Banking Regulations to conduct an investigative hearing within four weeks. The committee is mandated to summon Cardoso and the affected bank executives to account for the deductions and propose solutions to protect consumers.

Lawmakers further urged the CBN to publish a simplified, public-friendly list of all approved bank charges and to sanction any financial institution found in violation of the rules.

Additionally, the House instructed the Federal Competition and Consumer Protection Commission (FCCPC) to launch a nationwide sensitisation campaign to educate customers about their rights and available channels for redress against unfair banking practices.

The resolution comes amid rising public discontent over Nigeria’s harsh economic realities, marked by soaring inflation—now above 30 percent—and the continued depreciation of the naira against major global currencies.