The House of Representatives has summoned the Central Bank of Nigeria (CBN) and top commercial banks to explain the growing incidents of arbitrary and unexplained deductions from customers’ accounts nationwide.
The decision followed a motion of urgent national importance raised by Hon. Tolani Shagaya (APC, Kwara) during Tuesday’s plenary session.
Shagaya expressed worry over what he described as “persistent, arbitrary, and unexplained charges” imposed by banks despite the CBN’s existing guidelines on service fees.
He lamented that, rather than offering transparent and fair banking services, many financial institutions continue to impose multiple deductions — including SMS alert fees, card and account maintenance charges, transfer fees, stamp duties, and other unjustified debits — some of which are duplicated.
“These exploitative practices disproportionately affect businesses, low-income earners, students, and other vulnerable Nigerians already struggling under tough economic conditions,” Shagaya stated. “If not urgently addressed, they will further weaken public trust in the banking sector and hinder financial inclusion.”
Following the debate, the House directed the CBN to publish a simplified and accessible list of approved bank charges and to impose strict penalties on defaulting banks.
Lawmakers also urged the apex bank to create an efficient and user-friendly complaints redress system for customers affected by illegal deductions.
Additionally, the House mandated the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to launch a nationwide awareness campaign to educate Nigerians about their rights on bank charges.
The Committees on Banking Regulations and Banking Institutions were instructed to carry out a thorough investigation and present their findings within four weeks for further legislative action.
