The Senate has once again revisited the recurring issue of illegal, arbitrary and excess charges of bank customers in the country.
This followed a motion by Senator Magnus Abe (APC, Rivers South-East) at plenary on Tuesday.
Sen. Abe’s motion, “Urgent need to investigate, regularise 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” was supported by 22 other senators.
Arguing the motion, Sen. Abe said: “The Senate notes that over the years, commercial banks in Nigeria have indulged in sharp practices of overcharging customers/depositors arbitrarily and excessively, contrary to tariff stipulations, credit and monetary guidelines issued from time to time by the Central Bank of Nigeria.”
The Senate subsequently summoned the CBN Governor, Godwin Emefiele; his officials, forensic auditors, Managing Directors of banks and Bankers Committee to give detailed accounts of why such issues were on.
The Senate equally mandated the Committee on Banking, Insurance and other Financial Institutions, led by Senator Rafiu Adebayo Ibrahim (APC, Kwara South) to organise a public hearing for the purpose of harmonising and amending laws, rules and guidelines that do not adequately protect the customers and give them substantial remedy when overcharged.
The Senate also charged the government to step up efforts to eradicate the culture of arbitrary charges by banks through protection of customer’s rights and eradication of short payments of interest.
While commending Abe for the motion, Senate President Bukola Saraki said it was necessary to ensure customers were not unjustly and excessively charged, especially in the present dire economic situation in the country.