THE House of Representatives has launched a probe into what it described as rampant and unjustified deductions from the accounts of Nigerian bank customers, summoning the Central Bank of Nigeria (CBN) and leading commercial banks to appear before it for explanations.
News Point Nigeria reports that the resolution followed the adoption of a motion raised by Hon. Tolani Shagaya (APC, Kwara) during Tuesday’s plenary, where lawmakers unanimously condemned what they termed “incessant, arbitrary, and unexplained charges” being imposed on customers despite clear CBN regulations governing bank fees.
Shagaya, in his presentation, said the House had been inundated with complaints from Nigerians who continue to suffer various unauthorized or duplicated deductions from their bank accounts under labels such as SMS alert charges, card maintenance fees, account maintenance fees, interbank transfer commissions, stamp duties, and other mysterious debits.
He lamented that many of these charges not only violate existing CBN guidelines but are often applied inconsistently and without transparency, causing significant hardship to millions of bank users.
“Banks are supposed to offer essential financial services at fair and regulated costs. However, the reality today is that customers are being subjected to multiple, confusing, and sometimes duplicated deductions that defy logic and regulation,” Shagaya said.
“These exploitative practices disproportionately affect small businesses, low-income earners, students, and vulnerable citizens who are already battling the harsh economic climate. If unchecked, this will erode public trust in our financial system and defeat the very goal of financial inclusion,” he warned.
The lawmaker expressed concern that despite several CBN circulars outlining approved bank tariffs, many financial institutions continue to ignore the rules, knowing that enforcement is weak and customer awareness is low.
Following intense deliberations, the House resolved to summon the CBN and chief executives of commercial banks operating in Nigeria to appear before its Committee on Banking Regulations and Banking Institutions. The committee is to investigate the nature, legality, and frequency of these deductions and report back within four weeks for further legislative action.
The House also urged the CBN to: Publish a comprehensive and simplified list of all approved bank charges to improve transparency;
Enforce strict sanctions against banks violating tariff guidelines; and establish an efficient and accessible complaints redress system for customers aggrieved by illegal or excessive deductions.
In addition, the lawmakers called on the Federal Competition and Consumer Protection Commission (FCCPC) and other relevant agencies to embark on a nationwide consumer education campaign to enlighten bank customers about their rights and the procedures for challenging unlawful fees.
The motion reflects growing public frustration with Nigeria’s banking sector, where hidden and unapproved deductions have become a major source of consumer anger and social media backlash.
