The House of Representatives has taken a decisive step to investigate the widespread practice of excessive charges and illegal deductions by commercial banks in Nigeria.
During the plenary session on Tuesday, a motion was moved by Godwin Offiono, highlighting the hardships faced by customers due to the arbitrary charges and exorbitant interest rates imposed by commercial banks.
Offiono pointed out that these practices violate the guidelines set forth by the Central Bank of Nigeria and the Chartered Institute of Bankers of Nigeria (CIBN).
He expressed concern over various issues, including the incorrect application of maintenance fees, banks overcharging for maintenance fees, inclusion of transactions exempted from maintenance charges, loan liquidation, and bank-induced transactions.
As a result, the lawmakers unanimously resolved to empower the Committee on Banking and Currency, once constituted, to investigate the matter thoroughly.
The committee has been given a timeframe of four weeks to complete the investigation and provide a report for further action.
Additionally, the House mandated the Committee on Legislative Compliance, once constituted, to ensure the implementation of the investigation’s findings.
This proactive move by the House of Representatives aims to address the persistent problem of excessive charges and illegal deductions by commercial banks, which have caused financial hardships for customers.
The investigation will bring transparency to these banking practices and pave the way for necessary reforms to protect the rights and interests of bank customers across the country.