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Published On: Wed, Jan 31st, 2018

Senate summons CBN, bank MDs over arbitrary charges

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CBN Governor, Godwin Emefiele

CBN Governor, Godwin Emefiele

By Christiana Ekpa and Ikechukwu Okaforadi

Senate yesterday summoned the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, as well as the Managing Director of the commercial banks in the country over the reported excess, illegal and arbitrary charges imposed on customers.
This was just as the upper Chamber also urged the federal government to proactively protect customer’s rights, eradicate short payments of interest and end the culture of excess and arbitrary bank charges, adding that if the steps is taken, it will reposition the bank to avert future reoccurrence;
This followed a Motion sponsored by Senator Magnus Abe on the urgent need to investigate, regularise and amend conflicting, vague and unjust remedies which the CBN offers to victims of excess and arbitrary bank Charges and illegal deductions by commercial banks.
Senator Abe noted that over the years, commercial Banks in Nigeria had indulged in sharp practices of overcharging customers arbitrarily and excessively contrary to tariff stipulations, credit and monetary guidelines issued from time to time by the Central Bank of Nigeria.
Also contributing, Senator Dino Melaye, called on the Senate to carry out a holistic investigation through a public hearing in a bid to eradicate the illegality by commercial banks.
He said: “For instance, customers incur a lot of charges which are not imbedded in the terms and conditions of loan facilities. We see some deductions as too little that we pay less attention to those arbitrary hidden charges. How many Nigerians probe these arbitrary charges, but banks keep collecting them to their advantage.”
Deputy Senate leader, Bala Ibn Na’Allah, while contributing to the motion, said the senate has a responsibility to intervene and take needed action
President of the Senate, Bukola Saraki who thank the movers of the motion said the senate will get to the bottom of the matter in a bid to ensure that due process is followed to the latter.

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