Arbitrary charges and illegal deductions to be a thing of the past , Senate summons CBN Governor and bank MDs

The senate has summoned CBN governor, Godwin Emefiele, his officials, forensic auditors, Managing Directors of banks and Bankers Committee to shed light on the issue of arbitrary deductions from customer's accounts.The legislative arm has  commissioned the Banking, Insurance and other Financial Institutions Committee, led by Senator Rafiu Adebayo Ibrahim to organize a public hearing for the purpose of harmonizing and changing laws, rules and guidelines that are not sufficient protect customers and give them a rigid remedy when overcharged.

The senate took the above resolutions following a bill sponsored by Senator Magnus Abe and supported by 22 other senators. Senator Abe said:

“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.
“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.”

Commenting on the bill, senate president Bukola Saraki said it was a timely one as every naira is important to Nigerians given the prevailing economic situation. 

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