Nigerian Lawmakers Investigate Excessive Bank Charges, Call for Transparency

The Nigerian House of Representatives is probing excessive bank charges impacting customers, with lawmaker Tolani Shagaya leading the initiative. The investigation aims to address arbitrary deductions and promote transparency in the banking sector.

Lawmakers have summoned major commercial banks to address concerns over high fees, urging the Central Bank of Nigeria (CBN) to publish a simplified list of charges. Commercial banks have seen a significant increase in customer deposits, reaching N140.97 trillion, representing a 51% rise compared to 2023 figures submitted to the Nigerian Stock Exchange (NGX).