Nigerian House Probes Excessive Bank Charges, Summons CBN Governor

The House of Representatives in Nigeria has summoned the Governor of the Central Bank, Olayemi Cardoso, to explain the arbitrary excess fees charged by commercial banks. This action follows a motion presented by Hon. Muktar Shagaya (Rep, Ilorin West/Asa) during a plenary session, highlighting the growing number of complaints from Nigerians regarding unclear deductions from their bank accounts.

The House aims to address the issue of customer exploitation by banks and has directed the FCCPC to launch a nationwide public awareness campaign on consumer rights related to bank fees. The CBN and major commercial banks are to be investigated within four weeks to determine compliance with regulations.