Nigerian banks illegally charged customers over N65 billion in 6 years

The CBN has recovered over N65 billion from commercial banks for wrongful deductions and illegal charges on deposits of customers.

Nigeria's apex bank, the Central Bank of Nigeria (CBN) said it has recovered over N65 billion from commercial banks for wrongful deductions and illegal charges on deposits of customers and other transactions in the banking industry.

The amount, which had accumulated since 2012, the Central Bank said it had been transferred back to their legitimate owners, who lodged complaints with the apex bank as customers continue to groan over illegal bank charges.

Isaac Okoroafor, CBN's Acting Director of Corporate Communications, stated this in Asaba, Delta State during a two-day fair, organised by the bank for stakeholders in the sector.

Speaking under the theme: “Promoting Financial Stability and Economic Development,” Okoroafor condemned any act by commercial banks that short-changed customers.

“We have recovered and refunded to the rightful customers over N65 billion as a result of complaints by people over act and treatment of customers by the commercial banks, wrong charges, illegal deductions and others between 2012 and 2013 when we started.”

Okoroafor further explained that the objective of the fair was to have a face-to-face interaction with bank customers in order to understand their challenges and proffer solutions to same, even as he urged customers to cultivate good credit culture so as to continue to secure facilities from commercial banks.

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He used the opportunity to advise against hawking of all denominations of the Naira on Nigerian streets. He said it is an offence punishable under the CBN Act of 2005, and specifically warned officials of the Central Bank involved in such dastard act to desist or risk being dismissed.

Last year, the Central Bank hammered over N96 million fine on Access Bank and Guaranty Trust Bank for violations of guide on bank charges among other infractions.

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