The House of Representatives has summoned Central Bank Governor Olayemi Cardoso and top executives of major commercial banks to explain rising complaints over arbitrary deductions and multiple bank charges affecting millions of customers nationwide.

The resolution, adopted during Tuesday’s plenary session, followed a motion raised by Muktar Shagaya, lawmaker representing Ilorin West/Asa constituency, who accused banks of imposing “multiple and unjustified charges” on customers, often in violation of existing Central Bank of Nigeria (CBN) guidelines.

Shagaya cited recurring deductions such as SMS alert fees, card maintenance charges, interbank transfer costs, and account upkeep levies, many of which he said were either duplicated or unexplained.

He warned that such practices were undermining public confidence in the banking system and frustrating financial inclusion efforts.

“While banks are expected to provide essential financial services at fair and transparent costs, the experiences of ordinary Nigerians show a pattern of exploitation and opacity,” he said.

The House directed its Committee on Banking Regulations to convene an investigative hearing within four weeks, mandating Cardoso and bank chiefs to appear before lawmakers to justify the deductions and propose measures to protect consumers.

The House also urged the CBN to publish a simplified list of approved bank charges and to penalise any financial institution found to be breaching the rules.

In addition, the Federal Competition and Consumer Protection Commission (FCCPC) was instructed to embark on a nationwide sensitisation campaign to inform customers of their rights and avenues for redress against unfair banking practices.

The development comes amid widespread public frustration over Nigeria’s worsening economic climate, with inflation exceeding 30 per cent and the naira continuing its slide against major currencies.