The House of Representatives has ordered an investigation into alleged arbitrary and excessive charges imposed on customers by commercial banks across the country and has summoned the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to appear before its Committee on Banking Regulations.
 
The resolution followed the adoption of a motion sponsored by Muktar Shagaya, representing Ilorin West/Asa Federal Constituency, during plenary yesterday.
 
Shagaya expressed concern over the rising complaints by bank customers about incessant and unexplained deductions from their accounts, despite the existence of CBN guidelines regulating bank tariffs.
 
He said many Nigerians had continued to experience multiple charges such as SMS alert fees, card maintenance, account maintenance, interbank transfer levies, stamp duties, and other unexplained deductions. 

According to him, some of them are duplicated or unaccounted for. The lawmaker warned that if left unchecked, the practice could erode public trust in the banking system, increase financial exclusion, and undermine the CBN’s drive to promote financial inclusion and confidence in the sector.
 
Adopting the motion, the House urged the CBN to publish a comprehensive and simplified list of approved bank charges and ensure strict enforcement of penalties against banks that violate the rules.