*The House of Representatives in the National Assembly. summons Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria, and top executives of major commercial banks to explain irregular deductions and multiple bank charges affecting millions of customers

Isola Moses | 绿帽献妻

Sequel to increasing complaints by customers and other consumers of financial products and services, the House of Representatives in the National Assembly (NASS), in Abuja, FCT, has summoned Dr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and top executives of major commercial banks to clarify the reported irregular deductions and multiple bank charges affecting millions nationwide.

绿帽献妻 reports the House, at a plenary Tuesday, October 14, 2025, made the resolution to invite Dr. Cardoso and banks’ top executives, following a motion by Muktar Shagaya, a Federal legislator representing Ilorin West/Asa constituency.

Dr. Olayemi Cardoso, Governor of CBN

Shagaya, in his motion had accused commercial banks of imposing 鈥渕ultiple and unjustified charges鈥� on customers, often in violation of existing Central Bank of Nigeria (CBN) guidelines.

He noted that such recurring deductions, including SMS alert fees, card maintenance charges, interbank transfer costs, and account upkeep levies.

Observers said the development came amid widespread public frustration over the country’s worsening economic climate.

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Still, inflation has exceeded 30 percent while the Naira has continued to slide against major currencies, according to report.

The Federal lawmaker also argued that many of such illegal deductions are either duplicated, or could not be explained.

Shagaya: Banks’ arbitrary deductions undermine consumer confidence

Explaining the danger of eroding public confidence in the banking system, Shagaya caution CBN and the commercial banks that such irregular practices are apparently undermining public confidence in the banking system, and frustrating financial inclusion efforts.

He stated: 鈥淲hile 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.

The Green Chamber of NASS, therefore, directed its Committee on Banking Regulations to organiser an investigative hearing within four weeks.

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The House equally mandated the CBN Governor and Chief Executives of commercial banks to appear before lawmakers to justify the reported arbitrary deductions from their bank accounts, and propose measures to protect consumers.

CBN mandates to publish approved charges for banks, OFIs

In ensuring the applicable charges are fair to consumers, the House of Representatives urged the CBN to publish a simplified list of approved bank charges, and to penalise any banks and Other Financial Institutions (OFIs) found to have breached the extant rules.

The Federal Legislature as well mandated the Federal Competition and Consumer Protection Commission (FCCPC) commence a nationwide sensitisation campaign to inform customers of their rights and avenues for redress against unfair banking practices.

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