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Arbitrary charges: Senate summons CBN Gov, Bank MDs

*We must stop this fraud in the banking system

Senate has resolved to conduct a public hearing and has accordingly invited the Central Bank governor, managing directors of commercial banks and the bankers committee, in a bid to thoroughly investigate alleged excess, illegal and arbitrary bank charges imposed on customers.

This followed a motion moved by Senator Magnus Abe, who called for urgent investigation into the allegation with a view to addressing the issue

Senator Abe noted that over the years, commercial banks in Nigeria have indulged in arbitrarily and excessively over charging customers contrary to tariff stipulations, credit and monetary guidelines issued from time to time by the CBN.

Senator Dino Melaye who also lent his voice to the debate, on the motion, called on the Senate to carry out a holistic investigation through a public hearing in a bid to eradicating the alleged illegality by commercial banks.

Deputy Senate leader, Bala Na’Allah while contributing to the motion, said the Senate has a responsibility to intervene and take the needed action.

The lawmakers expressed worries that if the trend is allowed to continue unabated, Nigerians will be worse for it, while the commercial banks will continue to declare huge profits at the expense of innocent Nigerians.

The Senate consequently urged the Federal Government to proactively protect customers right, eradicate short payments of interests and end the culture of excess and arbitrary bank charges.

President of the Senate, Bukola Saraki while thanking the movers of the motion said the Senate would get to the bottom of the matter in a bid to ensuring that due process was followed to the latter.

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