…To commence investigation

Fred Itua, Abuja

The Senate, yesterday, mandated its committee on Banking to summon the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, managing directors of commercial banks, forensic auditors and Bankers Committee, in line with plans to harmonising and amending relevant banking laws, rules and guidelines that do not adequately protect the customers in their transactions.

The committee has also been mandated to conduct a public hearing and thoroughly investigate commercial banks’ operational charges, with a view to finding an enduring solution and report back to the Senate for further legislative action.

The resolutions of the Senate, followed the consideration of a motion, tagged “Urgent need to investigate, Regularise and Amend Conflicting, Vague and remedies which the Central Bank of Nigeria offers to victims of Excess and Arbitrary Bank Charges and Illegal Deductions by Commercial Banks.”

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The motion was sponsored by Senator Magnus Ngei Abe and 22 others. Abe, in his lead debate, said over the years, commercial banks in Nigeria have indulged in sharp practices of charging customers/depositors arbitrarily and excessively contrary to tariff stipulations, credit and monetary guidelines issued from time to time by the CBN.

He said: “If this 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 their customers including regular depositors and business firms.”

Deputy Senate Minority Leader, Emmanuel Bwacha, in his contribution, said stopping the arbitrary charges will go a long way to giving credibility to the fight against corruption.

“If we do not fight this, we will just doing eye service to the fight against corruption. These sharp practices going on in commercial banks must stop. We need to act fast in the interest of Nigerians. This motion deserves more than a resolution,” he said.