The House of Representatives has summoned Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and chief executives of major commercial banks to explain widespread complaints of arbitrary deductions and excessive charges levied on customers’ accounts.
The resolution followed a motion raised by Hon. Muktar Shagaya (APC, Kwara) during Tuesday’s plenary, which highlighted the growing burden of unexplained banking fees faced by millions of Nigerians.
Shagaya accused commercial banks of routinely applying multiple and unjustified charges, including SMS alert fees, card maintenance costs, interbank transfer fees, and account maintenance deductions, many of which, he argued, contravene existing CBN regulations.
“Nigerians are being short-changed through opaque and often duplicated charges. These practices not only erode trust in the banking system but also undermine efforts to deepen financial inclusion,” he said.
In response, the House mandated its Committee on Banking Regulations to convene an investigative hearing within four weeks, summoning both the CBN Governor and bank executives to account for the practices and present a plan for reform.
Lawmakers also called on the CBN to urgently publish a simplified, publicly accessible list of approved bank charges and enforce sanctions against any institution found violating those guidelines.
Additionally, the Federal Competition and Consumer Protection Commission (FCCPC) was directed to launch a nationwide awareness campaign to educate customers on their rights and mechanisms for seeking redress against exploitative banking practices.
The development comes amid growing public frustration over rising living costs, record inflation above 30 percent, and the naira’s continued depreciation, factors that have amplified scrutiny of financial institutions and regulatory oversight.
Analysts say the move signals increasing legislative pressure on regulators to tighten consumer protection measures in Nigeria’s banking sector.
