Key Points
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Reps allege illegal bank charges persist nationwide.
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Banks face scrutiny for unauthorized account deductions.
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focus keyphrase drives demand for regulatory reform.
On Tuesday, the House of Representatives said that commercial banks were taking money from customers’ accounts without proper remittances. Lawmakers said that civil servants, public workers, and regular account holders are all affected.
The accusation came during an investigative panel in Abuja, Nigeria, led by Rep. Kelechi Nwogu, who is also the chairman of the House Ad-hoc Committee on bank charges and tax deductions. Nwogu said, “Commercial banks are breaking the law by taking money from the accounts of civil servants, public servants, and other customers without sending it back.”
The committee stressed its dedication to protecting Nigerians from unauthorised bank fees and warned that banks must fully cooperate with the investigation.
Lawmakers call for full multi-agency probe
The panel is working with the Ministry of Finance, the Office of the Accountant General of the Federation, the Economic and Financial Crimes Commission (EFCC), and the banks themselves to make sure that the review is complete. Nwogu said the goal is to find out why banks are making fake deductions.
The committee also made it clear that the heads of big banks like GT Bank, Zenith Bank, and Access Bank must come before the panel. The lawmakers turned down previous requests from the executives, which shows that they are serious about holding people accountable.
Deadlines and punishments for not following the rules
Banks have four days to send in all the papers that were asked for. Nwogu said that if people didn’t follow the rules, they would face consequences. “We are here because the people who voted for us put us in parliament,” he said. “We will look over all the papers and put you on oath.”
The next meeting of the committee will be on Wednesday, and banks have until Monday to send in the required paperwork. Lawmakers said that they would do everything they could to find out why unauthorised deductions were made.
The House investigation shows that people are more worried about openness and responsibility in Nigeria’s banking sector. Experts say that the investigation could lead to stricter rules and changes that protect customers from hidden fees.
As the investigation goes on, commercial banks are coming under more and more scrutiny, with the focus on how well they follow banking rules and their commitment to fair business practices. The panel’s results are likely to set a standard for how the financial sector will enforce rules in the future.
