House of Representatives has directed Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, and the heads of major commercial banks to appear before it to address mounting public complaints about indiscriminate and multiple bank charges.
Gatekeepers News reports that the decision was reached on Tuesday after a motion by Muktar Shagaya, who represents Ilorin West/Asa federal constituency.
Shagaya accused banks of subjecting customers to multiple and unjustified charges, often disregarding the CBN’s own operational guidelines.
He highlighted recurring fees, including those for SMS alerts, card maintenance, and transfers, many of which he said were duplicated or lacked transparency.
According to him, while 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.
Shagaya cautioned that the continuous imposition of such charges was eroding public trust and hampering efforts to promote financial inclusion.
Following deliberations, the House mandated its Committee on Banking Regulations to hold a public investigative session within four weeks.
The committee is expected to summon Cardoso and other bank executives to explain the rationale behind the deductions and outline measures to safeguard consumer interests.
Lawmakers also directed the CBN to publish an accessible list of approved bank charges and sanction any institution that violates the rules.
Similarly, the Federal Competition and Consumer Protection Commission (FCCPC) was tasked with launching a nationwide awareness campaign to educate customers about their rights and available remedies for unfair charges.
The resolution comes as Nigerians grapple with worsening economic hardship, soaring inflation above 30 percent, and a declining naira.
