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Reps Invite CBN, Commercial banks Over Incessant Bank Charges
By Hassan Taiye
The House of Representatives has mandated its Committee on Banking Regulations to urgently summon the Central Bank of Nigeria,CBN, along other major commercial banks operating in the country to appear before it and explain rationale behind increasing cases of arbitrary and incessant bank charges of customers.
This followed the adoption of a motion moved during plenary yesterday by Hon. Muktar Shagaya.
Hon. Shagaya is a lawmaker representing Asa/Ilorin West Federal Constituency of Kwara State in the House of Representatives.
In his lead debate for his motion, the lawmaker expressed deep concern over the exploitative deductions and lack of transparency in the banking sector across the country noting that millions of Nigerians have suffered undue hardship because of repeated unexplained hidden charges that often go unchallenged by most bank customers.
The lawmaker further used the opportunity to lament against the illegality on customers adding that banks consistently declare huge profits every year while their customers are left frustrated by numerous deductions ranging from stamp duties, SMS alerts, account maintenance fees, transfer charges, and other illegal levies.
According to the lawmaker: “”the current trend does not only erodes public trust but also undermines the country’s drive toward a cashless economy”.
He equally maintained that despite the CBN’s issuance of guidelines on approved bank charges major financial institutions and mostly commercial banks have continue to flout the regulations with impunity, while exploiting the ignorance of their customers.
The lawmaker also argued that such practices amount to economic sabotage which require an urgent intervention to protect the interests of the whole banking public and Nigerians at large.
While adopting the motion, lawmakers urgently called on the CBN to publish a comprehensive and simplified list of all approved bank charges and ensure immediate and strict enforcement of penalties against erring financial institutions.
Consequently, lawmakers also used the opportunity to emphasize the need for transparency and accountability in the banking sector, maintaining that the current situation does not go down well with customers as its unsustainable.
Meanwhile lawmakers used the opportunity to task CBN on the establishment of an accessible and efficient complaints mechanism for the purpose of addressing customers complaint with a view to tackling it.
According to lawmakers, CBN must guarantee prompt resolution and restitution for affected customers without unnecessary bureaucracy.
During the deliberations, several lawmakers supported Hon. Shagaya’s motion even as some lawmakers cited personal and constituents experiences of arbitrary deductions.
The House thereafter unilaterally called for closer monitoring of commercial banks’ operations in order to ensure strict compliance with consumer protection standards and financial fairness.
Consequently, the House urged the Federal Competition and Consumer Protection Commission, FCCPC, among other relevant agencies to collaborate with civil society groups with a view to launching a nationwide awareness campaign to educate customers on their rights regarding bank charges.
They maintained that such sensitization would empower Nigerians to challenge unlawful deductions and demand transparency and accountability in all transaction.
Hon. Shagaya who had also commended the House for its unanimous support informed that his motion was not only timely but also essential in restoring fairness and confidence in Nigeria’s financial institution and sector.
He, however reaffirmed readiness to ensuring that banks operate within the legal legislative framework set by regulatory authorities.
The Committee on Banking Regulations was mandated to immediately commence engagements with the CBN and other commercial banks in no distance time as well as report back to the House within 4 weeks for further legislative action.
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Alao-Akala’s Widow Urges Full Implementation Of LG Autonomy
- Drums support for Tinubu, APC candidates
Stephen Olufemi Oni, Ilorin
The Chairperson of the Akala Transformation Movement (ATM) and former First Lady of Oyo State, Chief (Mrs) Oluwakemi Alao-Akala, has called for the full implementation of local government autonomy, saying it will bring governance closer to Nigerians and accelerate development at the grassroots.
Alao-Akala made the call during an ATM outreach held at Equilibrium Resorts, Ojongbodu, Oyo West Local Government Area of Oyo State, where she also urged Nigerians, particularly women, to support the administration of President Bola Tinubu and participate actively in the democratic process.
She said the effective functioning of local governments was crucial because they remained the closest tier of government to the people.
“One important thing I am preaching now is local government autonomy. Obviously, we are going to have our local governments properly elected. They are going to be funded, and they are the closest to the people,” she said.
The former First Lady urged Nigerians to understand and assess the impact of government policies before making political decisions, stressing that the coming years should be devoted to consolidating ongoing reforms and ensuring that their benefits reach ordinary citizens.
She also called on women to remain actively involved in governance and continue supporting leaders through their votes and prayers.
According to her, voting remained a major responsibility of citizens because it determines the quality and direction of leadership at all levels.
Alao-Akala further urged ATM members and supporters to work for the success of the All Progressives Congress (APC) and support its candidates in state and national elections ahead of the 2027 general elections.
She clarified that ATM was a movement and not a political party, adding that its activities were aimed at mobilising support for the APC and its candidates.
Meanwhile, the Director-General of ATM, Mr Demola Alao-Akala, said the movement would continue to preserve and promote the legacy of his late father, former Oyo State Governor, Otunba Adebayo Alao-Akala.
He said the essence of the movement was not merely to remember the late governor but to sustain the values and principles he stood for, particularly people-oriented governance and the welfare of ordinary citizens.
“The concept of remembrance of our father is about making sure that his legacy survives. When he left, he left us a pattern, and we strongly believe that the legacy he left behind can be used to propagate his ideas and keep his memory alive,” he said.
The ATM DG said members of the movement were determined to build on the ideals of service and good governance associated with the late governor.
“We believe strongly that if we are alive, we are going to go back to our lives and continue in the spirit that he showed. We are moving forward, and I think we are supposed to continue,” he added.
Alao-Akala said the late governor’s political philosophy placed the welfare of the people at the centre of governance, noting that democracy should ultimately be judged by its positive impact on citizens.
He assured ATM members that the movement would remain committed to promoting the late governor’s ideals while mobilising support for programmes and candidates it believes can improve the lives of Nigerians.
“We are going forward,” he declared.
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Bank Cannot Freeze Customer’s Account Without Valid Court Order — Zarewa
A legal practitioner, Mr M. D. Zarewa, has said that a bank cannot freeze or restrict a customer’s account without a valid court order.
Zarewa said it was prevalent in the society for law enforcement agencies to give directives to banks to freeze customers’ accounts whenever there was a pending case before them, adding that banks often complied with such directives.
He, however, said such practice was alien to Nigeria’s jurisprudence, stressing that banks were enjoined not to interfere with or restrict the activities of any customer’s account without a valid court order.
According to him, it is trite law and settled beyond argument that a bank cannot freeze a customer’s account without a valid court order.
He said the position was entrenched in the case of GTB Plc v. Olachi & Anor (2025) LPELR-81833(CA), where the Court of Appeal held that “whether frozen or restricted, neither can be done without the valid order of a Court of Law.”
Zarewa further cited GTBank v. Adedamola (2019) 5 NWLR (Pt. 1664) 30 at 43, Paras. E-F, where the court held:
“Before freezing customer’s account or placing any form of restraint on any account, the bank must be satisfied that there is an Order of Court.
“By the provisions of Section 34 of the Economic and Financial Crimes Commission Act 2004, the Economic and Financial Crimes Commission has no power to give direct instructions to banks to freeze the account of a customer without an Order of Court. So doing, constitutes a flagrant disregard and violation of the rights of a customer.”
The lawyer said any customer whose account had been frozen or restricted without a valid court order could institute a suit against the bank for grossly violating his or her rights.
He said such a customer could particularly seek redress for the violation of the right to own movable and immovable property and seek compensation from the court.
Furthermore, Zarewa said the law was trite that where there was a wrong, there was a remedy, as captured in the Latin maxim, Ubi jus ibi remedium.
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Gov AbdulRazaq Inaugurates 464-Unit Housing Estate In Kwara
Stephen Olufemi Oni, Ilorin
Kwara State Governor AbdulRahman AbdulRazaq has inaugurated the ‘AbdulRahman AbdulRazaq Morire Housing Estate’ in Ijagbo, Oyun Local Government Area of the State.
Speaking at the groundbreaking of the housing estates, which included 210 units of two-bedroom terrace apartments, 200 units of three-bedroom units and 54 units of four-bedroom terrace duplexes, the
Governor, noted that housing should not be seen or regarded as a luxury, but rather as a fundamental human requirement and cornerstone of dignity, security, and family stability, lamenting the daunting challenge of addressing housing deficits across the country.
He said: “Dear Kwarans, housing is not a luxury. Basic housing is a
fundamental human need and a cornerstone of dignity, security,
and family stability. Yet, across Nigeria and indeed in Kwara State,
the challenge of addressing housing deficit is daunting.
“This administration believes that inadequacy of proper shelter
for Nigerians is not merely a problem of not building enough
houses. Indeed, several studies have attributed the housing deficit in Nigeria to a complex mix of causes, key among them being high costs and rising costs of building materials, weak finance, difficult land systems, infrastructure gaps, institutional limitations, among others.
“On behalf of the people of Kwara, I thank the management of ISHI
Homes Limited for this partnership and for choosing Kwara State
as the location for this important development.”
Represented by the Commissioner for Housing and Urban Development, Dr Segun Ogunsola, the Governor applauded the developer for recognising his administration’s contributions to mass housing development in the State.
“The administration has consistently placed housing development high on its agenda. The government recognises access to decent and affordable housing as essential to the wellbeing of the people.
“The State Government has also been in active collaboration with
institutional partners including the Federal Ministry of Housing
with a view to increasing housing stock in the State.
“Recently, we acquired a housing estate with over 130 flats at
Ogbondoroko in Asa LGA of the State. Government has approved
that the estate be onboarded onto the administration’s social
support scheme,” he disclosed.
AbdulRazaq said the commitment was reflected in the development of the Kwara Smart City and other mass housing initiatives across the State.
The Governor disclosed that his reforms in land administration have reduced the processing time for Certificate of Occupancy (C of O) from 180 days to 35 days.
AbdulRazaq said the improved turnaround time demonstrated the administration’s commitment to making land administration more transparent, efficient and investor-friendly.
Earlier in his remarks, the Chief Executive Officer (CEO) of ISHI Homes, Dr Olayinka Ilufoye, said the project was intended to democratise home ownership and make decent and affordable housing accessible to the people of Kwara South senatorial district.
Ilufoye said the estate was meant for civil servants, traders and other Nigerians who can access it through the National Housing Fund (NHF).
“The name AbdulRahman AbdulRazaq Morire, which translates to ‘I have seen goodness’, is a deliberate expression of our faith, hope and expectation.
“We believe this estate will become a testimony of prosperity, progress and abundance in Kwara South,” he said.
Ilufoye pledged that the company would remain committed to transparency, accountability, quality construction and timely delivery.
The Executive Chairman of the Kwara State Geographic Information Service (KWGIS), Alhaji Sulyman Abdulkareem said the state government has consistently placed housing development high on its development agenda.
He commended the state government for ensuring access to land, facilitating the prompt issuance of titles and certificate of occupancy.
Abdulkareem pointed out that by providing timely approval for mortgage transactions, the Governor is creating the conditions necessary for housing development to thrive in Kwara State.
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