Connect with us

Uncategorized

Reps Invite CBN, Commercial banks Over Incessant Bank Charges

Published

on

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

US Warns of Possible Terror Attacks on Facilities, Schools in Nigeria

Published

on

The United States Embassy in Nigeria on Monday issued a security warning to its citizens about a possible terrorist threat targeting US facilities and American-affiliated schools in the country, particularly in the Federal Capital Territory (FCT), Abuja.

In a security alert published on its official website, the embassy advised American citizens in Nigeria to exercise increased caution.

The advisory urged US nationals to remain vigilant, especially when visiting US diplomatic missions and schools affiliated with the United States.

According to the notice, “The US Embassy in Abuja informs US citizens of a possible terrorist threat against US facilities and US-affiliated schools in Nigeria.”

“The Embassy recommends that US citizens take additional precautions when travelling to the US Embassy, the US Consulate General in Lagos, and US-affiliated schools, including varying their travel times and routes,” the statement added.

Continue Reading

Uncategorized

War: ‘We’ll Respond Accordingly’ – Turkey Warns Iran Over Continued Missile Attacks

Published

on

By Fabian

Turkey has warned that it will take decisive action to defend its territory following what it described as a recent ballistic missile incident involving Iran.

In a statement, Turkey’s Defence Ministry said the country is prepared to take all necessary measures to address any threat to its territorial integrity.

The warning came after a ballistic missile reportedly launched from Iran was intercepted after entering Turkish airspace.

The Defence Ministry noted that Turkey values maintaining strong relations with its neighboring countries and remains committed to preserving stability in the region.

However, the ministry stressed that Ankara would respond swiftly and firmly to any threat targeting its land or airspace.

“We want to make it clear that we will take strong and immediate action against any threat directed at our country’s territory and airspace,” the statement said.

The ministry also urged all parties to take Turkey’s warnings seriously, adding that doing so would serve the interests of regional peace and security.

Last week, Turkey claimed that Iran had fired a missile toward its territory, though Iran’s military authorities denied the allegation.

Continue Reading

Uncategorized

Akpabio Urges Responsible Leadership as Senate Adjourne Plenary Again

Published

on

By Hassan Taiye

The President of the Senate, Godswill Akpabio, on Tuesday called on lawmakers to remain guided by faith, duty and the collective aspirations of Nigerians as the Senate resumed plenary after a brief adjournment.

Speaking at the National Assembly in Abuja, Akpabio noted that while the legislature had temporarily adjourned to allow committees carry out important legislative assignments, the life of a nation and the expectations of its citizens never pause.

He observed that across the country, Nigerians have continued their daily struggle to build, labour, hope and endure, stressing that lawmakers must return to their responsibilities with renewed commitment as custodians of the people’s trust and stewards of their welfare.

The Senate President also paid tribute to the late Senator Barinada Mpigi, who represented Rivers South-East Senatorial District, describing his death as a painful loss to the Senate and the nation.

Akpabio said the late lawmaker served the National Assembly with dedication and remained committed to the welfare of his constituents and the ideals of democratic governance.

According to him, Senator Mpigi was known for his calm strength, cooperative spirit and unwavering commitment to the legislative process.

He extended condolences on behalf of the Senate to the family of the deceased, the government and people of Rivers State, and the people of Rivers South-East Senatorial District whom the late senator served with diligence.

The Senate President also reflected on the significance of the sacred seasons of Ramadan and Lent, noting that both periods represent moments of deep spiritual reflection for Muslims and Christians respectively.

He commended Muslim faithful across the country for their devotion during Ramadan, describing the fasting period as an exercise in discipline, self-denial, reflection and submission to the will of God.
Akpabio said the lessons of Ramadan—patience, humility, charity and compassion—are virtues that Nigeria urgently needs in both public and private life.
He also noted that Christians are observing Lent, a 40-day period of prayer, fasting and repentance ahead of Easter, which commemorates the suffering, sacrifice, death and resurrection of Jesus Christ.
According to him, both religious seasons highlight the importance of discipline before God and compassion towards fellow citizens, values he said are necessary for building a stronger and more united nation.

Akpabio stressed that representation remains central to democracy, describing it as a covenant between the people and those elected to speak on their behalf.
While acknowledging the growing influence of social media in amplifying public voices, he noted that democratic institutions remain the appropriate avenue for resolving national issues.

He said while social media may raise alarms on issues affecting citizens, institutions such as the Senate must provide practical solutions through legislation and policy.

The Senate President therefore urged Nigerians to engage their elected representatives and channel their concerns through democratic institutions so that grievances can be transformed into policy actions.

Akpabio also highlighted the importance of the national budget, describing it as a critical instrument through which the aspirations of Nigerians are translated into public policy.
“A budget is more than figures on paper; it is a declaration of national intention,” he said.
According to him, the budget reflects the country’s priorities and determines where public resources are directed to support development and improve the welfare of citizens.
He expressed hope that Senate committees had exercised diligence in reviewing the budget to ensure it reflects the yearnings of Nigerians across different sectors of the economy.
Call for Unity and Purpose
The Senate President acknowledged that Nigeria faces significant challenges but expressed confidence that the country can overcome them through courage, determination and responsible leadership.
He urged lawmakers to ensure that public resources are deployed to promote development, strengthen institutions, expand opportunities and improve the lives of citizens.

Akpabio also called on senators to conduct their legislative responsibilities with dignity, seriousness and patriotism.
He concluded by expressing hope that the spiritual lessons of Ramadan and Lent would inspire lawmakers to work together for the peace, unity and prosperity of Nigeria.
“Let us debate with vigour but act with wisdom. Let us differ in opinion but remain united in our duty to the Republic,” he said.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.