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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.
Inna Lillahi wa Inna Ilaihir-Raji’un.
The Chairman and Editor-in-Chief of , Hon. Inuwa Bwala, on behalf of the management and staff, has expressed deep sorrow over the death of veteran journalist and pioneer editor of the newspaper, Abdulazeez Suleiman.
Bwala also extended condolences to Suleiman’s family, associates and the Nigerian media industry, describing his passing as a monumental loss at a time his experience, courage and service to the nation were still greatly needed.
Suleiman reportedly died shortly before a scheduled surgery.
A pioneer editor of National Trail Newspaper, Abdulazeez Suleiman was regarded as a thoroughbred journalist with a remarkable talent for breaking exclusive stories and shaping public discourse through responsible journalism.
Throughout his distinguished career, he worked with notable media organisations, including National Trail Newspaper, Daily Trust, Summit and The Road. He earned widespread admiration for fearless reporting, ethical conduct and unwavering commitment to professionalism.
His writings and public interventions consistently reflected deep concern for justice, peace, accountability and national unity.
Beyond journalism, Suleiman was widely respected as a bridge-builder who strongly believed in dialogue, mutual understanding and peaceful coexistence among Nigeria’s diverse peoples. He remained steadfast in his conviction that truth and justice are essential pillars for national progress.
Though his voice has now gone silent, the values and ideals he stood for will continue to inspire generations. His legacy as a principled journalist, advocate and patriot will endure in the hearts of many whose lives he touched through his work and humanity.
The management and staff of National Trail Newspaper prayed Almighty Allah to forgive his shortcomings, grant him Aljannatul Firdaus and comfort his family, friends, colleagues and members of the in this moment of grief.
Rest in peace, Abdulazeez Suleiman. Your service and legacy will not be forgotten.
Uncategorized
JUST IN: After Primary Election Victory, Shehu Sani Visits Parents’ Graves to Offer Prayers and Express Gratitude to God
Following his victory in the party primary election, Senator Shehu Sani visited the graves of his parents to pray and give thanks to Almighty God.
The former senator described the visit as very important to him, noting that his parents played a significant role in his upbringing and in shaping his political life.
Shehu Sani prayed for Allah to forgive his parents and all deceased Muslims, while also reaffirming his commitment to continue serving the people with honesty and integrity after securing victory in the primaries.
The gesture has attracted attention from his supporters and social media users, many of whom praised his act of remembering his parents after a political success.
Inna Lillahi wa Inna Ilaihir-Raji’un.
The Chairman and Editor-in-Chief of , Hon. Inuwa Bwala, on behalf of the management and staff, has expressed deep sorrow over the death of veteran journalist and pioneer editor of the newspaper, Abdulazeez Suleiman.
Bwala also extended condolences to Suleiman’s family, associates and the Nigerian media industry, describing his passing as a monumental loss at a time his experience, courage and service to the nation were still greatly needed.
Suleiman reportedly died shortly before a scheduled surgery.
A pioneer editor of National Trail Newspaper, Abdulazeez Suleiman was regarded as a thoroughbred journalist with a remarkable talent for breaking exclusive stories and shaping public discourse through responsible journalism.
Throughout his distinguished career, he worked with notable media organisations, including National Trail Newspaper, Daily Trust, Summit and The Road. He earned widespread admiration for fearless reporting, ethical conduct and unwavering commitment to professionalism.
His writings and public interventions consistently reflected deep concern for justice, peace, accountability and national unity.
Beyond journalism, Suleiman was widely respected as a bridge-builder who strongly believed in dialogue, mutual understanding and peaceful coexistence among Nigeria’s diverse peoples. He remained steadfast in his conviction that truth and justice are essential pillars for national progress.
Though his voice has now gone silent, the values and ideals he stood for will continue to inspire generations. His legacy as a principled journalist, advocate and patriot will endure in the hearts of many whose lives he touched through his work and humanity.
The management and staff of National Trail Newspaper prayed Almighty Allah to forgive his shortcomings, grant him Aljannatul Firdaus and comfort his family, friends, colleagues and members of the in this moment of grief.
Rest in peace, Abdulazeez Suleiman. Your service and legacy will not be forgotten.
Dr. Nafiu Sankara Emerges as Kano Central Senatorial Candidate Ahead of the Next Elections
National Trail Mourns Pioneer Editor, Abdulazeez Suleiman
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