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Speaker of the House of Representatives Femi Gbajabiamila
The House of Representatives, on Wednesday, mandated its Committee on Banking and Currency to investigate the alleged excessive charges on bank transactions imposed by Deposit Money Banks (DMBs), also known as commercial banks, in Nigeria.
This directive was based on the motion moved by a member of the House, Sergius Ogun, titled ‘Need to Investigate the Imposition of Excessive Charges on Bank Transactions on Deposit Money Banks in Nigeria.’
Ogun noted that most of the DMBs in the country impose excessive and non-statutory charges on varying bank transactions carried out by customers.
“The House is concerned that despite the guide issued by the CBN, some banks still deduct outrageous amounts of money from their customers in the guise of bank charges with different descriptions.
“The House is worried that in most cases, the deductions are already covered by the CBN approved monthly Account Maintenance Fee (AMF), thus amounting to double deduction,” Ogun said.
The motion was unanimously adopted by the House which directed its Committee on Banking to liaise with professional financial consultants to investigate and determine the extent of excess charges on government accounts over the last eight years.
The committee is to report back to the House with recommendations within four weeks for further legislative actions.