By Jeph Ajobaju, Chief Copy Editor
A sum of N89.2 billion excess and illegal charges on bank customers has been recovered by the Central Bank of Nigeria (CBN) but the regulator affirms that the financial system is sound, resilient, and stable.
CBN Governor Godwin Emefiele said the amount was recovered in the second half of 2021 ending June 30 (H1 2021) based on 23,526 complaints lodged with CBN by bank customers overcharges and related matters.
Emefiele, represented by acting CBN Corporate Communications Department Director, Osita Nwanisobi, made the disclosure at a public enlightenment fair in Calabar, where he poured cold water on reports of plans to convert domiciliary/dollar accounts to naira, per reporting by Vanguard.
His words: “We want Nigerians to know that we carry out ‘banking examinations’ and the results show that our banks are in very good condition and our financial system is stable, resilient, safe and sound.
“This sensitisation is part of ways to engage the people to understand how our policies, programmes and interventions are affecting them and as well as create a veritable platform to discuss and understand their challenges through their responses and feedbacks.
“What we do is that whenever we get [customer] complaints, they are thoroughly investigated, if they are found to be true, the CBN makes sure that these customers are properly refunded and we have so far recovered N89 billion.”
CBN returns N60b excess charges to bank customers
In February 2020, the CBN announced that it recovered over N60 billion excess charges imposed by banks on customers and returned the money to the owners.
It said the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks.
CBN Deputy Director, Consumer Protection Department, Chinyere Obilor, disclosed this at a sensitisation forum in Owerri.
“The Department received over 13,000 complaints from aggrieved members of the banking public and recovered over N60 billion excess bank charges and returned the same to the rightful owners”, she said, reported by Vanguard.
Some of the banks were sanctioned for unethical practices, she added, and urged the banking public to promptly report any unethical practice by commercial banks to the CBN for “immediate action”.
