Illegal deductions: Senate summons CBN gov, banks MDs, Bankers C’ttee, others


…Set to amend banks’ law over arbitrary charges

By Henry Umoru

ABUJA— WORRIED by excess bank charges and illegal deductions by commercial banks in the country, the Senate, yesterday, summoned the governor of Central Bank of Nigeria, CBN, Godwin Emefiele; his officials, forensic auditors, Managing Directors of banks and Bankers Committee to give detailed accounts of why such issues were on.

CBN Governor, Mr Godwin Emefiele

Consequently, it mandated the  Committee on Banking, Insurance and other Financial Institutions, led by  Senator Rafiu Adebayo Ibrahim (APC, Kwara South) to organise a public hearing for the purpose of harmonising and amending laws, rules and guidelines that do not adequately protect the customers and give them substantial remedy when overcharged.

It also urged the government to proactively protect customer’s rights, eradicate short payments of interest…

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