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Reps move to probe commercial banks over unexplained charges.
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CBN ordered to publish list of approved fees and enforce sanctions.
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Investigation expected to expose exploitative practices in the banking sector.
The House of Representatives has summoned the Central Bank of Nigeria (CBN) and major commercial banks to account for the rising wave of arbitrary deductions from customers’ accounts nationwide.
This followed a motion of urgent national importance moved on Tuesday by Hon. Tolani Shagaya (APC, Kwara) during plenary
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Hon. Shagaya expressed deep concern over what he called “incessant, arbitrary, and unexplained charges” imposed on Nigerians by banks in violation of CBN’s existing service fee guidelines.
He noted that many bank customers continue to face multiple deductions — ranging from SMS alert fees and card maintenance to stamp duties and duplicate transfer charges — often without clear justification.
Shagaya said: “These exploitative practices disproportionately affect businesses, low-income earners, students, and vulnerable groups already struggling amid harsh economic realities.
“If not urgently investigated and addressed, they will continue to erode public trust in the banking system.”
Adopting the motion, the House directed the CBN to publish a simplified list of approved bank charges and to sanction any financial institution found guilty of overcharging customers.
The lawmakers also urged the apex bank to establish a functional complaints redress system for aggrieved customers
