The Nigerian Senate, has resolved
to investigate and amend the excess and arbitrary charges incurred by customers
of banks across the nation.
This was sequel to a motion
sponsored at the floor of the Senate on Tuesday, by Senator Magnus Abe (Rivers
South East).
Consequently, the Senate urged
the federal government to proactively protect customers rights and also
eradicate short payments of interests.
The Senate also frowned at the
culture of excess and arbitrary bank charges and urged the federal government
to urgently wade in the big stick on some commercial banks.
To this end, the Senate directed
its committee on Banking and Finance to conduct a public hearing on the issue
of exorbitant bank charges.
It further resolved to invited
the Governor of the Central Bank of Nigeria (CBN), his officials and other
stakeholders like forensic auditors and managing directors of commercial banks
in order to harmonize the laws of the nation to end the practice of vague,
unjust and arbitrary bank charges.
Speaking on the resolution, the
President of the Senate, Dr. Abubakar Bukola Saraki, commented the motion,
stating that it was coming at an important time.
“I commend this very important
Motion particularly at this difficult time when every Naira is important,” the
President of the Senate said, “We must be seen to defend the interest of
Nigerians who don’t have the voice to defend themselves.
“Again, the issue here is to get
to the bottom of what the laws and guidelines are, and we should show that they
are in-line with our laws and we have the powers to make such pronouncements,”
Saraki said.
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