Nigeria cracks down on banks over suspicious customer charges
The courts have called for CEOs to come plead their case themselves or risk facing sanctions.
If it feels like you’ve been getting random deductions from your bank account lately, you’re not imagining things, and it turns out the Nigerian government has noticed too.
After months of complaints from civil servants and everyday customers about unexplained bank charges, the Nigerian House of Representatives is now turning up the pressure. And this time the banks will not be able to hide behind spokespeople or template statements. The CEOs themselves have been ordered to appear and explain what has been going on or face real consequences.
Emmanuel Oyedeji
The big development here is that the CEOs of GTBank, Zenith Bank and Access Bank have been summoned to appear in person before an investigative panel led by Rep. Kelechi Nwogu. The panel is examining allegations of unauthorised deductions that range from SMS alert fees and maintenance charges to withdrawals that don't fall under any recognised banking category.
For many Nigerians who have been complaining quietly for years, this is the first time the banks are being confronted directly at the highest level.
According to Nwogu, no proxies will be accepted, not even CFOs or compliance heads. The committee wants top executives to respond themselves because the issues cut straight to leadership decisions. The banks have also been given four days to submit all requested documents before the next hearing, with sanctions on the table for any failure to comply. It's a rare moment of accountability in a sector where customers are often told to "check back in 48 hours."
Louis Eriakha
The probe is also expanding beyond the banks. The Ministry of Finance, the Office of the Accountant General and the EFCC have been drafted in to trace how these deductions were made, whether they were legal and whether they were remitted correctly. This wider approach signals that the House wants to understand not only what charges were applied but why they were applied, especially now that the Central Bank’s latest Business Expectations Survey shows high bank charges as a major constraint for Nigerian businesses.
All of this has created a tense moment for the financial sector. For customers, the findings could finally offer clarity on the unexplained deductions that appear without warning. For the banks, this is more than a PR problem. It's a test of transparency and compliance at a time when public trust is already fragile.
Louis Eriakha
