CBN compels banks to refund N6.2bn ‘stolen’ from customers

The Central Bank of Nigeria (CBN) is set to investigate over 6000 complaints relating to unauthorised bank charges brought to its notice, following which banks have been compelled to refund the sum of over N6.2 billion to affected customers in 2015 alone.

A statement from the CBN on Saturday said it has received series of complaints from customers of Deposit Money Banks (DMBs) alleging excessive, and in some cases illegal charges from their respective banks.

The CBN urged members of the public to “report cases of infringement to enable it investigate and apply sanctions on any erring Deposit Money Bank (DMB).”

Read also: FG squandered $40b from external reserve in 10years – CBN

Bank Customers were reminded to always forward their complaints to: Director, Consumer Protection Department; email:

The statement signed by Ibrahim Mu’azu, Director, Corporate Communications said the apex bank will rely on the Revised Guide to Bank Charges which clearly specifies allowable charges for all banking services stressing that “the CBN does not in any way condone the fleecing of banking customers under any guise.”

The CBN noted that “it was in the quest to provide a strong voice to banks’ customers and moderate the arbitrary charges that the CBN in 2012, established its Consumer Protection Department” and reiterated its resolve to continuously enforce the provision of the Revised Guide to Bank Charges.

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