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CBN Refunds N65bn to Bank Customers for Illegal Deductions


Emefiele, Governor, Central Bank of Nigeria (CBN)

The Central Bank of Nigeria claims it has recovered over N65bn from commercial banks in the country for illegal deductions and charges from customers’ deposits and other transactions in the last six years and has made necessary refunds to affected customers.

Mr Isaac Okorafor, The Acting Director, Corporate Communications, CBN said this on Wednesday on the sidelines of a two-day fair for stakeholders with the theme: ‘’Promoting Financial Stability and Economic Development’’ which took place in Asaba, Delta State.

According to Punch, Okorafor explained further by saying that the recovery was made between 2012 and now, emphasizing that the funds had been refunded to customers long ago who gave an outcry concerning wrongful charges and deductions by commercial banks.

He said “We have recovered and returned to customers over N65bn out of complaints by people over acts of treatment on customers, wrong charges, wrong deductions and others since 2012/2013 when we started”.

He stated that the aim of the fair was to have an interaction with customers and critical stakeholders in order to understand their challenges and look for a way out.

Okorafor also made it clear that hawking of various denominations of the naira was an offence punishable under the CBN Act of 2005, and warned that the apex bank would not tolerate the breach of its Act, and called on those involved, particularly its staff members, to desist from the practice as they would be dismissed if caught.

“The CBN is very committed to making sure that people do not hawk the naira, because it is an offence punishable under the CBN Act of 2005. We have made it clear to any of our staff involved in the practice that they will be dismissed.

“We have also made it clear to banks that any of them caught doing it will be severely punished. We are a regulator and not a law enforcement agency. It is the duty of the Nigerian Police to enforce the law. We have collaborated with them at different times”. He said.

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