The House of Representatives has accused commercial banks operating in Nigeria of imposing unexplained and potentially illegal deductions on customer accounts, warning that defiance could attract sanctions.
Speaking on Tuesday during an investigative panel in Abuja, the Chairman of the House Ad-hoc Committee on Bank Charges and Tax Deductions, Rep. Kelechi Nwogu, expressed concern over deductions from civil servants, public employees, and other customers without proper remittance or justification.
“Commercial banks are perpetrating illegality by deducting inexplicable charges from civil servants, public servants, and other customers’ bank accounts without remittances,” Nwogu said
He reiterated the panel’s mandate to ensure that all deductions are lawful, properly accounted for, and appropriately applied.
The committee had extended invitations to the Ministry of Finance and intends to collaborate with the Office of the Accountant General of the Federation, the Economic and Financial Crimes Commission (EFCC), and the banks under investigation.
Nwogu insisted that CEOs of major commercial banks, including GT Bank, Zenith Bank, and Access Bank, must personally appear before the committee.
He rejected any alternative representations, emphasising the committee’s accountability to the Nigerian public.
“You cannot appear here without an identity. We are not here on our own. We are here on the mandate of the people that elected us into parliament,” Nwogu said.
The committee has given the banks a four-day ultimatum to submit all requested documents necessary for the probe, warning that noncompliance by Monday will attract sanctions.
The House panel affirmed its commitment to safeguarding Nigerians from unauthorized deductions.
“We will leave no stone unturned to unravel why commercial banks engaged in spurious deductions of charges on customers’ accounts,” Nwogu added.
The move reflects growing parliamentary scrutiny of the banking sector, amid concerns that hidden or unapproved fees erode consumer trust and financial transparency.
