Commercial banks operating in Nigeria have been given four days to submit all requested documentation regarding their charges by an Ad-hoc Committee of the House of Representatives that is looking into the deduction of taxes and other charges from the earnings of civil and public servants as well as numerous bank charges on customer accounts in Nigeria.
Additionally, the House probe panel rejected any bank CEO’s representation without a properly signed authorization letter to the panel and requested that the CEOs of major financial institutions appear at the investigative hearing.
In a statement made at the start of the House panel session on Tuesday in Abuja, the chairman of the House Committee, Hon. Kelechi Nwogu, stated that the House investigative panel is required to make sure that all bank deductions of charges on customers’ accounts are appropriately used and fined.
He added that the Ministry of Finance, the Office of the Accountant-General of the Federation (OAGF), the Economic and Financial Crimes Commission (EFCC), and commercial banks doing business in Nigeria were all invited to participate in the probe by the House Committee.
During the probe, members of the House Committee claimed that commercial banks were breaking the law by taking mysterious charges out of the bank accounts of public employees, civil officials, and other clients without sending money back.
The chairman of the House Committee and a few members who objected to the CEOs of GT Bank, Zenith Bank, Access Bank, and other commercial banks being represented cannot hold water because they maintained that they have to consistently appear before the panel.
“You can’t come here without an identity,” he declared. We’re not the only ones here. The people who elected us to parliament gave us the mandate to be here.
We have decided to get together on Wednesday of next week. All needed documentation must be submitted by Monday at the latest.
“We will examine every document and administer an oath to you.”
“It won’t be good if you come back and give us the same tale. Any bank that does not submit the required paperwork by Monday will be sanctioned.
According to the chairman of the House Committee, every effort is being made by the House panel to determine why commercial banks participate in fraudulent charges on their clients’ accounts.
During the hearing, several panelists, including Hon. Chidi Mark Obeta and Hon. Engr. Dominic Okafor, spoke in favor of the requirement that the bank CEOs consistently appear before the panel.
