CBN recovers N60bn excessive charges from Banks

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Isaac Okorafor
Isaac Okorafor

THE Central Bank of Nigeria, CBN, has recovered over N60 billion being excessive charges imposed on customers by erring banks.

The bank has also returned the same amount to the affected customers and has started processes to create 10 million jobs in the country in the next five years through investment support in agriculture, using 10 commodity models.

Isaac Okorafor, Director, Corporate Communications, CBN, made this known during a two-day customer sensitization forum in Owerri, Imo State,    stating that the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

The amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks, he said

According to him, CBN penalised the erring banks and is determined to ensure that no customer was cheated by banks through excessive charges.

Stating that the CBN adopted intermediation strategy to monitor the banks and ensure they did not misuse customers’ deposits, Okorafor also advises bank customers to report all cases of suspected illegal or excessive charges they feel their banks might have imposed on them.

Explaining what the CBN is doing to boost the economy, the director said: “We want to stop inflation in the economy by ensuring that prices of food items don’t keep rising at every turn. That’s why we made loans available with single digits interest rates”.

He said more than 10 million jobs would be created in Nigeria in the next five years through the activities of CBN.

The jobs will be created through 10 commodity models such as cotton, cassava, palm oil, cocoa, maize, tomatoes poultry, fishery, cattle, and dairy.

“We will also provide high yielding seedlings as well as extension services to the farmers. We’ll equally provide them with the processors or off-takers who will buy off their farm products immediately after harvest. This will create the best value chain for everyone. If we face cassava for instance in the South East alone, we will create at least one million jobs here. Our intention is to bring back farm settlements across the country as it used to be in the past. That’s the easiest way of building our economy”, he said.

– Feb. 20, 2020 @ 18:45 GMT |

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