The House of Representatives has given commercial banks operating in Nigeria a four-day deadline to submit all requested documents regarding their charges.
An Ad-hoc Committee of the House of Representatives probing deductions of taxes, sundry charges from civil and public servants’ salaries, and multiple bank charges on customer accounts gave the directive on Tuesday.
The panel also maintained that the Chief Executive Officers (CEOs) of these financial institutions must appear in person at the investigative hearing, rejecting any representation without an appropriately authorized letter.
Hon. Kelechi Nwogu, Chairman of the Committee, stated at the commencement of the session in Abuja on Tuesday that the panel is mandated to ensure all deductions made by banks on customer accounts are proper and correctly utilized.
According to him, the Committee had extended invitations to the Ministry of Finance, the Office of the Accountant-General of the Federation (OAGF), the Economic and Financial Crimes Commission (EFCC), and commercial banks operating in Nigeria to participate in the investigation.
Members of the Committee alleged that commercial banks are engaging in illegal practices by deducting unexplained charges from civil servants, public servants, and other customers’ bank accounts without proper remittance.
The members also rejected the representation of CEOs from the banks, insisting that they must personally appear before the panel.
He added:“You cannot appear here without proper identification. We are not here for ourselves; we are here on the mandate of the people who elected us into parliament.
“We have scheduled the next session for Wednesday. All requested documents must be submitted on or before Monday. We will review the documents and place you under oath. It will not be acceptable if you appear again with the same excuses. Banks that fail to comply with the deadline will be sanctioned.”
He reiterated that the Committee is leaving no stone unturned in investigating why commercial banks engage in questionable deductions on customers’ accounts.