The Central Bank of Nigeria has said that it has recovered and returned to customers a total of N5bn wrongfully taken from depositors by banks operating in the country.

It also said it would focus on the protection of consumers of products being brought to the market by banks over the next three years,.

The Deputy Governor, Financial Services, CBN, Dr. Kingsley Moghalu, told the Senate Committee on Banking, Insurance and other Financial Institutions on Tuesday, that there had been a crisis of confidence between banks and their customers regarding charges on deposits.

He said, “In the next few years, between now and 2015, we will be focusing on consumer protection. There are ranges of bank charges that are acceptable.

“As I speak to you, we have recovered from the banks N5bn as wrong charges, which have been returned to Nigerians.”

He said CBN was also focusing on data integrity from the banks, financial stability, disclosure, transparency, corporate governance and risk management.

Moghalu said that although some stability had been achieved as a result of the reforms in the banking sector, CBN was taking measures to ensure that the gains of the reforms were not reversed.

He justified a recent circular that put embargo on further lending to bank debtors, who owed about $5bn, saying there were indications that financial indiscipline was rearing its ugly head again.

“They will not be allowed to borrow until they start paying their debts. This is to ensure that the gains from the reforms were not reversed,” he said.

Moghalu also explained the economics of high interest rates, arguing that it was necessary to keep inflation at a stable rate, while sustaining the value of the naira.

According to him, the reforms are not a destination, but a process that will continue so as to save the country from the effects of the global financial crisis.

The committee sought clarifications on the various intervention funds operated by the CBN, expressing concerns that the agriculture sector was receiving little of the funds, in spite of the fact that it was crucial to the national economy.

Moghalu, however, explained that the intervention funds were meant to stimulate the economy and mop up excess liquidity.


http://www.punchng.com/news/cbn-returns-n5bn-illegal-bank-charges-to-customers/

UBA are guilty of this illegal charges. Hence, the reason I stopped banking with them.

Nonsense...........and which auditing firm audited that data they are spewing.

I may sound ignorant here cos I'm not a banker, but an engineer, I'd like to know how they came about this figure and the customers to be reimbursed. It'll be a good thing if it's actually true. Is there any N'Lander that has benefitted from this?

My own share 4rm dat money na #20
I got it yesterday

oubi:
My own share 4rm dat money na #20
I got it yesterday

At least u got something

I neva c alert o!

etunoman76: I may sound ignorant here cos I'm not a banker, but an engineer, I'd like to know how they came about this figure and the customers to be reimbursed. It'll be a good thing if it's actually true. Is there any N'Lander that has benefitted from this?

for where.

we don hammer, you mean CBN wil giv us N5bn each, whoooops!?!
#just joking oo#

^ Lol, Imagine.

They forgot to mention the banks involved.. I never receive any alert

Oya I dey expect credit alert sharp sharp o! First Bank, Fidelity Bank and especially Diamond Bank (Big thieves). Make una return all my money.

I know for sure That I have been a victim of numerous illegal bank charges.

But I am yet to benefit from their said 5 billion Naira purpotedly returned.

Once again peeps on top think nigerians don't think citizens posses any brain power.
How did they arrive @ that figure
Which banks are involved
Who made the discovery I.e audit
How much is returned to whom and on what basis.
Who will monitor the returns

Agencies just release blanket statements and expect us to swallow it. This is not mtn win areoplane issue.smh...

Got an alert from first bank for reimbursement for #30 wrongly deducted for sms services...hw on earth wud i av noticed #30?...these banks are complete rogues,pple expecting "big money" alert,u might not get any,what they do is systematic deductions that u wont notice...imagine them removin #30 from all their customers...dem don hammer b that ooo....

I got an alert for N110.00 frm first bank being reversal of duplicate charge on sms alert charge.
The directive is a step in d right direction! Banks hv bn fleecing customers for ages! Imagine paying N100 per over the counter withdrawals! Tha ATMs we r being forced to use don't spew out cash 70% of d time!
Worst of d illegal charges occur when u obtain facilities frm d bank. For a loan of N40,000.00 for instance, about N8000.00 may be deducted being for various charges! This is exclusive of d interest payable on such loans!!

[quote
author=etunoman76]I may sound ignorant here cos I'm not a banker, but
an engineer, I'd like to know how they came about this figure and the
customers to be reimbursed. It'll be a good thing if it's actually true.
Is there any N'Lander that has benefitted from this?[/quote] i no knw ooo

yorke: UBA are guilty of this illegal charges. Hence, the reason I stopped banking with them.

. keep your mouth shut

Waiting for my payment alert.

jamace: Waiting for my payment alert.

they're deceiving themselves.
They may truly recover money from banks, but not up to 5bn.
Moreover, where is the money??
Is it the central bank that will disburse the money back to customer?

UBA are thieves and should be closed down. Reason; 31k was deducted 4rm someone's account because she transfered 1mill. 4rm a current acc. to savings.

Here is what I got from First Bank.

Your Acct ..... Has Been Credited With N230.00 On 08-Oct-12 21:16 PM By Duplicate SMS Alert Charge Reversal. Bal:=N

I notice when they deducted the money from my account last month, but unto bank level I ignored it, because I know they always have EXCUSES/FALSE information to give.

Am surprised to see 2,500 from GTBank

Shopping with GTBank Card is something else.

This is monkey dey work bamboo dey chop.

Thank God I disable sms alert and enabled email alert on the gooooo......

Bank na no 1 fraud we get 4 naija, just look @ 5 BILLION NAIRA recovered.

No wonder they normally have big bele lol.

@CBN more greese to una elbow.

who returns my illegal bank charges from the defunct intercontinental?

emmysenior: UBA are thieves and should be closed down. Reason; 31k was deducted 4rm someone's account because she transfered 1mill. 4rm a current acc. to savings.

What is the charge like in other banks?

We'll only believe this news when we receive alerts from our respective banks. Really, these banks have a culture of pilfering customers' monies with charges that are not even relevant to our banking agreements.

God punish them and their thieving MDs!

This is a good development.

2billions should be from zenith bank. Useless thieves, always beeping my phone with alerts upon alerts. I once emptied on account with them and left 2k inside, within 3 months, my remaining balance was 43naira. Just imagine?