Reps Probe Banks, Demand CEOs Explain Alleged Illegal Fees

The House of Representatives has summoned the chief executive officers of all commercial banks in Nigeria to appear before an investigative panel over allegations of illegal and unexplained deductions from customers’ accounts. The directive was issued on Tuesday during a sitting of the House Ad-hoc Committee in Abuja, which is probing alleged tax deductions from the earnings of civil and public servants and the various charges imposed by banks.

Lawmakers said the summons became necessary following growing complaints that banks routinely withdraw fees such as SMS alerts, account maintenance charges and transfer fees without transparency or proper remittances. The chairman of the committee, Rep. Kelechi Nwogu, accused the banks of engaging in systematic and unlawful deductions that undermine the rights of customers and breach financial regulations.

Nwogu told the summoned banks that the panel would scrutinise whether the deductions made were authorised, correctly computed and appropriately utilised. He said the committee’s mandate was to establish accountability in the way banks levy charges and to ensure that all funds withheld from customers are handled in line with statutory requirements.

He added that the committee would work with the Ministry of Finance, the Office of the Accountant-General of the Federation and the Economic and Financial Crimes Commission to deepen the investigation and uncover the full scope of the allegations. According to him, no bank would be allowed to send representatives, insisting that only the CEOs themselves must appear before the panel.

The committee directed the banks to submit all required documents within four days, warning that any institution that fails to comply by Monday will face sanctions. The lawmakers said the probe would leave no stone unturned in examining what they described as questionable and unjustified deductions affecting civil servants, public sector workers and other customers nationwide.

A recent Business Expectations Survey conducted by the Central Bank of Nigeria showed that high bank charges, multiple taxes and inadequate infrastructure were among the top concerns of businesses as of September 2025, further heightening public interest in the ongoing legislative inquiry.