Business
CBN Recovers N8.6bn Excess Bank Charges
The Central Bank of Nigeria last Monday said it had recovered N8.6 billion as excess charges fraudulently collected from customers by Deposit Money Banks.
The amount was recovered between May 29, 2012, when the Consumer Protection Department was created to protect the interest of consumers, and March 31 this year.
The Deputy Director, Consumer Protection Department, CBN, Mrs. Umma Dutse, made the disclosure during a chat with journalists in Abuja.
She said within the period, the central bank had received about 2,800 complaints bearing on excess charges, conversion and frauds, adding that some of the banks had been given the mandatory N2m fine.
The department was created with a view to promoting consumer confidence in the banking industry. Its role also includes advocacy, enlightenment, education and promotion of awareness among consumers in the industry.
Dutse said, “So far, the department have received and treated over 2,800 complaints from consumers against Deposit Money Banks as at the end of the first quarter of 2013.
“We have also been able to recover more than N8.6bn in favour of various consumers. The figures that I have just mentioned exclude complaints that have to do with Automated Teller Machines and electronic-related complaints, and also complaints from other financial institutions like microfinance institutions and Primary Mortgage Institutions. They are just complaints against Deposit Money Banks.”
She also said, “We have had cause to sanction some banks for breach of regulatory violation the normal N2m; and another thing is that the banks are compelled by the regulation to indicate in their annual financial statements all these breaches.
“So, I don’t think banks would want their shareholders to be seeing all these statistics that they are not consumer-friendly. I am sure with these, we will see great changes very soon.”
The disclosure came barely a week after the Bankers’ Committee of the CBN revealed its plan to investigate the excessive charges imposed on customers by Deposit Money Banks.
Bank’s customers had in recent times complained about fresh and arbitrary charges imposed on them by the DMBs.
Although only few banks had announced publicly their plans to introduce new charges, investigation by our correspondent revealed that some of them had introduced the charges secretly.
For instance, First Bank of Nigeria Limited, Skye Bank Plc and Keystone Bank Limited recently introduced monthly maintenance fee on ATM cards, a move customers said was an indirect replacement of the scrapped N100 charge on ATM withdrawals.
Some banks were also said to charge as high as N50 for SMS to alert their customers of transactions on their accounts, far above the usual N4 that all mobile telecommunications providers charge for text messages.
Other arbitrary charges include N500 monthly maintenance fee for every current account, depending on the bank; and N5 inter-state commission on every N1,000 transferred into or withdrawn from savings accounts in a state different from where the savings account is opened or domiciled.
In some banks, customers forfeit their monthly interests when they withdraw more than three times in a month from a particular account.
But Dutse said the CBN would continue to ensure fair treatment as well as inculcate ethical practices among financial service providers in their relationship with consumers.
To achieve this, she said the bank would put in place a very strong monitoring and compliance scheme that would enable banks to stop arbitrary charges.
She said, “We are going to put a very strong monitoring and compliance scheme that is going to ensure that the banks do what they are supposed to do and I can assure you that with time, the banks will stop all these charges.
“All they need is to be monitored and to ensure that they are complying with regulation.”
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos