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February 24, 20204min1530
Thanks to the Central Bank of Nigeria, CBN, rogue banks have been made to return illegal deductions of about N60 billion to customers.
Top of the lists according to the lists from the CBN are GTBank and Zenith Bank whose illegal deductions almost reached 45% of the total illegal deductions. About 3,400 customers complained to the CBN of illegal deduction while over 2500 complained against Zenith Bank of that total complaints lodged against banks in the country.
According to the CBN, over 13,000 complaints were received and acted upon against banks who engage in illegal deduction in the country.
GTBank is protected by the office of the Vice President while the CBN’s top man, Godwin Emefiele was the former boss of the Zenith bank.

Speaking during a two-day customers sensitisation forum in Owerri, the Imo State capital, the CBN Director of Corporate Communications, Mr. Isaac Okoroafor said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

According to him, the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks.

Okoroafor, who also disclosed that the erring banks were meted with various penalties by the CBN, stated that the Apex Bank was determined to ensure that no bank customer was cheated with excessive charges from their banks.

He added that the CBN adopted intermediation strategy to monitor the banks and ensure they did not misuse customers deposits.

He used the opportunity to advise bank customers to report all cases of suspected illegal or excessive charges they feel their banks might have imposed on them.

On the CBN’s development function, Okoroafor 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 rate”.

In the light or this, the CBN spokesman disclosed that more than 10 million jobs would be created in Nigeria in the next five years through the Apex Bank’s activities.

The jobs, he added, would 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.

(Additional reports from agencies)

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