CBN recovers over N60bn excess bank charges to consumers

* Plans to create 10million jobs, boost opportunities in agribusiness

Isola Moses | ConsumerConnect

Determined to protect the interest of Nigerian consumers of financial products and services, the Central Bank of Nigeria (CBN) has said it received over 13,000 complaints from the banking public and recovered over N60 billion excess charges and returned same to the rightful owners.

Report says Mrs. Chinyere Obilor, CBN Deputy Director, Consumer Protection Department (CPD), disclosed this at a sensitisation forum the Apex Bank organised in Owerri, Imo State capital.

“The Department (Consumer Protection) received over 13,000 complaints from aggrieved members of the banking public and recovered over N60 billion excess bank charges and returned same to the rightful owners,” Mrs. Obilor said.

While some banks were appropriately sanctioned for the observable unethical practices in the process, the CBN Deputy Director, however, urged the banking public to promptly report any unethical practices by commercial banks to the CBN, for what she called “immediate action”.

Earlier, Mr. Isaac Okoroafor, Director of Corporate Communications, CBN, stated that in five years’ time, no fewer than 10 million jobs will have been created through CBN activities in the economy.

“This will be achieved through 10 commodity models carefully chosen by CBN management.

“They include cotton, cocoa, maize, dairy, palm oil, fishery, poultry, cattle, tomato and cassava,” Mr. Okoroafor said.

According to him, the CBN will give out high-yielding seedlings, fingerlings, and other inputs, to farmers as the CBN remains committed to the welfare of farmers, he said.

“As a way of assisting farmers, the CBN will provide anchor companies, who will buy off the products from the farmers, immediately after harvest.

“This will create the best value chain for the farm products,” he added.

The Director of Corporate Communications also disclosed that plans underway to establish farm settlements.

“This will be the easiest way of building the nation’s economy… the Nigerian economy would have collapsed long ago, if not for CBN intervention,” Okoroafor said.

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