Reps panel warns bank CEOs over failure to explain deductions, charges

By : Adamu Abuh

Date: 9 December 2025 9:37pm WAT

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Nigeria’s commercial banks

Nigeria’s commercial banks

An Ad-hoc Committee of the House of Representatives has issued a stern warning to the Chief Executive Officers of Nigeria’s commercial banks following their failure to appear before lawmakers to respond to allegations of unlawful deductions of taxes and sundry charges from the earnings of civil and public servants.

The committee, chaired by Hon. Kelechi Nwogu, is also investigating the legality of multiple and unexplained bank charges imposed on customers across the country.

During Tuesday’s sitting, Nwogu expressed strong displeasure over the absence of the bank chiefs, insisting that no representative would be allowed to stand in for any CEO without an authorization letter duly signed and submitted to the panel.

He noted that the House had extended formal invitations to key government institutions and stakeholders, including the Ministry of Finance, the Office of the Accountant-General of the Federation (OAGF), the Economic and Financial Crimes Commission (EFCC), and all commercial banks operating in Nigeria. Their appearance, he said, was necessary to provide clarity on growing concerns about arbitrary deductions from customers’ accounts without corresponding remittances.

Lawmakers on the panel accused banks of perpetrating acts that border on illegality, particularly deductions described as “inexplicable” and “unjustifiable,” adding that many civil and public servants have been subjected to a series of questionable charges.

Nwogu, visibly irked by the absence of bank CEOs from GTBank, Zenith Bank, Access Bank and other institutions, said the excuses offered through their representatives “cannot hold water,” stressing that the chief executives must appear in person before the panel.

“You cannot appear here without an identity,” Nwogu warned. “We are here on the mandate of the people who elected us. We expect full cooperation. You must submit all requested documents on or before Monday. We will scrutinize everything, and once you appear, we will put you on oath.”

He added that any bank that fails to comply with the Monday deadline for submission of documents will face sanctions. According to him, the committee will reconvene next Wednesday to continue the probe.

“We are not leaving any stone unturned,” he said. “The era of spurious and unexplained deductions from customers’ accounts must end.”

Other lawmakers on the panel, including Hon. Chidi Mark Obeta and Hon. Engr. Dominic Okafor, threw their weight behind the chairman’s position, insisting that the bank CEOs must appear without fail to account for the actions of their institutions.

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