Nigeria: CBN returns over N60 billion excess bank charges to customers

Nigeria: CBN returns over N60 billion excess bank charges to customers The Central Bank of Nigeria (CBN) on Thursday said it has so far...

Nigeria: CBN returns over N60 billion excess bank charges to customers

The Central Bank of Nigeria (CBN) on Thursday said it has so far recovered over N60 billion from erring banks as excessive charges imposed on customers.

The bank also said it has equally returned same amount to the affected customers.

This is just as the Apex Bank has announced that it had commenced the processes for creation of 10 million jobs in the next five years through investment support in agriculture, using 10 commodity models.

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.

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.

Source