The House of Representatives has issued a stern directive compelling the chief executive officer of all commercial banks in Nigeria to appear in person before its investigative panel over allegations of illegal, unexplained, and unremitted deductions from customers’ bank accounts.
The order was given on Tuesday in Abuja by the House Ad-hoc Committee on Tax Deductions from Civil and Public Servants’ Earnings and Bank Charges, which is probing a wave of complaints regarding persistent deductions—ranging from SMS alerts to account maintenance and transfer charges.
During the committee’s session, Chairman Rep. Kelechi Nwogu accused commercial banks of engaging in systematic and unlawful financial practices, describing many of the deductions imposed on customers as questionable and lacking transparency.
“Commercial banks are perpetrating illegality by deducting inexplicable charges from civil servants, public servants and other customers’ bank accounts without remittances,” Nwogu said.
He expressed concern that banks routinely impose an array of charges without clear justification, raising questions about whether the funds are being properly collected, accounted for, or remitted to the appropriate authorities.
Reaffirming the committee’s mandate, Nwogu stressed that the panel intends to ensure that every deduction is legally approved, accurately computed, and “rightly used.”
“Our mandate is clear. All deductions or charges must be deducted rightly, fined rightly, and used rightly,” he said.
To achieve this, the committee has extended invitations to the Federal Ministry of Finance, while also collaborating with the Office of the Accountant-General of the Federation, the Economic and Financial Crimes Commission (EFCC), and all commercial banks nationwide.
Nwogu issued a firm warning to the banks that the committee would not accept representatives in place of their chief executives.
“You cannot appear here without an identity. We are not here on our own. We are here on the mandate of the people that elected us into parliament,” he said.
He directed all banks to submit the relevant documents requested by the committee on or before Monday, setting a four-day ultimatum for full compliance.
The panel is scheduled to reconvene next Wednesday, during which the CEOs will be placed on oath before questioning begins.
According to Nwogu, banks that fail to meet the deadline will face sanctions, as the House panel is determined to fully uncover the cause of what it described as spurious and unjustified charges imposed on millions of account holders across the country.
The probe comes amid broader concerns highlighted in the Central Bank of Nigeria’s Business Expectations Survey Report (September 2025), which identified high bank charges (70.8), multiple taxes (70.8), and poor infrastructure (70.7) as the top constraints facing Nigerian businesses.
Despite these challenges, the CBN survey indicated that businesses still expressed a modest level of optimism regarding future economic conditions.
The House committee insists that the ongoing investigation will help uncover systemic irregularities and ensure greater transparency and fairness in Nigeria’s banking sector.