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Tuesday, 25 July 2017

Central Bank Of Nigeria Returns N51.9bn Illegal Deductions To Customers

The Central Bank of Nigeria has said that it recovered over N51.9bn illegally deducted by commercial banks and returned it to their customers. CBN stated that the amount was illegally removed from the accounts of bank customers across the country in the past five years.
Isaac Okoroafor, Acting Director, Corporate Communications, CBN, disclosed this in Port Harcourt during an interactive session with stakeholders, including labour union leaders, in the South-South zone.
He stated that the development became necessary after customers made series of complaints on illegal deductions from their accounts.
“When such complaints are received, the CBN will embark on a thorough investigation of what happened and how the deductions were made. If we discover that the bank was wrong, we will write and order the bank to return the money to the customer’s account.
“We do not keep this kind of money in any special account. Someone owns it and the banks know the accounts from where they made the deductions. So, we mandate them to pay it back into the accounts,” he said.

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