CBN recovers over N51.9bn illegally deducted by commercial banks and returns it to the customers.

The Central bank Nigeria has recovered the said amount of money which were illegally deducted from the customer’s account by most Nigeria Commercial banks in all part of the country. These ill acts by the other banks were bitterly condemned by the chief bank (CBN) because it depicts the country’s banking standard and harm the poor masses.

The CBN Acting Director, corporate communications, Mr. Isaac Okorafor, made these open without fear or favor in Port Harcourt during an ongoing interactive section with many stakeholders, south-south zone, and other Union leaders. Mr. Okorafor gave details on how the aforementioned money was discovered and refunded to the poor customers after massive complaints by the customers on illegal funds deduction s from their various accounts by our Nigerian banks.

He revealed that the Apex bank is out for the commercial banks if other further news are received from customers. He further stated the actual amount which was illegally deducted by the commercial banks and was recovered by the Central Bank of Nigeria Consumer Protection Department. A huge sum of N51,913,350,828.85 has been returned to the customers he said. He explained that other illegal funds were also recovered within that period of time. The sum are as follows $18, 191,444.19, €26.286, 62 and £6,000. Mr. Isaac Okorafor was represented by CBN assistant Director, Mr. John Attah who spoke on the massive complaints of customers of about 10,548 but the amount that was recovered were from 5, 746 of the resolved cases. Further interactions went on which he said that as soon as such complaints came to our desk, the CBN would embark on a thorough recalculation and investigation of what must have been the cause of the massive deduction. Then if finally the amount of was inaccurate, we inform the commercial banks through writing to disburse those funds to the customers.

He politely told the entire people present at the interactive section, that the CBN don’t have any right to hold on to customer’s money in any occasion. These are public funds and those commercial banks knows how the deduction were made. So we urge them to return the money. We at the Apex bank has decided to always protect our customers. He added that the interactive section was to also educate the labor union and the stakeholders on some of the financial policy of the Central Bank of Nigeria. Mr. Okorafor added that the financial policy information’s is to enable a swift rise in our country’s economy and foster the masses business. He went further to highlight on the importance of the Bank Verification Number (BVN) and tends to pose no threat of inconveniences to the general public. Most people use different varieties of name to open different accounts with the bank for different reasons, could be fraud, scam, kidnapping reasons etc. he stated.

A deep gratitude was expressed by the Industrial Global Union Vice President, Mr. Isaa Aremu to the current CBN Governor, Mr. Godwin Emefiele for haven’t done a remarkable job and having the interest of the labor union and the entire public at heart.