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Worries in House of Rep over illegal charges & deductions by banks

The House of Representatives has said banking industry is supposed to be a catalyst for economic growth and wealth creation, lack of transparency .

And this has made investment by local and foreign investors very unattractive due to the illegal dealings and meddling with depositors’ accounts by Nigerian banks.

“As a public institution and one of the three Arms of Government accountable for the use of tax payers’ money, prudence demands that the House commence an investigation of the activities of its accounts held in various banks to determine the extent of excess and illegal charges, if any, by its bankers with a view to recover same in the interest of the House,”

When the Speaker of the House, Rep Femi Gbajabiamila, called for a voice vote on the motion, members adopted it without dissent.

The House subsequently directed its Committee on Banking and Currency to investigate and determine the extent of excess charges on members of the House of Representatives, other public institutions and individual accounts held in various banks, to determine the extent of excess charges, if any, in the last eight years.

The Committee was given four weeks to report back to the House for further legislative actions.

About Younews Ng

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