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Although the Central Bank of Nigeria (CBN) promised to ensure that bank customers who lost money due to excessive fees and unauthorized deductions received compensation for their complaints, commercial banks in the nation have continued to profit from unwary clients.

Investigations into the matter further show that occurrences of unauthorized deductions and excessive charges have persisted. 

Customers of banks regularly express their dissatisfaction about the failure of some impacted banks to address problems with thefts from their accounts and unauthorized charges. An angry female bank customer recently broadcast live on social media from inside a commercial bank office in Lagos, Nigeria, about big amounts of money missing from her account.

According to an aggrieved bank customer on twitter, “Banks are not having explanations for these debits and unauthorised transactions. Banks are not safeguarding these funds”.

Another one added:

They are encouraging fraud and nobody is talking about it. If you have a debit card, your money is not safe

The CBN spokesman and director of corporate communications, Mr. Osita Nwanisobi, offered encouragement in response to complaints made on social media by consumers who claimed that some commercial banks had short changed them at various points by making unauthorized withdrawals from their accounts. 

He urged bank clients to get in touch with the CBN, assuring them that the apex bank would see to it that they received compensation for excessive fees and unauthorized withdrawals.

According to Nwanisobi, the CBN has subsequently published a circular on its website that lists all legal bank fees. He continued by saying that any fee that deviates from the circular’s guidelines is prohibited.

“Customers should report to the CBN. We have channels; we have email addresses where they can reach us. That’s what they should do.”

Customers were encouraged by the CBN to give deposit money banks two weeks to resolve their issues.

If after lodging your complaint, your bank still fails to engage you and resolve the complaint within two weeks as provided for in the ATM Help Desk Circular, you have the right to escalate your complaint to the Consumer Protection Department (CPD) of the CBN”


The apex financial regulator said customers can contact the CPD by sending an email to,, or call +2347002255226.


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