House Ad-Hoc Panel Accuses Banks Of Illicit Deductions, Summons CEOs

The House of Representatives ad-hoc committee investigating the deduction of taxes and sundry charges from the earnings of civil and public servants as well as multiple bank charges on customers’ accounts has given commercial banks in Nigeria a four-day deadline to submit all requested documents relating to their fees and deductions.

The committee also insisted that the chief executive officers of the financial institutions must appear in person at its investigative hearing.

Lawmakers rejected representatives who arrived without an authorised and duly signed letter from their CEOs.

Speaking at the committee’s session in Abuja, Chairman Kelechi Nwogu said the panel was mandated to verify that all bank deductions are lawful, correctly applied and properly utilised.

He said invitations had also been extended to the Ministry of Finance, the Office of the Accountant-General of the Federation, the EFCC and all commercial banks.

During the session, members of the committee accused banks of “illegality,” alleging that unexplained charges were being deducted from the accounts of civil servants, public servants and other customers without proper remittance.

The panel rejected the appearance of representatives of GTBank, Zenith Bank, Access Bank and other institutions, insisting that their CEOs must attend the hearing.

“You cannot appear here without an identity,” You must submit all requested documents on or before Monday. We will review them and put you on oath.”
Mr Nwogu told the banks.

He warned that any bank that fails to submit the documents by the deadline would face sanctions, saying the panel would leave “no stone unturned” in uncovering the reasons for what lawmakers described as spurious deductions.

Other committee members, including Chidi Mark Obeta and Dominic Okafor, backed the call for the bank chief executives to appear before the committee without fail.

Oduyemi Odumade, Edited By Grace Namiji