CBN recovered over N60 billion excess charges

By Chidi Nkwopara

The Central Bank of Nigeria, CBN, received over 13,000 complaints from the banking public, recovered over N60 billion excess charges and returned same to the rightful owners.

The CBN Deputy Director, Consumer Protection Department, Mrs. Chinyere Obilor, disclosed this at a sensitization forum organized in Owerri, by the Apex Bank.

“The Department received over 13,000 complaints from aggrieved members of the banking public and recovered over N60 billion excess bank charges and returned same to the rightful owners”, Obilor said.

While saying that some banks were commensurately sanctioned for the observable unethical practices, the CBN Deputy Director, however, urged the banking public to promptly report any unethical practice by commercial banks to the CBN, for what she called “immediate action”.

Speaking earlier, the CBN Director of Corporate Communication, Mr. Okoroafor, said that five years from now, no fewer than 10 million jobs would be created in Nigeria, through CBN activities.

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“This will be achieved through 10 commodity models carefully chosen by CBN management. They include cotton, cocoa, maize, dairy, palm oil, fishery, poultry, cattle, tomato and cassava”, Okoroafor said.

According to the Director, the CBN will give out high yielding seedlings, fingerlings and other inputs, to farmers, stressing that the CBN remained committed to the welfare of farmers.

“As a way of assisting farmers, the CBN will provide anchor companies, who will buy off the products from the farmers, immediately after harvest. This will create the best value chain for the farm products”, Okoroafor said.

Continuing, the Director disclosed that plans were in top gear to establish farm settlements, adding that “this will be the easiest way of building the nation’s economy”.

Okoroafor also said that “the Nigerian economy would have collapsed long ago, if not for CBN intervention”.

Vanguard Nigeria News


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