CBN Returns Over N60 Billion Bank Loots To Customers

Over N60 billion from erring banks has been recovered from excessive charges imposed on customers by the Central Bank of Nigeria (CBN)

CBN further noted that of the recovered money have been processed and returned to affected customers

The bank further announced that it had commenced the processes for 10million jobs creation in the next five years through investment support in agriculture, using 10 commodity models.

The CBN Director of Corporate Communications, Mr. Isaac Okoroafor, who spoke during a two-day customers sensitisation forum in Owerri, the Imo State capital, said the recovery of the excess bank charges was made possible through the bank’s Consumer Protection Department.

He said the amount was recovered after about 13,000 customers reported excess and illegal charges on their accounts by banks.
Okoroafor further noted that banks which were found guilty were further given various penalties by the CBN.

He reiterated the Apex Bank’s determination to ensure that no bank customer was cheated with excessive charges from their banks.

He added that the CBN adopted intermediation strategy to monitor the banks and ensure they did not misuse customers deposits.

On the CBN’s development function, Okoroafor said, “We want to stop inflation in the economy by ensuring that prices of food items don’t keep rising at every turn. That’s why we made loans available with single digits interest rate”.

He said when this is done, more than 10 million jobs would be created in Nigeria in the next five years through the Apex Bank’s activities.

The jobs, he added, would be created through 10 commodity models such as cotton, cassava, palm oil, cocoa, maize, tomatoes poultry, fishery, cattle and dairy.

“We will also provide high yielding seedlings as well as extension services to the farmers.

“We’ll equally provide them with the processors or off-takers who will buy off their farm products immediately after harvest. This will create the best value chain for everyone.

“If we face cassava for instance in the South East alone, we will create at least one million jobs here.

“Our intention is to bring back farm settlements across the country as it used to be in the past. That’s the easiest way of building our economy”, he said.