CBN returns N51.9bn illegal deductions to bank customers

The Central Bank of Nigeria has said that it has recovered over N51.9bn illegally deducted by commercial banks and returned it to the customers. The CBN stated that the amount was illegally removed from the accounts of bank customers across the country in the past five years. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, disclosed this in Port Harcourt during an interactive session with stakeholders, including labour union leaders, in the South-South zone. Okoroafor stated that the recovery and return of the funds to customers became necessary after series of complaints on illegal deductions from their accounts by commercial bank customers got to the apex bank. Putting the exact amount recovered and returned by the CBN Consumer Protection Department at N51,913,350,828.85, he explained that $18,191,444.19, €26.286,62 and £6,000 were also recovered within the period.