Business

Banks Customers Lamenting Over Fraudulent Deductions

Published

1 year ago

May 26, 2025

661 Views

Customers of commercial banks are complaining bitterly about several unautorised withdrawals from their savings accounts.

A woman who gave her name as Ruth, told our reporter that she has resolved henceforth, to be keeping her money at home rather than in the bank.

She referenced her savings account at one of the UBA branches in Lagos, where she deposits profit from her crayfish and zobo business.” I use parts of the money to support the school fees for my children; I kept receiving withdrawal alerts as early as 5.am .

Sometimes, they withdrew N2000, N2,500 and even N4,000, for POS purchases, I didn’t make.

Other times, the alerts are not sent,” she lamented.” It’s banks that are doing it, a POS operator told her, adding, “go to your bank and complain about it.”

At the customers desk, she was asked , after scrolling through her account history, “whom did you shared your PIN details with?”None, Madam ,” she replied.

She was told to change her PIN number …Likewise , Lucy , a customer of Zenith Bank, couldn’t take it anymore.

Like a matador bull, she went to the bank and harassed the customers desk.

” You people are thieves…I didn’t buy anything online, you must return my money, she fumed”. “Calm , down; Madam…”, a security staff interjected.

Madam, I’m here for the same purpose. I had 18k+ in my savings account. I bought an item worth N2,800 for family dinner. I was left with a balance of 16k plus.

That was Friday May 24. In the morning, I went to the same POS point to withdraw 8k to attend a friend’s wedding.

The machine couldn’t disbursed but showed ” insufficient balance. They withdrew 12k and left 4k balance. ..” Another victim explained, “Cyber thieves are very smart and have been changing their mode of operations.

There’s a chip they are using to defraud customers, either from inside the bank or it’s planted with the POS. So, you don’t really know who’re the thieves – the Banks or the fintech operators – Opay, moniepoint, and the rest.

“Even children’s savings account are not spared. I want to close my child’s account, for the same wrongful deductions.

It’s sad that this is happening despite the billions of Naira /$ banks have spent on upgrades.

“Is it for nothing that they have been declaring billions of profits?, ‘quipped another customer, adding ” It’s hightime the CBN beams search light on them.”

Related Topics:Featured Fraudulent Deductions

Up Next

EFCC boss fingers insider-aided cyber attacks on Nigerian banks

Don't Miss

Dangote Named Most Admired African Brand, Bags Two More Awards in Addis Ababa

Click to comment

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

9 hours ago

July 21, 2026

OCHEFA

23 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

18 hours ago

July 21, 2026

OCHEFA

21 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.