- The CBN says it has so far returned N60 billion excessive charges recovered from erring banks to customers
- The CBN director of corporate communications, Isaac Okoroafor, disclosed that the funds were recovered following complaints by 13,000 customers over illegal charges
- Okoroafor says the CBN imposed various penalties on the erring banks for the infractions
The Central Bank of Nigeria (CBN) has disclosed that it has so far returned N60 billion excessive charges recovered from erring deposit money banks to customers.
The disclosure was made by the CBN director of corporate communications, Isaac Okoroafor, at a two-day customer’s sensitisation forum in Owerri, the Imo state capital on Thursday, February 20, The Nation reports.
He said the amount was recovered following complaints by 13,000 customers over excess and illegal charges on their accounts by banks.
The CBN official stated that erring banks were faced with various penalties for their infractions.
He urged bank customers to report all cases of suspected illegal or excessive charges they feel their banks might have imposed on them.
In another news, in a bid to resolve economic problems that some analysts believe has impeded the growth of the country, the Nigerian government has secured a loan of N805,649,243,216 ($2.2 billion) from the World Bank. According to Bloomberg, the loan was approved for six projects to support human capital and economic development in Nigeria this year.
Shubham Chaudhuri, World Bank’s country director for Nigeria in a statement said: “World Bank is ramping up its support to Nigeria in its efforts to lift 100 million Nigerians out of poverty.
The statement further went on to note that the money would be spent on the following; immunization, expansion of the digital economy, job creation, and public and private sector governance.
The Nigerian government, the International Development Association (IDA), the French Development Agency and the European Investment Bank are named financiers for the six projects.
Meanwhile, the federal government has sought the approval of the Nigerian Senate for concessionary external borrowing of $22.8 billion through the minister of finance and national planning, Mrs Zainab Ahmed.
According to her, it was designed to enhance the productivity of the economy via the development of roads, railway lines, electricity projects, agriculture among other sectors.
According to her, the loan will also assist in the provision of soft loan for Small and Medium Enterprises (SMEs) in the country and ultimately improve employment generation.
She reiterated her earlier stance that Nigeria does not have a debt problem, stressing that the nation’s revenue profile was sustainable.
The minister appeared before the Senate committee on local and foreign debts on Tuesday, February 4.
She said the loan sought for was segmented into seven concessionary loans from multilateral institutions, adding that it was part of the 2016 to 2018 external borrowing plan.
To news on security, the Sultan of Sokoto, Muhammadu Sa’ad Abubakar lll, has assured Nigerians that the country will win the battle against insurgency despite the current situation.
Sultan Abubakar gave the assurance on Thursday, February 20, when speaking at a conference on love and tolerance in Abuja, Daily Trust reports.
The sultan, who was represented by the Emir of Jiwa, Idris Musa, said the killings in the country have escalated to the point that the rich are avoiding the poor for fear of being harmed.
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