Salvador calls on CBN to check extortion by commercial banks

Moshood Salvador, a chieftain of ruling All Progressives Congress (APC), has charged the Central Bank of Nigeria (CBN) to be alive to its responsibilities by checking the activities of the commercial banks which engage in extorting their customers.

The APC chieftain stated this in a press conference yesterday, noting that the regulatory bank no longer monitors the activities of commercial banks’ customer relations, thereby giving room for the banks to keep extorting poor customers of their hard-earned resources through various unregulated bank charges.

Salvador, who is a former member of the House of Representatives, added that such practice whereby banks remove frivolous charges from the meagre salaries of their customers must not be allowed to continue.

This was just as the APC chieftain faulted the CBN on his pronouncement that the inflation rate in the country stands at 18per percent, expressing surprise at such declaration, giving the daily rise in the prices of products and services in Nigeria.

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According to him, “The CBN governor needs to be called to order as the bank’s customer relationship is not monitored again.

“This gives all banks the opportunity to keep extorting poor customers of their hard-earned resources.

“Imagine COT was removed but replaced with a management fee which is never charged elsewhere in the world. Their responsibilities include protection and safekeeping of customers’ funds,” he said.

Salvador, who is also a former chairman of the Lagos chapter of the People’s Democratic Party (PDP), recalled the case whereby an alleged sum of N755, 000 was fraudulently withdrawn from a customer’s account via cyber shopping.