The Central Bank of Nigeria (CBN) has directed several commercial banks to refund N7.05 billion and $714.569 to bank customers in eight months after disputes in the financial system.

The eight-month recovery is a part of the one billion naira illegally withheld by the banks under controversial situations.

Findings indicate that many bank customers have reported unauthorized or fraudulent deductions by commercial banks in the country, with customers accusing the banks of siphoning their funds.

In October 2024, the House of Reps introduced a bill to amend the Banking and Other Financial Institutions Act 2020 and Other Related Matters to curtail the rising cases of fraudulent deductions from bank customers’ accounts by banks.

A document by the CBN shows that the apex bank received over 20,000 customer complaints in 2024 after customers reported the issue to the regulator due to the banks' failure to settle the disputed claims.

CBN’s consumer complaints resolution chart showed that the bank received 19,988 customer complaints in eight months, of which 15,306 were resolved.

CBN began a comprehensive review of consumer protection regulations early last year to improve standards and address emerging financial technology risks.