CBN Refunds N14.6 BN To Customers


The Central Bank of Nigeria (CBN), has said it has through its intervention, ensured the refund of N14.6 billion to customers of various banks in the country who lodged complaints about services which led to the misplacement of their funds by such banks from 2010 to May this year.

 Deputy Director in charge of Consumer Protection Department of CBN, Hajia Khadijat Kazeem, disclosed this on Monday in Ibadan, Oyo State at a press briefing to flag off Consumer Awareness Campaign in the state.

 Kazeem who stood in for the director of her department, Hajiya Umma Dutse, revealed that since CBN created the Consumer Protection Office in 2010 which was later upgraded to a full fledged department in 2012, the bank has on several occasions, intervened on frictions between several banks in the country and their customers.

Kazeem said as at last month (May), CBN through her department had intervened and treated no fewer than 3,000 complaints from banks’ customers across the country, the development which she said had led to refund of N14.6billion to the customers.

She justified the week long awareness campaign in Oyo State, maintaining that the exercise was to ensure that customers are better served by their various banks while customers are kept abreast of current development in the banking sector.

The sensitization campaign, according to her, includes stakeholder’s forum, road show and

discussions on radio and television stations based in the state while the exercise will be replicated in other remaining states across the country and Abuja.

According to her, “We all would recall the events that occurred few years ago in the financial industry. The Nigerian financial system was virtually on the brinks of collapse.

There was crisis in the financial and capital markets which had been triggered by the global financial crisis.

“Following an extensive and in depth study of the financial system; it was revealed that lack of consumer sophistication amongst many other factors was responsible for the near collapse of the financial system”, she said.