The House of Representatives on Tuesday leveled a significant accusation against commercial banks, alleging they were perpetrating illegal acts by deducting inexplicable monies from customers without making the required remittances.

This serious claim was made during an investigative panel held in Abuja.

The allegation was brought forth by Rep. Kelechi Nwogu, who serves as the Chairman of the House Ad-hoc Committee currently investigating two key areas: the deduction of taxes from civil and public servants’ earnings and the application of bank charges on customers’ accounts.

Rep. Nwogu firmly reiterated the panel’s core mandate, which is to ensure strict adherence to the law, stating that all deductions or charges by banks on accounts of customers must be “deducted rightly, fined rightly and used rightly.”

The chairman then made a direct and categorical statement regarding the alleged misconduct: “Commercial banks are perpetrating illegality by deducting inexplicable charges from civil servants, public servants and other customers’ bank accounts without remittances.”

Affirming the committee’s unwavering commitment to its protective role, the Ad-hoc Committee chairman stated that they are dedicated to shielding Nigerians from illegal charges. To advance the investigation, he disclosed that the House Committee had formally extended an invitation to the Ministry of Finance.

Furthermore, Rep. Nwogu detailed the committee’s plan for broader collaboration, announcing that they would partner with the Office of the Accountant General of the Federation, the Economic and Financial Crimes Commission, and all commercial banks operating within Nigeria to conduct the comprehensive investigation.

A major point of contention during the sitting was the rejection of representation. The House Committee Chairman rejected the representatives of the Chief Executive Officers of major financial institutions, including GT Bank, Zenith Bank, Access Bank, and others. He adamantly insisted that the CEOs themselves must appear before the panel unfailingly.

In explaining the necessity for the CEOs’ personal attendance, he issued a challenge to those attempting to represent them: “You cannot appear here without an identity. We are not here on our own. We are here on the mandate of the people that elected us into parliament.”

Rep. Nwogu outlined the panel’s immediate action plan, concluding with a firm set of deadlines: “We have resolved to meet next week Wednesday. You must submit all requested documents on or before Monday. We will go through all the documents, and we will put you on oath.”

Ultimately, the Committee issued a four-day ultimatum, demanding that all banks involved immediately submit all the required documents deemed necessary for the ongoing probe.

The House Committee Chairman reinforced the gravity of the deadline, declaring that any bank that fails to submit the requested documents on Monday will face strict sanctions.

Rep. Nwogu concluded by assuring the public that the House panel is committed to a thorough inquiry, stating they were “not leaving any stone unturned to unravel why the commercial banks engaged in spurious deduction of charges on their customers’ accounts.”