Chief executives of commercial banks have been ordered to appear in person before a House of Representatives investigative panel over alleged illegal and unexplained deductions from customers’ accounts.

The directive was issued on Tuesday in Abuja by the House Ad-hoc Committee probing tax deductions from civil and public servants’ earnings as well as bank charges imposed on customers.

Commercial banks apply a range of charges to customers’ accounts, including SMS fees, account maintenance charges, transfer fees, and other deductions.

During the session, Committee Chairman Rep. Kelechi Nwogu accused commercial banks of carrying out systematic and unlawful deductions, including charges that lack transparency and are not properly remitted to the relevant authorities.

He stated that banks routinely deduct various charges—such as SMS alert fees, account maintenance charges, and transfer fees—raising concerns about the legality, transparency, and use of these funds.

Reaffirming the committee’s mandate, Nwogu said the investigation aims to ensure that all bank-imposed deductions are duly authorised, accurately calculated, and properly applied.

“Our mandate is clear. All deductions or charges must be deducted rightly, fined rightly, and used rightly,” he said.

He added that the committee has also invited the Ministry of Finance and will collaborate with the Office of the Accountant-General of the Federation, the Economic and Financial Crimes Commission, and all commercial banks operating in Nigeria to ensure a comprehensive investigation.

The committee chairman also rejected any attempt by banks to delegate representatives in place of their chief executives, insisting that the CEOs must personally appear before the panel without fail.

“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,” Nwogu said.

“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.”

The committee has given all banks a four-day deadline to submit the documents needed for the investigation.

Nwogu warned that any bank that fails to comply by Monday will face sanctions.

He added that the House panel is committed to thoroughly uncovering the reasons behind what it considers spurious and unjustified deductions from customers’ accounts.

According to the Central Bank of Nigeria’s latest Business Expectations Survey Report, excessive bank charges, multiple taxes, and inadequate infrastructure were the biggest constraints facing businesses in September 2025.

The report showed that respondents ranked High Bank Charges (70.8), High/Multiple Taxes (70.8), and Poor Infrastructure (70.7) as the top three challenges undermining business operations nationwide.