The House of Representatives has today took significant steps to address cases of fraudulent deductions by commercial banks from customers’ accounts.
This followed the passage for the second reading a “Bill for an Act to amend the Banking and Other Financial Institutions Act 202 and Other for Other Related Matters,” sponsored by the member representing Mushin II Federal Constituency, Lagos State, Mr Moses Fayinka.
Leading the debate on the general principles of the bill, Fayinka lamented the frequent cases of withdrawals from customers’ accounts, noting that billions of naira have been lost in the process.
He said, “There is an alarming rise of bank fraud or unauthorised withdrawal of deposit funds in Nigeria. In the banking industry, about 101,801 cases were reported in 2022 and 48,703 cases were reported in 2023, making bank customers lose several billions of naira.
“This Bill is in consideration to the uprising of various financial crimes within the country, with many of such passing through financial institutions or we can call it the commercial banking system.
