Money market

2,122 depositors petition banks, demand N334bn, $420m claims

The Chartered Institute of Bankers of Nigeria

About 2,122 bank customers lodged complaints against their banks to the Sub–Committee on Ethics and Professionalism of the Chartered Institute of Bankers of Nigeria between 2001 and 2018.

The CIBN disclosed this in its 2018 annual report and accounts which it released on Saturday.

The committee was responsible for resolution of disputes relating to unethical practices between or among banks as well as between banks and their customers.

In the report, the customers demanded claims totalling N344.01bn and $420.06m in the period under review.

The institute said it resolved 1,993 cases and awarded N30.26bn and $18.41m to the petitioners in 2017.

In the report, it stated that 140 cases were outstanding as of the end of 2018.

Part of the CIBN report read, “Since inception in 2001, the sub-committee has received a total number of 2,122 petitions/cases with total claims of N344.01bn and $420.06m in local and foreign currencies respectively.

“1,993 cases were resolved which resulted to N30.26bn and N18.41m awarded/ refunded to petitioners/ customers by banks.”

The institute also said that as of the end of April 2019, it had received 129 new cases with claims amounting to N11.89bn.

It also said that in 2019, it had so far awarded N1.83bn in 138 pending cases.

The President, CIBN, Dr Uche Olowu, said the Nigerian banking industry witnessed several notable developments in the year under review.

“Most importantly was in the area of enhancement and advancement in fintech and digitisation,” he said.

He assured that the institute would continue to guard its financial resources while at the same time, ensuring that the implementation of its vision and goals for the institute were not hampered by financial constraints.

The Registrar, Chief Executive, CIBN, Seye Awojobi, said, the operations of the institute had been in consonance with responsible accounting and consequence management to ensure effectiveness and efficiency of its mandates.

He said that in the year under review, the thorough process had propelled the staff members to be more resourceful and focus- driven to achieve their set targets.

“Furthermore, it is noteworthy to inform you that the current Strategy Plan (approved in 2016) of the institute would run its full course by September 2019 and adequate process has been put in place by the Research, Strategy & Advocacy Committee towards the development of a new and robust strategy plan that would incorporate the expected actions and deliverables in tandem with dynamics of the business climate.”



  1. Ojo Daniel

    May 21, 2019 at 1:31 pm

    The remaining issues should be resolved as soon as possible and they should be awarded accordingly

  2. Ojo Daniel

    May 24, 2019 at 3:39 pm

    Banks should try to achieve their set targets.

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