An astonishing total sum of N51.9bn illegally deducted from customers account have been refunded bank with the intervention of the CBN. The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor made this disclosure during a stakeholders meeting in Port Harcourt.

According to him, within the past five years, the CBN Consumer Protection Department recovered and returned a sum of N51,913,350,828.85 in illegal deductions made by commercial banks to the affected customers.

He also added that a further sum of $18,191,444.19, €26.286,62 and £6,000 were also recovered and returned during the period.

Mr. Isaac Okorafor said this intervention was as a result of several complaints made by customers across the country of illegal deductions being made on their accounts by their banks.

He said after due investigations of such complaints and if the customer’s bank was found to be in error, then such banks were compelled to return bank such funds to the account of the customer from which it was deducted.

He also lauded the Bank Verification System currently in place as it had helped in fighting the issue of criminal acts and other forms of fraud as it was now easy to identify people who owned what accounts.