CBN and undue delays in resolution of customers’ complaints
The Nigerian Press is the unyielding torchbearer of enlightenment, dispelling darkness of ignorance and empowering every citizen to participate meaningfully in shaping our collective destiny. Across every epoch, the Nigerian
- By Ayodele Oso
The Nigerian Press is the unyielding torchbearer of enlightenment, dispelling darkness of ignorance and empowering every citizen to participate meaningfully in shaping our collective destiny. Across every epoch, the Nigerian Press has stood tall. Its place in history is assured as posterity will accord it as the fearless voice that built a better and accountable nation.
Introduction
One of the key statutory functions of the Central Bank of Nigeria (CBN) is to promote a strong financial system, including regulating and supervising banks to ensure stability, soundness and high standards of banking practice, as stated in Section 2 of the CBN Act 2007.
Banks are required to resolve most customer complaints within 30 days, with dissatisfied cases escalated to CBN, specifically Consumer Protection Department (CPD). While the decentralization of CPD to branches was meant to improve response time, some matters still take several months or years, with the resultant effect of erosion of public confidence and CBN’s financial inclusion goals.
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Our most recent experience
In the aftermath of our complaint to CBN in March 2022, the apex bank, in January 2023, directed First Bank of Nigeria Plc (FBN) to credit an estate account with over N73m following a fraud of N39.365m dating back to July 2005. Although FBN theoretically credited the account in January 2023, a Post-No-Debit (PND) restriction remains. A formal report was made to CBN, Lagos since November 2025, but the matter is yet to be resolved despite several reminders.
Since May 2025, CBN was informed concerning US$183.50 transferred by Guaranty Trust Bank Plc (GTB) to CBN Unclaimed Balances Account since January 2025. The matter was later taken to CBN Ibadan in July 2025 due to lack of response from CPD HQ. Despite several back-and-forth with CBN, Ibadan and GTB, the US$ remained uncredited to the customer, with GTB claiming that refund cannot be made until and unless CBN availed Banks Assets Reclaim Form. Subsequent calls made to CBN Ibadan to push CBN HQ to provide Asset Reclaim Form have proved fruitless!
A N30.9m fraud involving a cloned account at Signature Bank was reported to CBN since May 2025 and later CBN, Ibadan in July 2025. The matter remains unresolved till date despite several reminders and physical engagements.
Actions required
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To resolve these complaints promptly and set clear benchmarks for similar cases handled by the CPD, the CBN is respectfully requested to:
Immediately direct the affected banks (FBN, GTB and Signature Bank) to credit the customers’ accounts with the full complained or defrauded sums together with interest at the prevailing Monetary Policy Rate of 26.5% from the date of occurrence within the next 72 hours.
In the event of non-compliance within 72 hours, the CBN should directly debit the infracting banks’ accounts via the Central Securities Clearing System (CSCS) without further recourse and remit the funds to the affected customers.
Apply relevant sections under the Consumer Protection Regulations against the Banks for delays beyond prescribed timelines.
Establish and publish clear service standards (e.g. maximum resolution time of 60 days working days for escalated complaints, depending on complexity) to guide further handling by the CPD at both branch and headquarter levels.
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Escalate any delay beyond the set threshold for CPD to the Deputy Governor in charge of Financial System Stability to ensure prompt attention, accountability and resolution.
Such decisive measures would strengthen consumer confidence and align with the CBN’s statutory mandate for a sound and inclusive financial system.
•Oso is a Chartered Accountant
