3 Nigerian banks told to account for deductions or face sanctions

On Techpoint Digest, we discuss banks being told to account for deductions or face sanctions, a tribunal dismissing all claims against Kuda, and MTN raising contract prices above inflation by 2026.

Hola,

Victoria from Techpoint here,

Here’s what I’ve got for you today:

Banks told to account for deductions or face sanctions

The Nigerian House of Representatives just dropped a serious summons: the CEOs of GTBank, Zenith Bank, and Access Bank have been ordered to show up in person before the investigative panel headed by Speaker of the committee Kelechi Nwogu. The issue? Allegations that the banks have been making unauthorised deductions from the accounts of civil servants, public employees, and other customers. No proxies. The big bosses themselves must come.

Nwogu didn’t hide the seriousness. He warned that these CEOs cannot just send a representative. “You cannot appear here without an identity,” he said Tuesday in Abuja. The panel needs hard answers and expects full accountability from the top, no exceptions. And those banks have just four days to hand over all relevant documents before the next hearing scheduled for Wednesday. Failure to comply could bring sanctions.

This step shows just how urgently the House wants to get to the bottom of what many Nigerians have complained about: mysterious charges on payrolls and savings, especially affecting public-sector workers. The probe doesn’t stop at the banks. The panel is also looking at institutions like the Ministry of Finance, the Office of the Accountant General, and the Economic and Financial Crimes Commission (EFCC). Together, they’ll review deductions, remittances, and compliance documentation to see if anyone handled transactions unlawfully.

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For bank customers, this investigation could be a real turning point. Many people who’ve seen unexplained withdrawals may finally get clarity on whether those deductions were legitimate. For the banks, it’s a make-or-break moment: cooperate and rebuild trust or face regulatory heat, potential sanctions, and reputational damage. Either way, the spotlight is firmly on top-level accountability.

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