WorldStage Newsonline– The Senate has given its backing to the motion by Senator Sukeiman Umar Sadiq (representing Kwara North senatorial district, Kwara State) calling on commercial banks in the country to ensure transparency and clarity in deductions from the bank accounts of Nigerians.
Considering the motion at a plenary during the week, the Senate noted that the financial well-being and trust of citizens were critical to the stability of the national economy, and that transparent, understandable banking practices were essential to building and maintaining the trust.
The Red Chamber also noted that many Nigerian bank account holders frequently experienced deductions from their accounts without clear, itemized explanations of the charges resulting thereby in confusion, mistrust and difficulty in reconciling their financial records.
The Senate expressed concern that while banks provided account statements, the current level of detail concerning specific charges – how they are calculated and the policies concerning them – was often inadequate, thereby limiting customers’ ability to manage their finances effectively or to challenge erroneous deductions.
Aware that improving transparency in bank charges would empower consumers, reduce disputes, promote financial literacy and foster stronger relationship between financial institutions and their customers, the Senate accordingly resolved to urge the Central Bank of Nigeria (CBN) to immediately mandate all commercial banks and institutions operating in the country to provide a clear, itemized and easily understandable explanation for every deduction made from customers’ account.
According to the resolution, such explanations must clearly be indicated on the account statements; ensure that monthly account statements are accompanied by a separate, comprehensive communication, such as an email, to the account holder, detailing the computation of all charges for the period, including applicable rates, basis for calculation, and references to relevant policies or regulations.
The Senate also resolved to urge the CBN to establish a dedicated, accessible and responsive portal or help desk where customers can lodge complaints regarding unexplained or unclear bank charges, and to ensure prompt investigation and resolution of such complaints.
It further resolved to mandate the Committee on Banking, Insurance and Other Financial Institutions to invite the Governor of the Central Bank and representatives of the Bankers’ Committee for consultations on the planning and implementation of the transparency measures.
Sponsor of the motion, Sadiq Suleiman Umar, was born June 1970 in Kaiama Local Government Area of Kwara State.
In 2019, he was elected under the All Progressive Congress (APC) party to serve in the 9th Senate, where he was the Chairman, Senate Committee on Rules and Business, Vice Chairman Senate Committee on Primary Health Care and Communicable Diseases; and member of several other committees in the 9th Senate.
He was re-elected in 2023 to serve in the 10th senate and he is currently the Chairman, Senate Committee on Trade and Investment and a member of several Senate committees, including Appropriation, Power, Downstream Petroleum, Finance, FCT, Public Accounts, Industries, Defence, National Planning, ICT and Cyber Crimes, Local and Foreign Debt etc.
In May 2025 he was appointed the Chairman Senate Committee on Rules and Business of the 10th Senate.
His legislative focus is on Education, Health, Road Infrastructure, Water Resources, Power, Human Capital Development, Empowerment and Youth Advancement.
