Re: Banking with tears and blood, By Ebun-Olu Adegboruwa, SAN

Last week, I x-rayed the situation with the banks in Nigeria and the increasing frustration of their customers. It turned out that many Nigerians are captive victims of the banking sector, though rather unfortunately. I am highlighting the contributions of eminent Nigerians to this topic in order to give the banks and the Central Bank of Nigeria the golden opportunity to make amends before it gets out of hand.

The relationship between the banks and their customers should be that of ultimate satisfaction for the banking public. Banks seem to get away with many of the atrocities enumerated in these comments and indeed the main piece. As has been stated by many commentators, perhaps a good way to start is to file a suit in court for judicial intervention. Who knows! Please read and enjoy the comments.

Read Also: Banking with tears and blood

Bolade Agbola

“I remember when, in the early 2000, we did the numbers on deploying ATMs in some of our bank branches. It was like mission impossible. Within 24 years the ATM machines were deployed everywhere, but in the last 3 years, they are Radio Rediffusion boxes of the colonial era. POS has taken over at huge transaction cost to the consumers. CBN should direct banks to remove the machines from their branches as they serve no purpose. Cash dispensing has been outsourced to POS operators.”

Alfred Elijah

“Sir, you’ve poured out the true state of the predicaments of Nigerians with Nigerian banks, aside gulping customers’ funds hanging due to dispense error, banks also deduct funds from customers for no just reason. Many businesses are crashing, unemployment is worsening, the policy is bad, it is not helping us, the banking system is too poor to back up the so-called cashless policy.”

Humphrey Oghofugha

“Sir I’ll allege that the CBN on the surface is with the banks, otherwise the fraudulent activities won’t persist, so going to them is akin to doing nothing. But if CSOs approach the courts and their lordships, however compromised they may be, pass judgments in favour of defrauded customers things might begin to change for good.”

Adebayo Akinde

“Sir the law is high time you took up cases against this fraudulent and uncultured attitude of our banks. They are not doing core banking jobs rather they keep deducting ridiculous charges and debiting Nigerians anyhow. It is worrisome and unfortunate and the regulators are sleeping and doing nothing to address the situation.”

Julius Adedeji JP

“Please make it louder sir. The ATMs have all dried up, curiously while POS operators always have enough cash. Even at parties, money sellers have LOADS of MINT Naira Cash to sell at exorbitant commission. It’s a shame and something urgent must be done to reverse this terrible trend. May God bless Nigeria.”

Joseph Godsave Oluwaseyi

“Many individuals and corporate organizations are just taking advantage of a failed nation to rob the masses. Several times I let go of debit alerts of some unsuccessful online transactions. The same way the internet providers are robbing the masses.”

Maxwell Chimezie Okafor

“Learned Silk, please file an action against these banks. If I’m called, I will gladly join in the appearance. When you must have done it to two or more banks, others will sit up. Banks too aren’t infallible after all.”

Olaitan Joseph Olusegun

“It has always been said that Nigeria is not ripe and ready for E-payment… The infrastructure is not available, electricity being number one! Sadly, the banks we so trusted have inadvertently turned their backs on us! Perhaps it’s time for a drastic change … Power must change hands. Good afternoon Sir.”

Bunmi Olusona

“The banking institutions are one of the pillars of our societal problems. Ranging from illegal and immoral deductions to fraudulent foreign exchange dealings. That sector is due for total overhauling.“

Tayo Martins

“Ebun-Olu Adegboruwa, SAN, you have always been on the side of the downtrodden masses sir. God bless you for always speaking up. But we must find ways to stop this fleecing by the banks sir, can you please follow up with actions legally?”

Okunfeyiwa Damisi Loto

“That’s the way it is sir. I’m tired and sick of Nigerian banks. They will come to your sitting room and office to persuade you to open an account with them so that they can get your money for their selfish gains. It’s people like you that can call them to order.”

Adekunle Olaoye

“Big Sam, thanks for this post. Nigerians are really under severe burdens no thanks to the government and its subsidiaries, including the banks, the power holders, the telecom service providers, etc. Please we need to shine the light on the telecom service providers as well. God bless you my brother.”

Mofe Stephens

“You are simply God sent, these banks are milking Nigerians and our hard-earned money daily, it is unfortunate that the CBN has been looking the other way instead of protecting the interest of the Nigerians. You have the support of the masses Sir.”

Abiodun Toju Abati

“Thank you sir for this eye opener many are in tears because of these wicked deductions but they don’t have the means of challenging this wicked deduction Sir. The lower class of the society is really in pain because of this. The people will be very happy to see you set a precedent sir so the bank will stop all these deductions and face their major business of banking and making money by not deducting people’s money the way they like.”

Mikail Oludiran

“Nothing in Nigeria works … every arrangement in place is in support of the fraudulent/rogues. It seems living civilized lives doesn’t align with the Nigerian system! The rogues and brigandage seem to be in control … However people like you should not relent in ending the opprobrium and the mess, like you Ebun-Olu Adegboruwa, SAN did end exploitation by communication industries charging per minute then …”

Adeboye Bajulaiye

“A Banker once told me whenever his BM (Bank Manager) was broke and needed money for weekend paranpa, he ordered some deductions from all accounts domiciled in the Bank under whatever yeye charge per customer. Since it was usually about ₦56:50, the unsuspecting customers never bothered. ₦113,000 for the weekend at the expense of the hapless customers can’t be bad!“

Adebayo Akinleye

“What of sending multiple SMS messages on same transaction. It’s frustrating with all these fraudulent deductions. What makes them different from our politicians who take advantage of every one of us stealing our commonwealth resources.“

Babafemi Adejinmi McCrownie

“Ebun-Olu Adegboruwa, SAN Comrade lawyer sir, your observations are not peculiar to you alone, this is the nightmare of everyone who operates an account (business/corporate) with Nigerian banks today. What is a faster way to control this menace, legal or political?”

Akara Ugo

“The country’s leadership was fraudulently instituted, the rest will follow the footsteps of their leaders. It’s very pathetic that one could be charged for services that you didn’t use.”

Omolara Oluwashindara

“Banks make trillions in profit at the end of every financial year but nobody bothers to ask how they make that profit … So sad.”

Cadet Jacob Ushie

“This is very absurd to say. I keep thinking when will Nigeria ever get it right? Never any sector that’s not underworking. Even in this 2024 Nigerians are still struggling with everything bad!! Bad!! Bad!!”