Banks Refund N3bn to Customers

A total of N3 billion was refunded by banks operating in Nigeria to customers in the year 2016 from about N27.6 billion claims in the year.

This information was contained in a 2016 Annual Reports and Accounts of the Chartered Institute of Bankers of Nigeria (CIBN) signed by the Registrar, Mr Seye Awojobi. It was disclosed that during the period under review, the Ethics and Professionalism Division of the CIBN received 136 petitions with claims that amounted to N27.6 billion from bank customers of which 79 cases were resolved amounting to N3 billion paid as refund.

The institute said in the report that it registered an additional 16 microfinance banks last year and were issued certificates in line with CIBN Act No. 5 of 2007. It was further pointed out that out of the 979 microfinance banks licensed by the Central Bank of Nigeria (CBN), 363 have registered with the CIBN.

During the period, the institute’s individual membership grew from 118,802 in 2015 to 122,680 in 2016, showing an addition of 3,893 new members and representing 3.36 percent into various categories which include honorary fellows and seniors as well as students and ordinary members.

The report further said the CIBN raised N439.58 million as annual development fund and corporate subscription during the year under review, lower than the N443.38 million expected in 2016. Payments were received mostly in the first quarter of the year, thereby increasing its portfolio of investible funds.

The CIBN said the figure represented a balance of N3.8 million representing 0.86 percent as outstanding at the end of the 2016 financial year.

Furthermore, regulators and commercial banks paid N400 million, development banks paid N6 million, mortgage banks paid N1.2 million, and microfinance banks made N2.2 million payment.