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Chairman, House of Representatives Committee on Banking and Currency, Hon. Victor Nwokolo (PDP, Delta), has refuted media reports that his committee had summoned the Central Bank Governor, Godwin Emefiele, over the bank’s recent controversial directives on new bank charges.

Nwokolo, instead said on Sunday that what the committee did was simply to request that the CBN boss interfaces with the committee to see how the effects of the cashless policy can be reduced to enable Nigerians to enjoy the benefits therefrom.

Recall that the House of Representatives on Tuesday, last week responded to public outcry by passing a resolution rejecting the new policy which charges 2 and 3% of any deposit or withdrawal that’s in excess of N500,000 (Five Hundred Thousand) naira.

The House also resolved to get the CBN to explain the rationale behind the policy which some lawmakers argued was aimed at enriching bank owners at the expense of ordinary account holders in the country.

However, some news outlets reported that the House issued a summon to the CBN helmsman demanding appearance and explanations to justify the directive.

But Chairman of the committee in charge of Banking and Currency, Hon Nwokolo, who represents Ika Federal Constituency of Delta State said what the House resolved to do was invite the governor for an interface aimed at clearing misconceptions surrounding the policy and how the resultant effects on ordinary Nigerians could be reduced.


“The motion simply asked the CBN governor and the bankers committee to interface with us so that we can find ways and means to curb the hardship of the policy on Nigerians.

“We need to know how they arrived at the charges and the indices used to arrive at the conclusion too. Our intention on this issue is simple and it simply aims at the possibility of Nigerians using the policy to their advantage.

“By so doing, we’ll know where it bites most through the proposed interface with the governor and his officials.

“There was no place that we mentioned in the motion that the House is summoning the arrowhead of the Apex bank of the country.

“The CBN governor has been the vanguard of how our various economic policies can get the right direction for the progress of Nigeria.

“If you say he was summoned, it simply connotes he has a query to answer but in this case, he is interfacing with us to alleviate the situation as it is.

However, the CBN governor, according to the committee chair couldn’t honour the said invitation for the scheduled interface as he was away on an official assignment with both the Finance minister, Zainab Ahmad and the minister of Justice, Abubakar Malami over the controversial $9.6 billion judgment debt to Private and Industrial Development (P&ID) limited in the United Kingdom.


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