A wave of anger and frustration swept through the Federal Capital Territory on Wednesday as hundreds of protesters besieged the corporate headquarters of the Central Bank of Nigeria (CBN) in Abuja, accusing Sterling Bank and several other financial institutions of fraudulent deductions, hidden charges, and unfair treatment of customers.
The demonstrators, under the banner of the Coalition of Civil Society Organisations (CSOs) Against Bank Fraud and Customers Victimisation, carried bold placards with inscriptions such as “Forgery,” “Criminal Impersonation,” “Stop Suffocating Your Customers,” and “Customers Should Stop Banking with Sterling Bank — Withdraw Your Money Immediately.”
Led by the group’s Director of Mobilisation and Advocacy, Flora Elekwa, the protesters decried what they described as “unwholesome, exploitative, and anti-consumer practices” by Nigerian banks.
“Many Nigerians have lost millions of naira to hidden charges and arbitrary deductions without any accountability,” Elekwa told reporters. “Yet these same banks continue to declare record-breaking profits every year while depositors suffer in silence. We are here to demand justice and call for urgent intervention by the CBN.”
The coalition submitted a petition to the CBN Governor, Mr. Olayemi Cardoso, urging the apex bank to sanction erring financial institutions and strengthen consumer protection measures across the sector.
In response, Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, assured the protesters that their concerns would not be ignored.
“The CBN remains committed to protecting depositors and ensuring a fair, transparent financial system. We will review all petitions and take necessary regulatory actions where due,” she said.
Experts Demand FCCPC Intervention
As the protests gained national attention, several economic and consumer rights experts have called on the Federal Competition and Consumer Protection Commission (FCCPC) to immediately open an independent investigation into the allegations against Sterling Bank and other financial institutions implicated in the matter.
Speaking on the development, Dr. Celestine Ukpong, an economist and financial governance analyst based in Lagos, said the pattern of complaints suggests “a systemic abuse of customers by some Nigerian banks,” adding that only a coordinated regulatory response could restore public confidence.
“The FCCPC must step in to complement the efforts of the CBN by investigating these allegations thoroughly,” Dr. Ukpong said. “Where evidence of fraud or consumer exploitation is found, those responsible must face sanctions. Banking should be built on trust, not exploitation.”
Consumer protection advocate Mrs. Grace Olatunji also urged the FCCPC to work closely with the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to trace possible cases of collusion or criminal enrichment.
“Many banks have grown used to profiting from the ignorance and helplessness of customers,” she stated. “If these practices are not checked, the trust deficit in the financial system will widen further, affecting savings and investment.”
The latest protest echoes previous waves of public discontent over opaque banking practices in Nigeria. Over the years, consumer complaints about arbitrary charges, account restrictions, and poor dispute resolution mechanisms have multiplied. While reforms have been introduced by the CBN and the Banking Ombudsman, the gap between regulation and enforcement remains wide.
Observers say this renewed public outcry — coupled with expert calls for FCCPC intervention, could mark a turning point in Nigeria’s financial sector accountability. The coming weeks will determine whether the regulators can deliver justice to customers and restore faith in the nation’s banking system.
Hundreds of protesters stormed the CBN headquarters in Abuja, accusing Sterling Bank and others of fraud and hidden charges. Experts are calling on the FCCPC to launch an independent probe and ensure erring banks face sanctions to protect Nigerian depositors.
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