Reps Probe CBN’s Power to Impose Fees, Penalties and Other Financial Obligations

The House of Representatives is investigating whether fees, charges and penalties imposed through Central Bank of Nigeria regulations, guidelines and circulars have clear legal backing. Lawmakers want to establish whether the CBN acted within powers delegated by the National Assembly when its rules created financial obligations for banks, other financial institutions and market participants. The review will examine the link between enabling laws, CBN directives and the resulting compliance costs or sanctions. The inquiry will also review the CBN’s financial reporting for 2024 and 2025. The bank, its external auditors and other stakeholders have been asked to submit relevant records before the committee considers its findings. The investigation has not concluded that any CBN charge or penalty is unlawful. Its outcome could clarify the limits of the CBN’s regulatory authority and how such financial obligations should be authorised.

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