Lagos - The Consumer Protection Council has directed the management of First City Monument Bank to refund a total of N1.54bn to the Bauchi State Government, being the amount said to be illegally deducted by the bank from the state’s loan account, Thisday report.
According to the council in a statement issued on Sunday, the order was made after the conclusion of an investigation into a petition by the state government.
The state had claimed that it was short-changed by the FCMB to the tune of N1.86bn as excess interest and other charges on its loan account with the bank.
The CPC also stated that the state government decided to send the petition to the council after the Central Bank of Nigeria had declined further adjudication on the case through a letter dated July 15, 2015.
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The CBN had in the letter to the petitioner requested it to “seek alternative means of redress as the case is hereby deemed closed.”
Following the complaint to the CPC by the state government, the statement said the Director-General of the council, Dupe Atoki, constituted a panel of experts that deliberated extensively on the matter and provided the parties the opportunities to make representations.
The CPC ordered the bank to report compliance within 30 days of receiving its directive according to Punch.
It also ordered the bank to develop and present to it a Customer Complaint Resolution Policy within 30 days of the receipt of the order and to post it on its website.
- News 24