Every month, Samuel Adeola pays more than he thinks he does. His bank account is debited in ways that never appear on his monthly summary — a ₦52 “maintenance fee” here, a ₦120 “SMS alert charge” there. Over twelve months, these add up to something that surprises even him when our reporters show him the full calculation.
“I knew there were some charges, but not this much,” says Samuel, a teacher in Surulere, Lagos. “Nobody explains this when you open an account.”
What we investigated
Over six months, Consumer News analysts combed through the terms and conditions of Nigeria’s eight largest retail banks, four major telecom providers, and the country’s three dominant utility companies. We collected bank statements from 312 volunteer households across Lagos, Abuja, and Port Harcourt.
“The charges are technically disclosed — but buried so deeply that consumers cannot reasonably be expected to find them.” — Consumer Rights Advocacy Forum
The banking sector
The average Nigerian retail bank customer incurs at least eleven distinct recurring charges per month, our data shows. Only three of those charges are clearly disclosed on monthly statements. Banks contacted for this investigation either declined to comment or pointed to terms and conditions documents running to 28 pages of small-print legal language.
What you can do
Under CBN Consumer Protection Regulations, banks must provide a full fee schedule within 48 hours of a written request. You can also lodge a formal complaint with the CBN Consumer Protection Department at consumerprotection@cbn.gov.ng.
