A Coalition of Civil Society Organisations (CSOs) against Banks’ Fraudulent Practices and Customers Victimisation, on Wednesday, staged a peaceful protest at the Abuja headquarters of the Central Bank of Nigeria (CBN) and an Abuja branch of Sterling Bank Plc.
At the regulatory bank’s office, the group submitted a petition, which was received by
the acting Director of Corporate Communications.
The petition, dated Monday, 6 October 2025, was addressed to the CBN Governor, Dr. Olayemi Cardoso.
The protesters displayed placards with several inscriptions: Conspiracy;
Forgery; Criminal breach of trust; Taking loan is not a crime; Sterling Bank Plc stop suffocating your customers; Theft; Make loan repayment transparent, etc.
Director of Mobilisation and Advocacy of the CSO, Comrade Flora Elekwa told officials of the CBN that the trend of fraudulent activities occasioned by unwarranted deductions is becoming alarming and portrays the banking sector in bad light.
The petition was signed by the group’s National Coordinator, Comrade Sam Wisdom; Director, Mobilisation and Advocacy, Comrade Flora Elekwa; and National Organising Secretary, Lady Cecilia Bisong.
The CSO stated that it is common knowledge that for a long time, bank customers have been at the mercy of some banks, which on a regular basis debit them for all manner of reasons, some of which are questionable and dubious including hidden charges.
Elekwa said that the coalition was starting with Sterling Bank on Monday and would picket other banks later.
According to Elekwa, ‘these charges, when put together, amount to loss of millions of Naira by banks customers to the effect that banks declare trillions yearly as profit at the detriment of the customers who lacked the voice to complain.
‘Even the regulatory agencies seem to be helpless in this situation.
‘The street protest and advocacy match was aimed at drawing the attention of the government, regulatory authorities, and the general public to these unwholesome, illegal practices with a view to rectifying the situation’.
The group pleaded with the CBN, as a supervisory agency responsible for monitoring and supervision all banks and financial institutions in Nigeria, to immediately ask the management of a new generation bank to meet the management of Miden Systems Limited and harmonise the accounts and refund the company its money.
The company alleged that the bank, through its Chief Executive Officer, Financial Holdings Company Plc and four other defendants, used its name to open various spurious accounts through which it allegedly syphoned the company’s funds domiciled with the bank up to the tune of over $200 million
According to the company, ‘funds were moved and misappropriated by the bank at reckless abandon with huge and massive spurious debits to the company’s account.
The company further stated that, in line with standard bank practices and extant applicable laws, it continuously and consistently demanded for its statement of account’.
According to the group’s petition, the company alleged that the bank, rather than do so, denied it access to its funds.
Responding, CBN’s Acting Director, Corporate Communications assured the protesters that their grievances would be addressed, and thanked the group for organising a peaceful protest.
Similarly, the group headed to the office of Sterling Bank in Abuja’s Central Business District to submit a petition.
The bank authorities did not come out to address the group of protesters, who felt slighted and disrespected.
For over two hours, the large number of protesters occupied the frontage of the bank’s office, chanting and singing, while many passers-by joined them, and voiced out their anger against the punitive charges many banks make against their customers.
The two-day protest is billed to continue on Tuesday.
