Reps probe Zenith Bank over freezing of customers’ FX naira accounts

The House of Representatives has launched a probe into the alleged illegal freezing of FX and Naira accounts of Zenith Bank customers over the transfer of USD. The resolution of the House followed the adoption of a motion moved at the plenary on Wednesday by Hon. Femi Bamisile. Presenting the motion, the lawmaker explained that […]

The House of Representatives has launched a probe into the alleged illegal freezing of FX and Naira accounts of Zenith Bank customers over the transfer of USD.

The resolution of the House followed the adoption of a motion moved at the plenary on Wednesday by Hon. Femi Bamisile.

Presenting the motion, the lawmaker explained that there is an existing platform on the banking App of Zenith Bank which permits the transfer and buying of FX.

Bamisile stressed that this App has been ongoing for a period of time and there was no cap to the limit of money that could be bought or transferred either by an individual or business.

The lawmaker noted that three weeks ago customers’ accounts were frozen and a message was sent out by Zenith Bank to their customers asking them to refund the said monies they transferred and bought for personal or business purposes using the App.

He said: “Worried that a young man was invited and detained by the Special Fraud Unit, he was made to pay $100,000 back to the bank and also made to give an undertaking under duress stating that he made an illegal transaction.

The House, therefore mandated its committee on Digital Banking to look into this issue come to an amicable resolution, and report back to the House in two weeks.

It also mandated the committee to ensure that a final resolution where all parties affected are duly compensated for the loss they must have incurred during the period of the account suspension.