A Coalition of Civil Society Organizations against Banks Fraudulent Practices and Customers Victimization, on Wednesday, staged a peaceful protest at the Abuja headquarters of Central Bank of Nigeria and an Abuja branch of Sterling Bank Plc.
At the apex bank’s office, the group submitted a petition, which was received by the Acting Director, Corporate Communications, Central Bank of Nigeria.
The petition dated Monday 6th October, 2025, was addressed to Mr. Olayemi Cardoso, Governor, Central Bank of Nigeria, Abuja.
The protesters displayed placards with several inscriptions like; 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.
Comrade Flora Elekwa, Director, Mobilization and Advocacy of the CSO, 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 Comrade (Dr.) Sam Wisdom, National Coordinator; Comrade Flora Elekwa, Director, Mobilization and Advocacy; and Lady Cecilia Bisong, National Organizing Secretary.
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. She said the coalition was starting with Sterling Bank on Monday and would picket other banks later.
When put together, according to Mrs Elekwa, “these charges 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” Mrs Elekwa said.
Particularly, the group pleaded with the CBN as a supervisory government agency responsible for monitoring and supervision of all banks and financial institutions in Nigeria to immediately ask the Management of Sterling Bank to meet the Management of Miden Systems Ltd and harmonize the accounts and refund the company its money.
The company alleged that the bank through its Chief Executive Officer together with the bank’s 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 $200,000,000 (Two Hundred Million Dollars).
According to the Company, allegedly, “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”.
However, the company alleged that the bank rather than do so, denied it access to its funds, the group stated in the petition.
Responding, the Acting Director, Corporate Communications, CBN, assured the protesters that their grievances would be addressed, and thanked the group for organizing a peaceful protest.
Similarly, the group headed to the office of Sterling Bank in Abuja’s Central Business District, to submit a petition.
However, the bank authorities didn’t come out to address the group of protesters who felt slighted and disrespected.
For over two hours, the very 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.