In its guidelines on consumer protection, the Central Bank of Nigeria (CBN) has stated that any bank that failed to acknowledge the complaints from depositors will pay a fine of N2m.
The guideline also stated that non resolution of complaints within prescribed timelines will attract a penalty of N500, 000 per complaint per week that the infraction subsists.
“Non-acknowledgment of complaints from customer or non-issuance of tracking numbers attracts N2m per complaint.
“Non-response to request or failure to comply with CBN directive attracts a penalty of N2m.”
Furthermore, the guideline stated that false or non-rendition of returns/reports, would attract N100,000 fine, in addition, N10,000 for each day the infraction continued.
The CBN also said a complaint would only be escalated to it if the complainant had exhausted the Institution’s Internal Dispute Resolution process and also if an institution failed to acknowledge the complaint within three days
“Failure to comply with other provisions of the Regulations not specified above shall attract sanctions provided in the CBN Act, the BOFIA, other enabling laws and regulations,” it stated.