A foremost civil society organization, identified as the Civil Society Network for Good Governance (CSNGG) has condemned the growing trend of unauthorized withdrawals from customers account by staffs of banks in Nigeria, citing the recent alleged ₦16.5 billion scandal involving Polaris Bank.
At a press conference held in Abuja on Tuesday, CSNGG Vice President, Public Engagement personnel, disclosed to newsmen that Lord Mayor Onukogu Victor Obiajunwa, Founder and Leader of Living Christ Mission Inc. and Proprietor/Chancellor of Hezekiah University, Umudi, Imo State, had entrusted Polaris Bank with the substantial sum in a fixed deposit account. However, a significant portion was unauthorizedly withdrawn without his consent and no detailed explanation issued.
According to the group, this incident is not isolated, numerous complaints have flooded in from citizens across Nigeria reporting similar unauthorized withdrawals from their bank accounts. It claimed that bank staff have exploited internal control lapses, taking advantage of customers’ trust and siphoning off funds while banks have been slow or negligent in addressing these breaches.
Basah demanded immediate investigation and prosecution of those involved, urging the Economic and Financial Crimes Commission (EFCC), Central Bank of Nigeria (CBN), and Nigeria Police Force to take swift action.
“The banking sector’s integrity is at stake. We urge citizens to scrutinize bank statements regularly and report discrepancies. We remain committed to ensuring that perpetrators of these crimes are brought to justice and that Nigerian financial institutions uphold the highest standards of transparency, accountability, and integrity.
“An immediate investigation into the Polaris Bank case and broader unauthorized withdrawal cases, prosecution of individuals involved, recovery of stolen funds, stricter regulations and oversight, and public vigilance is necessary.
“This breach of trust by Polaris Bank, and other similar cases that are emerging, threatens the stability of the financial sector and could erode confidence in the entire banking system.” He added.
The group however, urged citizens to scrutinize bank statements regularly, report discrepancies immediately, and demand transparency from banks.
Meanwhile, the growing trend of unauthorized withdrawals has sparked widespread concern, with many calling for urgent reform. The banking sector according to these calls should serve as the backbone of financial stability and custodian of people’s livelihoods not the other way round.
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