Reps direct CBN to order refund of COT charges by banks

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The House of Representatives has mandated the Central Bank of Nigeria (CBN) to order Deposit Money Banks (DMBs) to refund all Commission On Turnover (COT) charges this year or face severe penalties. It was gathered that the order is a consequence of the alleged failure of banks to comply with the CBN\’s directive on zero COT. \r\nApparently dismayed by the development, the House, which urged compliance within 30 days, further directed the CBN to ensure full implementation of the zero COT by commercial banks. At the resumed session yesterday after the Christmas and New Year breaks, the House also mandated its Committee on Banking and Currency to ensure compliance with the directive and report back to the chamber within four weeks. \r\nThe resolution followed the members\’ adoption of the prayers of a motion introduced on the floor of the House by Edward Gyang Pwajok (PDP-Plateau) who noted that the CBN in 2013 released the guidelines tagged \”Guide to Bank Charges\” which gradually phased out COT in Nigeria.

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