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Abuja, Nigeria — A coalition of civil society organizations under the banner of the Coalition Against Banks’ Fraudulent Practices and Customers’ Victimization on Wednesday, October 8, 2025 staged a peaceful protest at the headquarters of the Central Bank of Nigeria (CBN) and an Abuja branch of Sterling Bank Plc, accusing the financial institutions of aiding sharp practices and unfair treatment of customers.

The protesters, carrying placards with inscriptions such as “Forgery,” “Criminal Breach of Trust,” “Stop Suffocating Customers,” and “Make Loan Repayment Transparent,” demanded urgent reforms in Nigeria’s banking sector.

At the apex bank, the group submitted a petition addressed to the CBN Governor, Mr. Olayemi Cardoso, which was received by the Acting Director, Corporate Communications. The petition, dated October 6, 2025, was jointly signed by the coalition’s National Coordinator, Comrade (Dr.) Sam Wisdom; Director of Mobilization and Advocacy, Comrade Flora Elekwa; and National Organizing Secretary, Lady Cecilia Bisong.

Speaking during the protest, Comrade Elekwa decried what she described as “a growing culture of fraudulent deductions and hidden charges” by Nigerian banks, warning that the trend was eroding public trust in the financial system.

“For too long, customers have been at the mercy of banks that debit them for all manner of questionable charges. These deductions collectively translate into millions of naira lost, while banks declare trillions in profit,” she said.

“We are beginning with Sterling Bank today, but this campaign will extend to other banks involved in such unwholesome practices,” she added.

The coalition’s petition also cited a case involving Miden Systems Ltd, which accused Sterling Bank and its holding company of opening multiple fictitious accounts in its name and allegedly siphoning over $200 million from its deposits.

The group urged the CBN to compel the bank’s management to reconcile accounts with Miden Systems Ltd and refund all allegedly misappropriated funds.

Responding on behalf of the apex bank, the Acting Director, Corporate Communications, assured the protesters that their grievances would be addressed and commended the group for conducting a peaceful demonstration.

The protesters later marched to Sterling Bank’s Abuja branch in the Central Business District to submit another petition. However, bank officials reportedly refused to address them, a move that angered the crowd, which continued chanting and singing for over two hours.

The coalition vowed to sustain the protest on Tuesday until its demands are acknowledged by both the regulatory authorities and the affected financial institutions.