We specialize in account reconciliation services, establishing illegal and/or excess charges by Banks, and recovery of same within the regulatory framework, using CBN Guide to Bank Charges in conjunction with local/international monetary policies.
The main objective is to confirm if the bank charges on client’s transactions comply with CBN Tariffs, CBN Guide to Bank Charges and clarifications, CBN Circulars to banks concerning interest rates chargeable, CBN Monetary, Credit, Foreign Trade and Exchange Policy guidelines as well as the code of Ethics and professionalism in Banking and Finance Industry.
Recovery of excess bank charges on past transactions makes present operations more profitable and reduces cost of funds for ongoing projects.
Some instances of overcharge on account with banks:
(1) Application of unapproved and unagreed interest rate.
(2) Application of COT.
(3) Application of undue excessive/default charge.
(4) Application of unauthorized fees on facilities.
(5) Foreign Exchange Sales, Bidding, and Rates
Why Salami Idris & Co.
- The company has a team of professionals with over two-decade experience on accounting and financial matters as well as professional membership of leading professional bodies of Account, Audit, Banking & Financial matters
- Have verifiable high successes in their previous assignment of the same nature
- Employed friendly atmosphere created by regulatory authorities to identify, isolate and re-affirm excess charges collected by the banks
- The company management team hold practicing licenses from The Chartered Institute of Bankers of Nigeria (CIBN) and The Institute of Chartered Accountants of Nigeria (ICAN) to provide financial consultancy services in banking and financial matters as well as Audit and investigation respectively.
- Confidentiality and Privacy is assured at all times and within the framework of the legislative/regulatory guidelines
Benefits To The Company
- Recovery of Excess, Irregular, and Fraudulent Banks Charges Debited to the company’s accounts
- Recovery of excess bank charges on past transactions brings about wealth maximization and more fund available to the organization for developmental projects
- No prior financial commitment from the Company; our consultancy fee is based on the agreed fraction of the amount recovered
- Cancellation, Remission, and Restructuring of Company Bank Debit (if any) for favourable repayment terms and conditions
Reference
According to the Central Bank of Nigeria (CBN), Economic Report for the First Half of 2018 from 21 banks were N20.5billion, US$119,349, £2,889.98, and €32.82 were refunded by the commercial banks from 1,439 complaints received from consumers within the period under review, compared with N14.72 billion, US$2.42 million and €6,940.00, in the corresponding period of 2017 from 1,141 complaints in the same period of 2017. (Source The Guardian of 24th July and Sahara report of 2nd Nov. 2018)