Sector Focus: Banking & Financial Services
Financial Institutions Are Also Overcharged by Their Own Correspondent Banks
Finance companies, microfinance banks, insurance firms, and asset managers all maintain commercial banking relationships — and are subject to the same CBN charge overcharging as any other corporate entity.
Important: MajorGBN operates independently of all commercial banks. Our forensic work is conducted strictly against CBN and BOFIA regulatory standards. Banking relationships are never at risk from a legitimate recovery claim — banks are legally obligated to refund overcharges under the CBN Consumer Protection Circular.
₦10M – ₦120M
Typical recovery range for financial sector firms
8 – 14 weeks
Average audit to settlement timeline
6 years
Maximum retrospective recovery window under BOFIA Act 2020
Where Financial Sector Companies Are Most Exposed
Financial sector companies often assume their internal treasury expertise protects them from bank overcharging — but CBN charge schedule violations are systematic and are rarely flagged proactively by relationship managers. Independent forensic review routinely surfaces excess charges even in the most financially sophisticated organisations.
Inter-bank Transfer & Settlement Fees
High-volume inter-bank transactions often attract undisclosed or inflated processing charges above NIP flat fee caps
Custody & Securities Handling Fees
Treasury and investment operations frequently attract fees that exceed disclosed rate schedules
Overdraft / Credit Facility Interest
Even financial institutions that maintain inter-bank lending lines are subject to CBN interest rate caps and can be overcharged
SWIFT & Correspondent Banking Charges
International wire transfers routed through correspondent banks can carry hidden uplift charges above the $25 cap
Annual Facility Management Fees
Credit facilities maintained for liquidity management may carry review fees well above CBN ₦10,000 maximum
Anonymised Case Study
A multi-state private healthcare group with four banking relationships and high transaction volumes illustrates the scale possible in high-turnover organisations. COT charges were consistently applied above CBN rates across all accounts. Credit risk premiums exceeding the 2% p.a. cap were applied on two facilities. This engagement produced the largest single recovery in our portfolio. The principle applies equally to financial sector entities with comparable banking activity.
Who in Financial Services Qualifies
Microfinance banks
Finance companies and lenders
Insurance companies and brokers
Asset management firms
Pension fund administrators
Fintech companies with commercial banking relationships
Bureau de change operators
Mortgage and real estate finance companies
Find Out What Your Organisation Is Owed
Success-fee basis. No retainer. Fully NDA-protected engagement from day one.