Osita Chidoka has commended Sterling Bank for announcing the removal of transfer fees for its customers, thereby sparking widespread praise and pressure on other Nigerian banks to follow suit
In a post making rounds on social media by Chidoka on X @Osita_Chidoka , he described the step taken by the bank as a significant step towards customer-centric banking and a bold statement against exploitative charges.
Chidoka who was Minister of Aviation under President Goodluck Jonathan disclosed that he has once advocated for bank charges to be dropped by all banks in 2020 and 2023 to ease the financial burden on Nigerians
He revealed that In 2024, four major banks Zenith, GTCO, UBA, and First Bank generated a staggering ₦186 billion from transfer fees alone. And the total amount is more than the combined federal allocation to six federal universities and approximately 60% of Yobe State’s 2025 budget.
According to the former minister, despite the significant revenue generated from transfer fees, removing these charges would hardly dent the banks’ revenues. As GTCO’s transfer charges accounted for just 1.22% of its revenue, while UBA’s transfer charges made up 1.52%.
He also revealed that he would be opening a Sterling Bank account on Friday to support the bank’s initiative and encourage others to do the same.
“On Friday Morning, I will open an account at a Sterling Bank Branch in Abuja to reward the bank for removing transfer charges, which other banks have refused to do.
“In 2023, I called on the CBN and President Tinubu to ease the burden on Nigerians by stopping the hidden, exploitative charges Nigerians face in the banking system. They didn’t act but
@Sterling_Bankng
did.
“They walked away from ₦13.56 billion in transfer charges—4.13% of their total revenue—to give Nigerians breathing room. Let that sink in:
They gave up over ₦13 billion from transfers alone.
“Other banks could, too but they won’t. Now, consider this: four banks took ₦186 billion (Zenith, GTCO, UBA, and First Bank) from the pockets of Nigerians in transfer fees alone in 2024.
“For context 186 billion is more than the combined federal allocation to six federal universities – UNN, ABU, UI, OAU, Unical, and Unilag in 2025 budget and more about 60% of the budget of the 2025 Yobe State (₦320 billion).
“Meanwhile, all four banks are posting record profits. Removing transfer fees would hardly dent their revenues:
” Here’s what the numbers say: GTCO: ₦15.47 billion from transfer charges — just 1.22% of revenue , UBA: ₦48.36 billion — 1.52% , Zenith Bank: ₦80.05 billion — 2.02% ,First Bank: ₦42.55 billion — 1.41% .
“These aren’t make-or-break figures for any of them. They’re just comfortable profits from charging ordinary Nigerians ₦10 to ₦50 per transfer—millions of times over. The truth?
They won’t stop unless we make them.
“Sterling Bank has shown us a better way. They’ve proven that you can run a profitable, tech-driven, modern bank without extracting rent from the people.
” So yes, I’m acting. Opening a Sterling Bank account is a statement of values. A protest against exploitation. And a demand for transparency, innovation, and fairness in Nigerian banking”
