This paper seeks to investigate the areas of profiteering and unethical practices in Nigerian Banks with particular reference to Benin-City in Edo State, Nigeria. Some of the identified unethical practices to the bank staff includes unfair labor practices, unreasonable target-setting, outsourcing of jobs, and opposition to union activities. On the other hand, the commonly observed unethical practices to the bank customers includes unauthorized tampering with the customer’s account,, lack of confidentiality for customers account, excessive charges on transaction, excessive charge of interest on loan, creating difficult and sometimes impossible procedure for obtaining loan and lack of accountability. We collected data from customers and staff of five selected banks using multiple stage sampling (clustered, random, systematic and purposive). Data collected were subjected to descriptive analysis using percentage ratios and weighted mean index. It was found that all the banks investigated were involved in unethical practices. Based on our findings, we recommended that the Central Bank of Nigeria must extend its banking reform to these areas of extortion of customers and prevail on the banks to abide by the recommended COT and other charges by CBN. Bank should also employ the appropriate technology that can easily identify transactions that indicate fraudulent activity or the heightened risk of fraud.The bank should train and re-train their customer services personnel to update them with current ethical codes and practice, monitoring and supervision of contact staff and implementation of banking ethical codes that meet customers’ needs and expectations.