Minor Drags Access Bank To Court


A minor, Temosan Olumide-Fusika, suing through her guardian, Mrs. Olanibi Olumide-Fusika,  has dragged Access Bank Plc before a Federal High Court in Lagos, over alleged failure of  the bank to refund the money for unalloted shares.

In a statement of claim filed before the court by Barrister Olagunju Tomiloba of  Citipoint Chambers, it was alleged that between 23 July and 29 August, 2007, Access Bank  Plc invited the public to subscribe for its shares of 50 kobo each at N14.90k per share  and supplementary offer of 4,442,501,857 ordinary shares of 50k at N14.90k per share.

In response to the invitation, the plaintiff offered to purchase 50,000 units of the  shares for which he paid the total sum of N745,000.

By a letter dated 11 February, 2008, the defendant informed the plaintiff that of the  50,000 units of shares she applied for, only 35,000 had been allotted to her and that she  must have received N223,500 being the value of unalloted shares.

Related News

Contrary to the assertion of the bank, the plaintiff has, up till now, not received the  N223,500, which is the value for the shares not allotted to her.

The plaintiff then alleged that the bank has continued to withhold the her money, keeping  her out of the use of same from 5 August, 2008, while it utilises it in its banking  business of commercial lending.

Consequently, owing to the refusal of the bank to refund the money, the plaintiff has  been compelled to engage lawyers to seek its recovery.

Therefore, the plaintiff’s claims against Access Bank are as follows: N223,500 being the  value of the unalloted shares, interest on the said sum at the rate of 23 per cent per  annum and N800,000 being counsel’s professional and filing fees.

Load more