Customer Accuses Bank Of Unethical Practices

George Nwodo, a customer with Intercontinental Bank (now, Access Bank) has alleged unethical practices against the bank and its erstwhile managing director, Erastus Akingbola.

He accused the bank of ripping him off through a loan he took from it in 1998. Nwodo’s choice property at 8b Atinuke Ologunde Street, Ogudu, Lagos, which was used as collateral for loan, was sold off by the bank for N15m. He claimed he was forcefully evicted by 40 hired thugs, led by two of the bank’s officials.

The former owner of Early Bird Transport in Lagos described the sale as fraudulent, adding that the same property had been valued by Jide Taiwo&Co, estate surveyors and valuers, at a value of N60m.

“I later realized that the former managing director, Akingbola had his eyes on my property and ensured he got it through that dummy sale,” he lamented. His effort to get reprieve after being promised N45 million compensation by the bank only yielded N10 million through Akingbola’s lawyer, Felix Fagboungbe in April 2009. His effort to get the balance of N35m has since failed.

A letter from the bank’s new management to Nwodo last week referred him to an earlier letter written on 13 March, 2009, dissociating itself from his forced eviction and sale of his house. The bank refused to grant him further compensation.

Nwodo noted that “the bank contradicted itself by feigning ignorance of the eviction and sale of my property, having agreed in principle to compensate me out of court on 30 April, 2009.”

He alleged that the new management has rebuffed Central Bank of Nigeria’s, CBN, directive to settle knotty issues with customers of Intercontinental Bank before its full absorption.

—Folarin Ademosu