Monday, 6 January 2014

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see how finbank stole over n167million


Diplomatic robbers, that is the best way to describe Nigerian banks when you understand what they are doing to their customers.  Nigerian banks steal from and treat their customers worse than NEPA (PHCN), Nigerian Police, Customs or any other Institution you think is corrupt in this country and the major victims of these frauds are the masses which trusted these banks enough to commit their hard earned money into their hands.
Our investigation shows that Nigerians loose over =N=100 billion to their banks annually through dubious and unwholesome banking processes.
There was a particular case where one of our banks manipulated a business transaction involving the bank and a company to the tune of =N=3.2 billion.  There was another case where a Nigerian bank dubiously took a  total of =N=473 million from one depositor which was traced and recovered.  It will shock you to discover that your own bank has been stealing your money and will continue to do so unless you
A quick peep into your account statement and past banking transaction by an expert using approved banking standard will definitely reveal some things that will break your heart and make you to cry for this nation. Young Nigerians that sat for WAEC, GCE, JAMB, NECO and other related examinations this year alone lost a total of over =N=5.8 billion to our banks through illegal and dubious bank charges. How can our hard earned money be stolen at this massive scale by those who are supposed to be keeping it safe for us
We shall here provide you with an insight into what individual and corporate bank customer are suffering today with a breakdown of what transpired between Finbank Plc and centage savings and Loans Limited and how the bank stole from and fraudulently manipulated the customers account to the tune of almost N600 million.
FINBANK PLC
RE: FINAL DEMAND NOTICE-CENTAGE SAVINGS & LOANS LIMITED NOTICE OF INTENTION TO SUE.
We refer to your letter dated October 26, 2010 on the above subject. Unfortunately, we could not ascertain your claims, nor find reasons to accede to your demand to refund N1,034,819,721.96 which you claim were excess Bank charges identified in the Account maintained by your client with Finbank.
On the issue of excess C.OT, please be informed that a C.OT rate of N2/mille was applied on the Account in line with contractual terms. It was established that C.OT charges totaling N8,766,529,47 was applied on the Account from inception of the account in January 1, 2006 to 25th September, 2010 instead of N9,044,087.13 which resulted in the understatement of C.OT charges to the tune of N277,557.66 which is subject of recovery from your client.
It was further noted that the C.OT understatement was primarily due to inadvertent omission of C.OT charges on N3.8billion RTGS transfer to Access Bank Plc, Oceanic Bank Plc and UBA Plc on 15th April, 2009. thus your alleged excess C.OT charges of N1,164,354.25 could not be substantiated.
On your alleged excess overdraft interest, please note that overdraft interest on your client’s account was charged on the various facilities at varying contractual rates between 18% per annum and 21% per annum. Upon default, the account also attracted charges along contractual terms. Note that the penalty clause (ii) on all the executed offer letters in respect of the facilities granted to your client stipulates that “Excess on the current account are not allowed, but where they occur, either through application or normal interest charges and other expenses, fees, or charges and / or exceptional management’s approval, such excesses will attract a penal rate determinable by the Bank at time of occurrence of such excesses”.
However, the reconstruction of the account at 18% p.a resulted in an overdraft interest concession of N167,33,318.40 already communicated to your client. Going by this, the alleged excess overdraft interest of N237,561,146.48 cannot be established.
On Management fee, a total Management fee of N70,040,000.00 was applied on your client’s account in line with the contractual rates duly accepted in all the facilities granted to your client by the Bank. May we however state that CBN Guide to Bank charges advised that management fee is negotiable, therefore, we are unable to understand the basis of your alleged excess management fee.
Your allegation of suppressed deposit of N38million and 1% commission of N38million is unfounded. It is noteworthy to state that the erstwhile Executive Management of the Bank granted Centage Savings and Loan Limited a facility of N3.8billion for 24 months at 20% interest rate per annum. The facility was disbursed on the 15th of April, 2009 to facilitate the acquisition of Aquitane Oil & Gas Tank Farm.
It was noted that the proceeds of the facility (N3.8billion) credited to Centage Savings & Loans Limited Account 101430000219701 on 15th April, 2009 was transferred via RTGS to 3 Banks namely Access Bank (N1.3Billion), Oceanic Bank Plc, (N1.5Bilion) and UBA (N1.0Billion).
Thereafter, review showed that on the 17th and 20th of April, 2009 a total 6 inward clearing cheques valued at N3.762Billion from Oceanic Bank, Access Bank, and UBA were lodged into Acquitane Oil & Gas Limited Account No. 113430000048801 in respect of the sales of the Tank Farm.
Thereafter, the purported sale of Aquitane Oil & Gas Tank Farm was cancelled; hence the sum of N3.762Billion was reversed from Acquitane Oil & Gas account back to Centage savings & Loans Limited account on the 10th of February, 2010.
In view of the above, it is therefore our submission that your client is in a better position to account for the short fall of N38million between the facility sum of N3.8Billion that was availed to them by the Bank and the N3.762Billion which was paid into Acquitane Oil & Gas Limited account as cost of Tank Farm.
We have taken time to explain issues on this account in other to establish that all the earnings of the Bank on this account were genuine, in line with contractual terms and in accordance with the industry best practices contrary to your spurious allegations of excess interest and other charges.
Please be informed that your client’s account has been reconciled and a huge concession granted on the outstanding indebtedness. It is our hope that you will approach this matter more professionally and find reason to prevail on your client to take advantage of concession offered by taking adequate steps to fully liquidate this long outstanding indebtedness without any further delay.
 
Thank you,
 
Yours faithfully,
For: FINBANK PLC
 
Bob Igwe                                                     Abdulmalik Ahmed
GH, Remedial Management                          DH, Remedial Management
 
CC: Managing Director
       Centage Savings & Loans Ltd.
 
 
 
 
WILFULL ADMISSION OF ACCOUNT MANIPULATION, ILLEGAL CONVERSION, CRIMINAL BREACH OF TRUST, SLY CONCEALMENT AND STEALING OF N167,333,318.40 SUM BY FINBANK PLC. FROM THE ACCOUNTS OF CENTAGE SAVINGS & LOANS LIMITED.
 
This is to acknowledge the receipt of your letter dated November 02, 2010 but received in our office on Wednesday, November 03, 2010 written by your duo staff of Bob Igwe (GH, Remedial Management) and Abdulmalik Ahmed (DL, Remedial Management) being delayed response to our initial N558,348,453.60 stolen sum styled excess bank charges claim of Tuesday, September 28, 2010 after invoking relevant provisions of section 3.2.4.g. of the CBN Monetary Credit Foreign Trade & Exchange Policy Circular No. 38 of January 05, 2010.
As your will admit, your November 02, 2010 dated letter came in after 36 clear days upon being served our initial 28/09/2010 N558,348,453.60 stolen sum styled excess, spurious and illegal bank charges demand letter and therefore in cross breach of the provisions of section 3.2.4.g. of the CBN Monetary, Credit, Foreign Trade & Exchange Policy Circular No. 38 of January 05, 2010, which stipulates a maximum of 14 days for any excess bank charges refund by the Inspectorate department of Finbank Plc, (and not any illegal Remedial Management department of the bank) which is not known to law and therefore illegal as far as this issue is concerned.
We are very much aware that the statutory Inspectorate Department of Finbank plc, is not one and same as the illegal Remedial Management Department of the bank with individual underlying functions and responsibilities otherwise the law would have clearly spelt it out as such.
However, we cannot but note and acknowledge the illegal admissions of your duo that our client’s account was deliberately manipulated by Finbank Plc, to the tune of N167,333,318.40 in order to put the customer’s account in a default position as detailed hereunder.
 
S/No.
DESCRIPTION
AMOUNT
1.
Excess – Overdraft Interest
167,333,318.40
Total
Excess Bank Charges Admission By Finbank Plc
167,333,318.40
 
Excess Overdraft Interest For N237,561,146.48
Where is your schedule detailing how the admitted overdraft interest for N167,333,318.40 was arrived at? No such Overdraft Interest Schedule was forwarded to us that then go to confirm our position that you are lying through your teeth. If you are dead-serious about your claim kindly forward your detailed transaction-by-transaction Overdraft Interest Schedule to us after you have appropriately recomputed the entire bank charges whilst eliminating spurious and illegal bank charges therein.
That the following average overdraft interest rates per annum were simulated by us as being surreptitiously and clandestinely employed by Finbank Plc, in the unaltered account 101-43-21198,01 (now account 101-43-0002-19701) statement as prepared and forwarded accordingly.
 
MONTH
2005
2006
2007
2008
2009
2010
JAN


33.21%
17.91%
164.27%
17.76%
FEB
40.00%
18.97%
22.32%
18.28%
23.72%
33.36%
MARCH

28.45%
16.98%
20.41%
23.72%
40.03%
APRIL
40.00%
13.58%
16.02%
18.44%
09.84%
36.01%
MAY
40.68%
18.92%
16.67%
01.33%
09.84%
36.08%
JUNE
40.00%
21.78%
20.00%
00.47%
20.82%
36.40%
JULY
40.00%
18.22%
18.34%
18.41%
19.67%
35.96%
AUGUST
39.94%
18.98%
18.35%
18.33%
19.54%

SEPT.
39.94%
18.98%
18.35%
18.33%
19.54%

OCT.
44.68%
19.78%
16.62%
22.29%
19.59%

NOV.
19.96%
20.14%
18.00%
27.78%
19.03%

DEC.
37.06%
19.77%
19.46%
32.80%
19.70%

 
Agreed interest rates are as detailed hereunder:
17.00% per annum – January 26, 2005 to June 16, 2005
20.00% per annum – June 17, 2005 to November 27, 2006
18.00% per annum – November 28, 2006 April 06, 2008
15.00% per annum –April 07, 2008 to August 17, 2008
20.00% per annum – August 18, 2008 to December 11, 2008
21.00% per annum – December 12, 2008 to August 25, 2010.
 
The following credit facility offer/ interest variation letters were made available to us:
 
a.       17/06/2005 N100 million 1-year 20.00% p.a. Overdraft Facility offer letter with 0.25% Processing Fee, 1% Management Fee and N0.20/mille COT rate.                                                                                                         
b.       28/11/2006 N215 million 12-month 18% p.a. Overdraft Facility offer letter with 0.25% Processing Fee, 1% Management Fee and N0.20/ mille COT rate.
c.       20/12/2006 N250 million 12-month 18% p.a. commercial paper Facility with 0.25% Processing Fee, 1% Management Fee and N0.20/ mille COT rate.
d.       06/07/2007 N50m million 180-day 18% p.a. Commercial Paper Facility with 0.25% Processing Fee. 0.75% Management Fee and N0.20/COT rate.
e.       04/10/2007 N150 million 180-day 18% p.a. Term Loan Facility with 0.25% Processing Fee. 0.75% Management Fee and N0.20/ mille COT rate.
f.       07/04/2008 N359.25 million 16% p.a. all-in rate Overdraft Facility offer letter (including the 1% Flat Fee).
g.       18/08/2008 N250 million 3-month 20% p.a. Overdraft Facility offer letter with 0.75% Management Fee and N0.20/ mille COT rate.
h.       10/10/2008 N500 million 75-day Bank Guarantee Facility offer letter with 0.5% Management Fee.
i.        12/12/2008 N200 million 60-day 21% p.a. Overdraft Facility offer letter with 0.25% Processing Fee. 0.75% Management Fee and N0.20/ mille COT rate.
j.        12/12/2008 N500 million 75-day Bank Guarantee Facility offer letter with 0.5% Management Fee.
k.       20/02/2009 N500 million 75-day Bank Guarantee Facility offer letter with 0.5% Management Fee.
l.        20/02/2009 N500 million 12-month 21% p.a. Overdraft Facility offer letter with 1% Management Fee and N0.20/ mille COT rate.
m.      30/04/2009 N500 million 1-year 21% p.a. Project Finance Facility offer letter with 0.25% Processing Fee, 0.75% Management Fee and N0.20/ mille COT rate.
We are in the know that whereas 20% per annum interest rate was agreed as per the 17/06/2005 N100 Million 1-year Overdraft Facility offer letter, the maximum lending rate in Nigeria effective February 02, 2005 was basically 17% per annum made up of the prevailing CBN Minimum Rediscount Rate (MRR) of 13% per annum plus 4% margin Impliedly, null and void and of no effect pursuant to the provisions of sections 60 and 64 of the Banks & Others Financial Institutions Act (BOFIA) of 1900 as amended.
Going further, your decision to have applied 18% per annum interest rate on the reconstructed account is definitely and unarguably flawed and very misleading. You are still behaving as if you are above the law, which is very ridiculous and unbecoming of corporate entity that prides itself in good corporate governance culture but yet act with impunity and reckless abandon. We can only advise that you act with the ambits of the law in your best interest.
From the above, we are convinced beyond all reasonable doubts that Finbank Plc never for once intended our client to repay the availed credit facility through whimsical passage of spurious debits into the account far and over the agreed frees on one hand as well as illegal debiting of charges not known to extant laws of the Federal Republic of Nigeria.
We are not aware that “Overdraft interest on your client’s account was charged on the various facilities at varying contractual rates between 18% per annum and 21% per annum” as you asserted in your letter. Finbank is hereby put to the strictest proof thereof kindly show us your schedule to proof such a mere allegation.
We are not aware that our client ever defaulted in meeting its financial obligations as and when due as claimed by Finbank Plc. The bank is hereby put on notice to unassailably proof its allegation beyond the preponderance of doubts. Assuming but not admitting that the company could not meet its financial obligations to the bank, it must have been as a result of the misdemeanor of the bank to whimsically and slyly manipulate the accounts in order to put the company in a default position to the far extent (and beyond) as willfully and freely admitted of stealing N167,333,318.40 there from by the bank.
We also opine that Finbank Plc. Did not apply ‘excess on the current account are not allowed, but where they occur, either through application or normal interest charges and other expenses, fees, or charges and/ or exceptional management’s approval, such excesses will attract a penal rate determinable by the Bank at the time of occurrence of such excesses’’ as spuriously claimed by the bank since our Overdraft Interest rate simulated as outlined above does not suggest or confirm the position of the bank in this regard on one hand and also for the mere fact that no particular offer letter is referenced knowing very well that over thirteen different offer letters are involved which facts have been placed at our notice. We disagree with the position of the bank to have the powers to unilaterally fix illegal penal interest rates (which is not known to law) based on the whims and caprices of the bank as doing so will amount to unilaterally rewriting the contracts.
On the admission that you applied illegal penal interest rates on the overdraft facilities, we can only state that Finbank Plc is statute-barred from imposing any penalty, fine or punishment on our client being not a court of competent jurisdiction but a party to the same contract. By imposing spurious penalty on our client, Finbank Plc, has illegally constituted itself unto law and has become law unto itself. Speaking further, the bank had become the accuser, the prosecutor and the judge all rolled into one. The question we would like to ask is this: is it possible for our client to unilaterally avail itself unauthorized Overdraft Facility without the approval of the bank? Not at all!
On your assertion of imposing ‘Bank’s default rate’ on our clients accounts, we cannot but reject such moves being penal, illegal and therefore repugnant to natural justice. Finbank Plc is not above the law and can never be.
We cannot ever remember demanding for any Overdraft Interest ‘concession’ from Finbank Plc, but rather a categorical refund of the stolen sum styled excess Overdraft Interest for N237,561,146.48 since we are not beggars. It is only beggars that demand for concessions. We do know our rights and can always demand for them.
Moreover, we consider it illogical that Finbank Plc, would after reconstructing an account as claimed would still be talking about Overdraft Interest ‘concession’. Why would you reconstruct before giving out an alleged stolen sum ‘concession’? Our take is that it would have been needless reconstructing an account if the bank abinition genuinely had the intention of giving out a puerile ‘concession’ as claimed. Therefore, your claim of N167,333,318.40 Overdraft Interest ‘concession’ cannot but be dismissed as trying to play the ostrich or better still desperately attempting to hide behind one finger.
Consequently, we cannot but make a demand for the sum of N237,561,146.48 aggregated in both accounts as stolen sum styled excess Overdraft Interest by Finbank Plc, and not the admitted sum for N167,333,318.40 being a Greek-gift, which was slyly and cleverly concealed from the customer until our intervention in this matter.
 
Excess COT of N1, 1645, 354.25
We are not in the know and it is also not true that N2.00 per mille COT was ever agreed between Finbank Plc, and our client at all as claimed by the bank but rather N0.20 per mile as per all the various offer letters made available to us. Finbank Plc, is hereby put on notice to proof its assertion beyond the preponderance of doubts.
We are by this letter requesting Finbank Plc, forward to us the detailed transaction-by-transaction basis COT Schedule to enable us respond appropriately.
 
Please by informed that we are at a loss as to how Finbank Plc, came about its supposed total COT sum for N9,044,087.13 as alleged because our computations (as per our 28/09/2010 report) revealed a total sum certain for N8,766,524.85 which we are still claiming to have been fraudulently over-marked by the bank to the tune of N1,164,354.25 at the agreed N0.20 per mille COT rate.
We deny your insinuation that ‘the COT understatement was primarily due to inadvertent omission of COT charges on N3.0 billion RTGS transfer to Access Bank Plc, Oceanic Bank Plc. And UBA Bank Plc, on 15th April, 2009’ as your wrongly alleged since our computati8ons (which copy is in your custody and yet to be rebutted by you till date) espoused that deliberate COT infractions has been occurring on the account right from the inception of the financial relationship between both parties. The bank is hereby put to the unassailable proof thereof.
You will agree with us that in the month of April 2009, Finbank Plc debited a mere N299.78 sum to our client’s account for COT despite the fact that an N3.801 billion turnover was made therein as alleged by the bank. The implication is that the contentious N3.8 billion transfer was omitted from COT as a result of prior agreement reached between the management of Finbank Plc, and our client. The bank is therefore statute-barred from reneging on this mutually agreed contractual arrangement. The question is this why did Finbank Plc not charge COT on the N3.8 billion transfer in April 2009 if not due to prior agreement? Would the bank had gone back to review this free agreement if we had not reconciled the charges therein? The answer is NO!
On the issue of whether Finbank Plc, has any right to counter-claim further alleged undercharged COT for N277,557.66 against our client, we submit that the bank is statute-barred from conducting itself in such manner whether in the form of penalty, fine, punishment or any similar vein especially when the issue of charges dispute has been brought to the fore-burner and the bank has also gone ahead to admit account manipulations 419 and stealing through excess and spurious bank charges passage.
It is trite law that banks have statutory responsibilities to prepare and keep the customer’s account accurate as in the matter of Holland v. Manchester And Liverpool District Banking Company (1909) and the customer is therefore obliged to rely upon the statement representations made by the bank.
Therefore, having now admitted fraudulent manipulations in the customer’s account and with a view to deliberately putting the customer’s account in a default position, Finbank Plc is statute barred from further surcharging the customers account for its incompetence inadequancies, negligence and fraud.
Moreover, it is also trite law that where a bank has prepared an account statement misrepresented facts and figures to the customer and the customer has relied on such misrepresentations and altered his position inequitable, the statute barred from making any such counter-claim on the customer. It was so held by Mackenna, J. in the matter of United Overseas Bank v. Jiwani (1976).
We must also state that even though it is the duty of a bank to keep its customer’s account accurate, the customer is under no corresponding duty to examine his passbook or statement to ensure accuracy so held by Lord Esther in 1891 in Chatterton v. London And Country Banking Co. Ltd.
Meanwhile, pending the receipt thereof, we are faced with no other option than to make a request fort N1,164,354.25 in excess COT refund as per your report dated 28/09/2010.
 
Excess Management Fee For N21,067,500.00
Once again, we submit that the total Management Fee meant for administering the cost of the credit facility during the entire lifespan identified in the accounts was N30,442,500.00 out of which we admit a sum certain for N9,375,000.00 thereby creating a variance sum for N21,067,500.00 which we disagree with. We are aware that Management Fee is chargeable upfront once on the entire fresh credit facility sum or on the enhanced value of a credit facility. By virtue of the provisions of Section 2.12 of the CBN Guide. To Bank Charges Management Fee as a lending fee is negotiable. However, the negotiability has to do only with the flat rate to be applied once (and not how many times the account is to be charged since a credit facility is processed once) otherwise: it would have become a penalty and therefore repugnant to natural justice.
It is not true and you have not told how ‘N70,040,000.00 was applied on your client’s account in line with the contractual rates duly accepted in all the facilities granted to your client by the Bank’ as your asserted considering the fact that it was Finbank Plc that prepared the accounts statement ab initio. You are by this letter put on notice to produce documentary evidence(s) to proof your allegation beyond the prevalence of doubts. Kindly explain to us what constitutes the total purported Management Fee for N70.04 million as per your letter since we could only collate a sum certain for N30,442,500.00 therein with N7,000,000.00 coming in from account 101-43-21199-01 and the balance sum for N23,442,500.00 adduced to account 101-43-00002-19701. Please, we are very much interested in knowing how you arrived at this your N70,040,000.00 total Management fee claim since such information is not to our knowledge. It is very important to us in order to enable us make informed decision and also learn.
Meanwhile, we hereby demand for the identified stolen and embezzled sum for N21,067,500.00 from our client’s account styled Management fee as per our September 28, 2010 report which has since been received by the bank.
 
Suppressed Deposit & 1% Commission For N38,000,000.00 Each
We are aware through the account statement prepared and forwarded to us by Finbank Plc that N2.8 billion was credited to our client’s account 101-43-211199-19701 on 15/04/2009 which was transferred in bulk to Access Bank and UBA Bank Plc. but not in any sum order as alleged in your letter.
It is not to our knowledge that “on 17th and 20th of April, 2009 a total 6 inward clearing cheques valued for N3.762 billion from Oceanic Bank, Access Bank and UBA were lodged into Aquitane Oil & Gas Limited account 113430000048801 in respect of the sales of the Tank Farm” as you claimed in your letter. Finbank Plc. is hereby put to the incontrovertible proof of its allegation and beyond the preponderance of doubts.
From the contents of the account statement made available to usN3.8 million was transferred from this account on 15/04/2009 whereas N3.762 was credited to the account on 10/02/2010 titled CP REVERSAL but value-dated 15/04/2009. Pray, how does CP (Commercial Paper) REVERSAL become one and the same as cash refund? Definitely, the bank is not yet telling us the whole truth! We submit that there are still more information relating to this transaction than what the bank is yet vomiting.
 
Other Spurious, Excess & Illegal Bank Charges For N161,755,767.62
We curiously observe that Finbank Plc. did not challenged the following allegations against the bank for which we made a total demand for N161,755.767.62 representing stolen sum styled excess, illegal and spurious bank charges, which we hereby demand for as per our report to the bank dated 28/09/2010.
 
S/No
DESCRIPTION
AMOUNT
1.
Illegal –Cheque Discounting Fee
13,893,546.50
2.
Excess – Bank Draft Fee
312,150.72
3.
Illegal – Returned Cheque Fee
754,265.00
4.
Illegal – LSMT (Packing Fee)
200,00.00
5.
Illegal – Commission On Service
430,444.50
6.
Excess – NIBSS Fee
614,917.28
7.
Illegal – Commission Bills
780,519.50
8.
Illegal – Cost Of Moving N12m to Skye Bank
4,000.00
9.
Illegal – Solicitor’s Fee
9,550.00
10.
Illegal – Charge IRO cancelled Draft
525.00
11.
Excess – Transfer Fee
550.00
12.
Excess – Account Statement Fee
7,750.00
13.
Excess – Stale Fee
229,412.02
14.
Illegal – Guaranty Form Stamping Fee
10,000.00
15.
Illegal – Charge IRO Blue Arrow
315.00
16.
Illegal – TOD Charge
12,504,625.00
17.
Excess – Land Search Fee
8,750.00
18.
Excess – Processing Fee
1,000,000.00
19.
Excess – Management Fee
21,067,500.00
20.
Excess – Loan For A/C 101232932601
59,161,563.08
21.
Excess – Counter Cheque Fee
262.50
22.
Excess – Bank Guarantee Fee
10,500,00.00
23.
Illegal – Commission Bills
11,262.52
24.
Illegal – Cash Handing Fee
10,500.00
25.
Illegal – Quarterly Fee
18,375,000.00
26.
Illegal – Flat Fee
15,035,000.00
27.
Illegal – DAUE Fee
1,643,600.00
28.
Excess – Proc. Mgmt + VAT on Savings
5,187,500.00
29.
Illegal – S/Charge  Fund
2,000.00
30.
Illegal – Charge For Micro Violation of Chq.
250.00
Total Uncontested Excess, Spurious & Illegal Bank Charges
161,755,767.62
 
Interested Refund At The prevailing CBN MRR/MPR For N81,867,186.25
 
We are aware that vide the provisions of Section 3.2.4.g. of the CBN monetary, Credit, Foreign Trade & Exchange Policy Circular No. 38 of January 05, 2010, identified excess bank charges should be refunded with interest at the prevailing CBN Minimum Rediscount Rate (MRR)/Monetary Policy Rate (MPR) along with a letter of apology and a Return to the CBN by the Inspectorate Department of a bank within two weeks upon being put no notice.
 
Failure upon which in addition to the refund to the customer 100% penalty will crystallize against the bank.
Consequently, having admitted stealing N167,333,318.40 from accounts of Centage Savings & Loans Ltd. Finbank Plc can only mitigate the pecuniary loss and special damage suffered by the company by refunding the admitted stolen sum there from with interest at the prevailing CBN MRR/MPR.
Therefore, the decision of the bank not to refund interest on the admitted stolen sum certain for N167,333,318.40 does only amounts to crass lawlessness but also an affront on the rule of law being a breach of the fiduciary duty of care owed to our client by the bank.
In the light of the above and coming from the strength that total excess, illegal and spurious bank charges for N476,471,268.35 was identified in the accounts. We cannot but demand for a fresh sum certain for N81,867,185.25 representing accrued MRR/MPR interest thereon.
 
Conclusion
We deny any indebtedness by our client. Centage Savings & Loan Limited for any debt sum at all to Finbank Plc. is hereby put on notice to prove such an allegation beyond all reasonable doubts.
Meanwhile, we one again request that you refund a sum certain for N1,034,819,721.96 being total amount due from Finbank Plc. as identified and proven excess, illegal and spurious bank charges cum 100% penalty thereon n sync with Section 3.2.4.g of the CBN Monetary Credit Foreign Trade & Exchange Policy Circular No. 38 of January 05, 2010, which we hereby demand for.
 
S/NO
DESCRIPTION
NAIRA
NAIRA
1.
Excess – Commission On Turnover (COT)

1,164,354.25
2.
Excess – Overdraft Interest

237,561,146.48
3.
Illegal – Cheque Discounting Fee

13,893,546.50
4.
Excess – Bank Draft Fee

312,150.72
5.
Illegal – Returned Cheque Fee

754,265.00
6.
Illegal – LSMT (Packing Fee)
200,000.00

7.
Illegal – Commission on Service
430,444.50

8.
Excess – NIBSS Fee
614,917.28

9.
Illegal – Commission Bills
780,519.50

10.
Illegal – Cost of Moving N12m to Skye Bank
4,000.00

11.
Illegal – Solicitor’s Fee
9,550.00

12.
Illegal – Charge IRO Cancelled Draft
525.00

13.
Excess – Transfer Fee
550.00

14.
Excess – Account Statement Fee
7,750.00

15.
Excess – Stale Fee
229,421.02

16.
Illegal – Guaranty Form Stamping Fee
10,000.00

17.
Illegal – Charge IRO Blue Arrow
315.00

18.
Illegal – TOD Charge
12,504,625.00

19.
Excess – Land Search Fee
8,750.00

20.
Excess – Processing Fee
1,000,000.00

21.
Excess – Management Fee
21,067,500.00

22.
Excess – Loan For A/C 101232932601
59,161,562.08

23.
Excess – Counter Cheque Fee
262.50

24.
Excess – Bank Guarantee Fee
10,500,000.00

25.
Illegal – Commission Bills
11,262.52

26.
Illegal – Cash Handing Fee
10,500.00

27.
Illegal – Quarterly Fee
18,375,000.00

28.
Illegal – Flat Fee
15,035,000.00

29.
Illegal – DAVE Fee
1,643,600.00

30.
Excess – Proc. Mgmt + VAT on Saving
5,187,500.00

31.
Illegal – S/Charge  Fund
2,000.00

32.
Illegal – Charge For Micro Violation of Chq.
250.00
146,795,805.40
33.
Total Excess + Illegal Bank Charges

400,481,268.35
34.
Add. Suppressed Deposit

38,000,000.00
35.
Add: 1% Commission

38,000,000.00
36.
100% Penalty For 14-days Non-refund Breach

476,471,268.35
37.
Interest Refund At Prevailing MRR/MPR

81,867,185.25
Total Refundable By Finbank Plc. To Centage Saving & Loans Ltd.
1,034,819,721,96
 
From our standpoint. It is our unshaken belief that your duo of Bob Igwe and Abdulmalik Ahmed are idle-interlopers who had colluded and ganged-up with themselves to illegally meddle into excess bank charges issues that they know absolutely nothing about. These two people are just as confused and incompetent as one can really imagine. Maybe you should redeploy them to other departments where they would be more useful to the bank since they seem not to have any more internal control functions to carry out in Finbank Plc. again or better still sack them from the bank if they are excess to capacity. We can only advise that you should please learn to put round pegs in round holes and not run your bank on primordial sentiments.
 
The bank is hereby requested to forward to forward its cheque/bank draft for N1,034,819,721.96  to our client within 14 days upon the receipt of this notice (but without prejudice to the willful, unforced, uncoerced, conscious and cautious admission of stealing a sum certain for N167,333,318.40 from our client’s accounts by Finbank Plc. which was slyly concealed from our client using financial gimmicks) and knowing very well that Finbank Plc. owes a fiduciary duty of care to keep our client’s account accurate at all times as anything to the contrary definitely amounts to negligence on the part of the bank with the ultimate price of the Finbank Plc. being on its own.
Kingly refer our 28/09/2010 report to the Inspectorate Department of Finbank Plc. for proper review in line with the provisions of Section 3.2.4.g. of the CBN Monetary, Credit, Foreign Trade and Exchange Policy Circular No. 38 of January 05, 2010.
We quite disagree with your unfounded allegation that “earnings of the Bank on this account were genuine, in line with contractual terms and in accordance with the industry best practices contrary to your spurious allegations of excess interest and other charges” which you have undoubtedly and unarguably admitted to be incorrect and stands logic in the head. As a matter of fact, this statement of yours is not only contradictory to your earlier admission of stealing from the accounts styled excess Overdraft Interest for N167,333,318.40 but was also made in bad faith and leaves a sour in the mouth. How can you on one hand freely admit to stealing N167,333,318.40 from our client’s account on one hand and still go ahead again to proclaim that the admitted deliberate infractions were “in line with contractual terms and in accordance with the industry best practices contrary to your spurious allegations of excess interest and other charges” Haba! You are definitely speaking from both sides of the mouth.
Once again, we deny ever requesting for any “concession” from Finbank Plc. as it is not in our character to do so being not beggars. What we demanded for from Finbank Plc. was a total mitigation of the identified fraudulent infractions certain for N1,034,819,721,92 which is yet to be complied with by the bank despite our various correspondences to that effect and for reasons best known to the bank.
We therefore demand that you forward your chequq/bank draft for N1,034,819,721,96 to our client within 14 days upon the receipt of this notice.
 
Best regards.
 
Yours faithfully.


1 comment :

  1. Please i need help, on the 6th of september 2015,i received a debit alert on my phone, that ten thousand, one hundred and thirty eigth naira(10,138) was deducted from my account my a software c9ompany i know called Armour for Android. i was suprised and contacted the company immediately, they claimed they never made such deduction in my account and advised i contacted my bank,This i have done severally calling their customer care and going to their banks to complain. they kept on telling me they would look into it within 120 days, up to today they have been no response from except telling me the same thing.please i i would like you to assist me in tackling this issue, the money was supposed to be used to settle some debt in my shop and it cost me so much problems for my little business, The bank in question is Diamond bank with account number- 0026920051, my phone number is 08106159942. pls i await you reply. Thaks

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