tecboss:
...
Please I need more intelligent contributions. Thanks

You've got all the intelligent contributions you need. EBK2 has said it all. Read again below. good luck!

EBK2:
You dont have a case or a legal standing and no court will entertain your case because:
It is not your right to get a loan from a bank. You are not entitled to depositors money under the custodian of the bank (that's what a loan is).
There is no contratual agreement between you and the bank that the bank will give you a loan.
It is a lose-lose situation if you go to court with them. They have all the money in the world to get the best lawyers to defend your case and will close your account afterall and will may stain your banking record going fwd. The bank is not under any legal obligation whatsoever to maintain your bank, support your business or indeed grant you a loan irrespective of a pre-account opening smooth talks they gave you.
Also, you are not entitled to get a reimbursement for the costs you incurred so far. These are statutory records you should keep in the first place. If you get a good lawyer, he will tell you the court may even fine you for inundating it with frivolities discourage you. if you get a rogue lawyer, he will tell you that you have a case and charge you fees to start with. Bro, lick your wound, take your cost and focus on your business. Build your future in such a way that a time will come when banks will be begging you to take loans from them. That is absolutely possible!
Becaause they have not treated you fairly (please note, this is not to suggest that they acted illegally to warrant legal action), your only redress is to report them to a consumer group, CBN or any of their regulators. But in a poorly regulated environment, this is also a mere waste of time.
What i will advise you to do is to continue to parley with them and develope good relationship with your bank or perhaps, close your account and go to another bank.
Banks are in the business of giving loan and that is their source of living. If they are not busllish about giving you a loan, then there is nothing in there for them.
I hope i have helped and sorry if i have been a bit blunt but that is just what it is.

tecboss:

@heed101: Thanks for your smart contribution. I would like to address the points u raised.
(1)- My business is profitable and in 10years, I told The BM that our verifiable turnover in nigerian banks is about 1billion naira. My unity bank statement only for past 1year is 140million, Firstbank is about 20million, keystone-20million. We have about 18 persons employed at a given time.
(2)- I beg to disagree with u that the loan money is small, being their reason for not attending to it or that they cant afford to waste their time. Till tomorrow, banks do process loans of 200k or less to their customers. So why cant they do 2.7m? I do not understand what u mean by physical verification. You should know that its the customer that bears cost of bank search and verifications. (3) my company is credit worthy. A search with Credit Bureau will show that we are not indebted to any bank presently. This is not our first loan. Our last loan of 8million taken from Unity bank last November has been prematuredly liquidated b4 the due date.(5) we are lucky to find ourselves in a viable and lucrative business. Our company deals on Mobile phones, Laptops, mobile phone and computer accessories, components etc. And we are the current leaders where we are located. (6) My brother, am not unaware that character is a criteria for accessing facility. If it Is necessary to mention it, i have an impeccable character. The fact that i am considering the option of a legal action does not in any way signify or imply that my character is questionable. Rather, its an indication of my desire to seek a legal interpretion of what my rights are. The BDM, at Airport Rd, round about , Warri, told me that my request has not been brought to his table and he equally stated that its my right, not a privillege, as a customer to acces any type of loan facility. It is obvious that the Business Manager at the branch level is the one sitting on my loan application.

Please I need more intelligent contributions. Thanks

Wow! Speechless!

Now I am more than convinced you have no business looking for bank loan. Better still, since you have a positive borrowing record with Unity Bank, why did you not approach them for this loan?

I will advice you hold your peace. This is year end and all organizations will be closing their books. Processing of loans now is in skeletal form and the amount you are requesting will make a huge difference on the ledger. So as adviced, hold yiur peace and be patient.

Sir,

No need to waste your time & money cos they're not obligated to lend you money.

Try & find out why your request was not approved to enable you work on that for future requests.

This is Nigeria & the integrity level is very low so Banks turn down a lot of loans cos the applicants don't meet the 5 C's of credit.

@tecboss. if you are in the phone/computer reseller business and you have done this much turnover, over the years that means you are a wholesaler. That explain why the bank is running away from you.
The wholesales segment of the market is dying, thanks to the Konga, dealdey, Jumia and all other online stores that are busy crashing prices as if the world is coming to and end. Companies like Redignton and Blue Arrow are all gone from the market with loses in the billions. Midcom is barely surviving because dealers are owing money left right and center and they are refusing to pay. Earlier this year, Diamond bank and IBTC extended some line of credit to some of the dealers. I am sorry to report, the cheques have started bouncing back like rubber balls. My advice, move your account to another bank or like some one said. Use your money to buy a small car and move on.

tecboss:
@Alpha conde. Bro, I liked ur comment. Yes, I don't mind if the whole legal brouhaha ends up like a mere academic exercise. I feel I need to take this up no matter how much I spend. Most of these bankers only process loan to cronnies who would give them a percentage of the loan money or an outright kick back. The corruption in our society is becoming too alarming. The frustrating part is when you see young bankers frustrating young entrepreneurs like us. Its a sign that the end to our national crises-corruption is not near.

Erm Mr. Bros Sir..

Good Afternoon this Afternoon..

If we were sitting in a beer palour drinking Chilled Kpakpandos (Star Lager) and sucking the skin off of some nicely made Nkwobi, I would not even bother disputing the highlighted portion of your post above because there might just truly be some atom of truth in it..

#HOWEVER..

Since you have decided to involve the courts, then I'm sorry this is not reason enough for you to take a bank to court as you cannot prove the highlighted statement in a court and even if by some stroke of chance you could, its still cannot force the courts to rule in your favour or make the bank grant you the requested loan.

Now you spoke about paying a consultant to help you in the preparation of the documents requested by the banks.. Thats all well and good, but unfortunately, the cost incured in obtaining the required documentation for a loan is not reimbursible.

My advice is that you go to the highest Firstbank authority you can reach and make a complaint. I would advise you formalise the complaint and send it straight to FirstBank HQ or better yet address it to their C.E.O. Maybe also spread the matter around internet forums and also Name names. Lets people know the branch in question, the Managers Name, e.t.c and try and make your complaint clearer. It may not get you paid, but it will surely achieve the following;

1. Put the Business Manager under the spotlight,
2. Put the Bank under the spotlight,
3. Put the branch under the spotlight
4. Get your loan application processed faster.
5. Earn you an apology from the bank.


Good Luck..

_{The option of sending 'Ibi' (Hernia) to the Business Manager is still on and since its Black Friday, I can give you a 5% discount..}

@OP i was just going through the thread and i noticed that you are based in Warri (if am not mistaken). You see, the problem is we as private business owners are still yet to realize that running a successful business in collaboration with banks can give real strain because no matter how big you think your business is, to them you are not up to the class of businessmen they do business with. Why? Your business is not worth 500million and above, or dont have huge landed properties or your business dont cough out over 2 million daily.

My advice is this, try getting a business account with established micro finance banks...there are credible ones like coastline, eagleflight, wetland, etc. and these banks are really underestimated. Despite having accounts with GTBank, Firstbank and Ecobank, when i need financial help i go to coastline MFB. 2.7million loan will be made available to you in 5 working days if you had approached one of these MF banks. I know the owner of Coastline MFB and there was a time she told me that there is over 100million lying dormant and waiting for young businessmen like us to borrow and invest. I know lots of people who make use of them for business purposes.

Lawsuit means spending more money. My advice, count your losses and go to a reputable MFB who will appreciate a customer like you. You will thank me for this advice. Cheers.

andymofia:

And you are looking for loan of N2.5mn? With over N100mn turnover? Haha bros. The weather is too hot for this kind of story.

Requesting for a loan is a business decision. The wisdom in asking for a loan is mine and I don't need u to believe that our annual turnover is above 100million. I hope the image attached is clear for ur view. Other statements would be attached if u need to clear ur doubts.

Sorry dear but Nigerians have a lot to learn about banks and credit. They are the masters when it comes to giving a loan or collecting their debt if they envision that you might be heading for the cliff. Basically you have zilch rights when dealing with banks. Even if you loose your money that you entrusted in their care you still have to prove it was the bank's negligence vs yours. All big companies have their lawyers on retainer bases, if you sue them you help them keep their lawyers busy who are anyways getting paid every month whether there is a case or not. Your lawyers will say they have a case only to milk you of your last naira be wise this is scam lawyers get paid, you get screwed big time and unfortunately your busines disappears and you left with bills to pay your lawyers for failing you. Talking from experience. Move on brother!

databoy247: @OP i was just going through the thread and i noticed that you are based in Warri (if am not mistaken). You see, the problem is we as private business owners are still yet to realize that running a successful business in collaboration with banks can give real strain because no matter how big you think your business is, to them you are not up to the class of businessmen they do business with. Why? Your business is not worth 500million and above, or dont have huge landed properties or your business dont cough out over 2 million daily.

@

My advice is this, try getting a business account with established micro finance banks...there are credible ones like coastline, eagleflight, wetland, etc. and these banks are really underestimated. Despite having accounts with GTBank, Firstbank and Ecobank, when i need financial help i go to coastline MFB. 2.7million loan will be made available to you in 5 working days if you had approached one of these MF banks. I know the owner of Coastline MFB and there was a time she told me that there is over 100million lying dormant and waiting for young businessmen like us to borrow and invest. I know lots of people who make use of them for business purposes.

Lawsuit means spending more money. My advice, count your losses and go to a reputable MFB who will appreciate a customer like you. You will thank me for this advice. Cheers.

@data boy. You make a lot of sense. Often we use forum like this to learn. And in doing so we put our personal experience up for the interest of others.
The fact is this, I just prematuredly liquidated a loan of 8million with unity bank last 3weeks. This is not our first loan. If I may mention it, I have acquired several landed property and own 2 buildings with a collective force sale valuation of 52million
If they need a collateral, we sure have one to give them

The only other way to fight a big company like a bank is if you had a lawyer kind of insurance scheme which has been introduced in the last 18years in South Africa by legal firms, Insurances or banks where by you pay a monthly fee like you would your insurance and are guaranteed atleast R120,000 which will be about 1.87 million nairas a year allowance to allow you legall represantation to that amount a year? any further cost you pay out of your pocket as big companies could request further paper work just to frustrate and run you out your funds to ensure their victory. If none of this is in place you are really screwed cuz, you will end up working to pay both the bank lawyers and yours as if they win the case with costs, its all on you.

Okija_juju:

Erm Mr. Bros Sir..

Good Afternoon this Afternoon..

If we were sitting in a beer palour drinking Chilled Kpakpandos (Star Lager) and sucking the skin off of some nicely made Nkwobi, I would not even bother disputing the highlighted portion of your post above because there might just truly be some atom of truth in it..

#HOWEVER..

Since you have decided to involve the courts, then I'm sorry this is not reason enough for you to take a bank to court as you cannot prove the highlighted statement in a court and even if by some stroke of chance you could, its still cannot force the courts to rule in your favour or make the bank grant you the requested loan.

Now you spoke about paying a consultant to help you in the preparation of the documents requested by the banks.. Thats all well and good, but unfortunately, the cost incured in obtaining the required documentation for a loan is not reimbursible.

My advice is that you go to the highest Firstbank authority you can reach and make a complaint. I would advise you formalise the complaint and send it straight to FirstBank HQ or better yet address it to their C.E.O. Maybe also spread the matter around internet forums and also Name names. Lets people know the branch in question, the Managers Name, e.t.c and try and make your complaint clearer. It may not get you paid, but it will surely achieve the following;

1. Put the Business Manager under the spotlight,
2. Put the Bank under the spotlight,
3. Put the branch under the spotlight
4. Get your loan application processed faster.
5. Earn you an apology from the bank.


Good Luck..

_{The option of sending 'Ibi' (Hernia) to the Business Manager is still on and since its Black Friday, I can give you a 5% discount..}

@OK IJA juju.
Bro u are so on point. Presently , another bank is willing to process the car loan in 3weeks from now. I will keep d forum updated.
There is a message I want to send home here. My message will only get across to the bank if and only if a lawyer writes to the bank. I have detailed my lawyer to copy the regional office and head quarters. This is just the beginning.

Nigerian banks will give you an UMBRELLA when there is NO RAIN.
Any day that the weather changes, guy, you are on your own o.

.NET

sweetcheecks: The only other way to fight a big company like a bank is if you had a lawyer kind of insurance scheme which has been introduced in the last 18years in South Africa by legal firms, Insurances or banks where by you pay a monthly fee like you would your insurance and are guaranteed atleast R120,000 which will be about 1.87 million nairas a year allowance to allow you legall represantation to that amount a year? any further cost you pay out of your pocket as big companies could request further paper work just to frustrate and run you out your funds to ensure their victory. If none of this is in place you are really screwed cuz, you will end up working to pay both the bank lawyers and yours as if they win the case with costs, its all on you.

Good suggestion .

gabuu: @tecboss. if you are in the phone/computer reseller business and you have done this much turnover, over the years that means you are a wholesaler. That explain why the bank is running away from you.
The wholesales segment of the market is dying, thanks to the Konga, dealdey, Jumia and all other online stores that are busy crashing prices as if the world is coming to and end. Companies like Redignton and Blue Arrow are all gone from the market with loses in the billions. Midcom is barely surviving because dealers are owing money left right and center and they are refusing to pay. Earlier this year, Diamond bank and IBTC extended some line of credit to some of the dealers. I am sorry to report, the cheques have started bouncing back like rubber balls. My advice, move your account to another bank or like some one said. Use your money to buy a small car and move on.

Bro! You are correct in one way.but, for my business, we are profitable . we do both wholesale and retail and till tomorrow, opportunities abound in this business.

databoy247: @OP i was just going through the thread and i noticed that you are based in Warri (if am not mistaken). You see, the problem is we as private business owners are still yet to realize that running a successful business in collaboration with banks can give real strain because no matter how big you think your business is, to them you are not up to the class of businessmen they do business with. Why? Your business is not worth 500million and above, or dont have huge landed properties or your business dont cough out over 2 million daily.

My advice is this, try getting a business account with established micro finance banks...there are credible ones like coastline, eagleflight, wetland, etc. and these banks are really underestimated. Despite having accounts with GTBank, Firstbank and Ecobank, when i need financial help i go to coastline MFB. 2.7million loan will be made available to you in 5 working days if you had approached one of these MF banks. I know the owner of Coastline MFB and there was a time she told me that there is over 100million lying dormant and waiting for young businessmen like us to borrow and invest. I know lots of people who make use of them for business purposes.

Lawsuit means spending more money. My advice, count your losses and go to a reputable MFB who will appreciate a
customer like you. You will thank me for this advice. Cheers.

You are right but please also advise him that Micro lender's interest is double or tripple that of mainstream banks becouse of their low risk factor. You might end up paying 6 to 7 times more what the mainstream banks would give you as interest. For business owners of which I am one should always have a good financial manger, an accoutant or auditor to weigh such risks. I learnt the hard way, you do not have to. Be honest with yourself, is this car something your business could do without or its part of the package considering that the festive is here you want to be seen as progressing in your community for December or it's a need your business can not do without?
Loans may advance or result in your business being liquidated you need to think carefully but eventually its your choice.

3 weeks is too much to process a car loan,call 08038414163 to help you faster

Ace Ventura: Sir,

No need to waste your time & money cos they're not obligated to lend you money.

Try & find out why your request was not approved to enable you work on that for future requests.

This is Nigeria & the integrity level is very low so Banks turn down a lot of loans cos the applicants don't meet the 5 C's of credit.

Hmmmm! 5 C's of Credit. Bros do u know that most of the customers buying phones from my outlet are bankers? We simply ask them to produce a cheque for the value of what they want to buy and we oblige them.
As at today, we have about 10cheques from different bankers valued above 450,000naira. Can u see the irony of the whole thing? I can offer a bank manager credit to buy a BB Q10, but his bank can't process a loan for me. LOL.

sweetcheecks:



You are right but please also advise him that Micro lender's interest is double or tripple that of mainstream banks becouse of their low risk factor. You might end up paying 6 to 7 times more what the mainstream banks would give you as interest. For business owners of which I am one should always have a good financial manger, an accoutant or auditor to weigh such risks. I learnt the hard way, you do not have to. Be honest with yourself, is this car something your business could do without or its part of the package considering that the festive is here you want to be seen as progressing in your community for December or it's a need your business can not do without?
Loans may advance or result in your business being liquidated you need to think carefully but eventually its your choice.

Thanks for ur smart contributions. It might interest u to know that I applied for this operational vehicle since June this year. Obviously, it was not meant for Xmas groove. A kia Rio AT, would be the least vehicle I would want to use for Xmas gbedun. LoL.
Early this year, we expanded and employed more marketing staff. They needed to be mobile for effective marketing.

staceyo: 3 weeks is too much to process a car loan,call 08038414163 to help you faster

I have contacted the number on whatsap.

Aromas:

Dis Nairaland blog not Firstbank blog! You can move closer to the next door for your complains

Bros I think u have a good point here. I will check out if Firstbank has a blog where I can explain my self. Maybe the big ogas will get to here me out. However, I feel there is need to make this public on a forum like this. From the posts here, its obvious there are other young business people in my shoes and who are patiently waiting to see where this leads to. Maybe they can take a cue from it.

Did you say the BDM told you that your application hasn't been brought to his table? Then i can confidently tell you whats about to happen: that loan is gonna be given but its not gonna be official, never mind all the papers you 'll be filling... The cash is sought and loaned, when you pay back, the person (s) involved take interest...

Na tribal bank before nko

Gates174: Did you say the BDM told you that your application hasn't been brought to his table? Then i can confidently tell you whats about to happen: that loan is gonna be given but its not gonna be official, never mind all the papers you 'll be filling... The cash is sought and loaned, when you pay back, the person (s) involved take interest...

Bro, I didnt understand this at all! Pls explain it well.

Dear TecBoss.

Thank you for banking with FirstBank. You definitely had the option of using another Bank, but you still chose to do business with the Bank. However, there are other levels of management above the BDM who could have attended to your case as the Bank would not want to lose precious customers like you. Please can you write me through this email address: aydought@gmail.com. I am a staff of the Bank and would appreciate if you can provide all the relevant details, e.g. Your account name, the Business Manager's Name, the BDM's Name, date you applied for the loan and all necessary information expressing your complaint to enable me process same for appropriate action. Thank you.

EBK2:
You dont have a case or a legal standing and no court will entertain your case because:
It is not your right to get a loan from a bank. You are not entitled to depositors money under the custodian of the bank (that's what a loan is).
There is no contratual agreement between you and the bank that the bank will give you a loan.
It is a lose-lose situation if you go to court with them. They have all the money in the world to get the best lawyers to defend your case and will close your account afterall and will may stain your banking record going fwd. The bank is not under any legal obligation whatsoever to maintain your bank, support your business or indeed grant you a loan irrespective of a pre-account opening smooth talks they gave you.
Also, you are not entitled to get a reimbursement for the costs you incurred so far. These are statutory records you should keep in the first place. If you get a good lawyer, he will tell you the court may even fine you for inundating it with frivolities discourage you. if you get a rogue lawyer, he will tell you that you have a case and charge you fees to start with. Bro, lick your wound, take your cost and focus on your business. Build your future in such a way that a time will come when banks will be begging you to take loans from them. That is absolutely possible!
Becaause they have not treated you fairly (please note, this is not to suggest that they acted illegally to warrant legal action), your only redress is to report them to a consumer group, CBN or any of their regulators. But in a poorly regulated environment, this is also a mere waste of time.
What i will advise you to do is to continue to parley with them and develope good relationship with your bank or perhaps, close your account and go to another bank.
Banks are in the business of giving loan and that is their source of living. If they are not busllish about giving you a loan, then there is nothing in there for them.
I hope i have helped and sorry if i have been a bit blunt but that is just what it is.

I see this contribution as a very intelligent one. But , I need to stress that I am not insisting that FBN Ughelli Main Branch or any of their branches must avail me loan. The point is that at the point they were marketing to me/asking me to open account with them, I insisted that I will only run an account if FBN would support my business. The marketer and the BM consented. And they asked that I run it at least 6months. I applied exactly 1year after the account was opened.

Even b4 applying for the loan, I asked them to access the account alongside my bank statement from other banks to be sure my turnover for one year would be enough to back up the loan request.

Now, look at it from this angle, why is the BM not responding to my calls and sms's? Why has he not cared to brief formally since 3weeks he came to my office apologising and promising that he would fast track the loan? Bro there are many questions yet unanswered.

Fair enough ... Goodluck in the court of law.

Larry Tay: Dear TecBoss.

Thank you for banking with FirstBank. You definitely had the option of using another Bank, but you still chose to do business with the Bank. However, there are other levels of management above the BDM who could have attended to your case as the Bank would not want to lose precious customers like you. Please can you write me through this email address: aydought@gmail.com. I am a staff of the Bank and would appreciate if you can provide all the relevant details, e.g. Your account name, the Business Manager's Name, the BDM's Name, date you applied for the loan and all necessary information expressing your complaint to enable me process same for appropriate action. Thank you.

how can you say you're a staff of first back and you're here dropping your personal email.
what happened to your official email on first back domain.
you're either a scam or you should be fired.

Sometimes everybody is a scammer. Your bank can get away with it.

Take heart.

tecboss: I have a corporate account with First Bank. Last June 2013, I applied for an Operational Vehicle Loan of 2.7million naira. They said I would pay 30% equity which I consented. Thereafter, they requested for several documents: (1) 3 years financial statement (2) cash flow (3) statement of networth (4) Registered company documents and others. (5) 1 year Statement of Account
Initially, the Business Manager told me that it won't take more than 3weeks to get the loan processed. To my surprise, its taking over 5 months or so and nothing is done
And the worst part is that the Business Manager is neither picking my calls nor replying my sms's.

I further went to report to the Area Manager(Branch Development Manager-BDM). The BDM apologised to me and asked me to get back to the Business Manager. 3days after, the BM is yet to pick my calls nor reply my SMS.

I want to ask my lawyer to write them. When First Bank approached me for opening of account last year, I told them I can't run an account without any support to my business. They agreed to givee all the necessary support after running the account for 6months. Furthermore , it cost me money to provide some of the documents they requested for. I paid a chartered Accountant to prepare those documents.

I need your contributions. If I don't hear from them till on December 2,2013, I will have to commision my lawyer to write them.

Bros, wetin you dey find for Lagos ?

tecboss:

Thanks for ur smart contributions. It might interest u to know that I applied for this operational vehicle since June this year. Obviously, it was not meant for Xmas groove. A kia Rio AT, would be the least vehicle I would want to use for Xmas gbedun. LoL.
Early this year, we expanded and employed more marketing staff. They needed to be mobile for effective marketing.

quoting the OP

https://www.nairaland.com/1535700/want-sue-firstbank-denying-business/1





@data boy. You make a lot of sense. Often we use forum like this to learn. And in doing so we put our personal experience up for the interest of others.
The fact is this, I just prematuredly liquidated a loan of 8million with unity bank last 3weeks. This is not our first loan. If I may mention it, I have acquired several landed property and own 2 buildings with a collective force sale valuation of 52million
If they need a collateral, we sure have one to give them