Pls i wll need a very serious opinion and advice on this. Some money was recently sent to my husband from some foreign investors for a project here in nigeria. The sum is very huge...running into billions. His bank which is one of nigeria's oldest generation bank was used for the remittance of this fund. Since this money came in about a month ago all we have been hearing are stories of today,tomorrow. Mind u,the securities have done the clearance cos he has produced all the necessary papers. Now the bank has refused to release this money for no just reason....and are not giving any cogent reasons. Some friends say dats wat banks normally do,dat they use d money to trade. I just wantto knw if thisis normal and right cos the money does nt belong to d bank and its meant for a project. Now my hubby is saying if they kip delaying he will have to tell d company at sent the money to come and order d bank to return their money. Its really pathetic....and dey say nigerians ant foreign investors...hw can dis be acheieved if banks kip sitting on pples money for God's sake.

Is there no one dat can give advice on this issue Or knw anyone dat has experienced similar case??....Cmon guys Is there no one dat can give advice on this issue Or knw anyone dat has experienced similar case??....Cmon guys

am not a banker... neither am I a lawyer but am surprised a bank would hold on to your husband money and he is lieing low!

I think no bank has any power to do that! I will suggest that he ask his lawyers to send them a 'love letter' and they should make sure that they copy CBN and Ministry of Finance in the letter and also threaten to publish this letter in a national daily....

Thanks @feelamong....the most annoying thing is dat a woman @ d head office saying she is in the foreign dept of d bnk kips calling him and giving him date when it will b released only for d day to kom and nothing. I have a feeling they are using d money to trade and dont want to release it now.

Tru,I have had my money fixed and it became difficult for this same money to be remitted into my savings account.in my view I dnt tink d bank has got any right for this act,snce d papers dat back up the clarance of this cash has been clarified.

Get a lawyer one that has good common sense and knows what he is doing and have him go in their and speak to them about this issue. Good luck.

shiloh: Pls i wll need a very serious opinion and advice on this. Some money was recently sent to my husband from some foreign investors for a project here in nigeria. The sum is very huge...running into billions. His bank which is one of nigeria's oldest generation bank was used for the remittance of this fund. Since this money came in about a month ago all we have been hearing are stories of today,tomorrow. Mind u,the securities have done the clearance cos he has produced all the necessary papers. Now the bank has refused to release this money for no just reason....and are not giving any cogent reasons. Some friends say dats wat banks normally do,dat they use d money to trade. I just wantto knw if thisis normal and right cos the money does nt belong to d bank and its meant for a project. Now my hubby is saying if they kip delaying he will have to tell d company at sent the money to come and order d bank to return their money. Its really pathetic....and dey say nigerians ant foreign investors...hw can dis be acheieved if banks kip sitting on pples money for God's sake.

I think you sound too enlightened to even allow a bank do this to you/your husby. The larger an amount of money is, the more the banks gain from using it to trade. Its common with banks and the more noise you make about it, the sooner they will release your money. Get a good lawyer as advised and i'm sure they wont hold that money an hour more

The amount you just called will not be released to you until they have clearance from CBN, EFCC and NFIU, nigeria fraud investigation unit.
This is a cbn directive to check the incidences of fraud, money laundering,proceeds from drug and human trafficking, maga wey pay and at worst more recently terrorism. For what it is worth, the money may be for a drug cartel, trying to evade tax in another country and bringing to Nigeria to launder(wash/make clean) by claiming to invest in a sector. It could also be Taliban/al qaeda sending funds to support boko haram.
All these aspects need to be ruled out by govt operatives, hence the delay, and you knw how civil servants work. At ridiculously slow rates, if we try to hurry them it wil be as if we have a cut frm the money so there is really nothing the bank can do.
When you walk into any bank you will find the notice that a certain amt when pd into an acct in excess of 1m for individuals and 10m for corporate will be reported to efcc, cbn and nfiu for clearance.

Sorry for the delay,your bankers are supposed to educate you like this instead of keeping you in the dark!

^^

Insightful

^^
You are correct, but the Bank should have notified without the usual arrogance.

Issue a cheque to some from the account and let them dishonour, that will be libel. Then let your Lawyer write a demand letter to them. A transaction running into Billions without a lawyer foriegn or national creates suspicion 419.

Okay I might sound crazy but if your husband can be trusted with millions of naira then I would automatically assume that he knows exactly what is going on and he will not resort to nairaland to solve the problem. Billions is a big amount. Someone who is trusted with this kind of money would have lawyers on stand by handling this. It will certainly not be his wife's problem. Maybe he is hiding something from you or he just feels you are on a need to know basis when it comes to this stuff

@ Outstrip,well said!

the moment I saw the mention of billions in her post. i thought not a valid story.

customers with billions of naira dont ask for advise from sites filled with multiple personalities and login i.d individuals(the poster may even be one).

Billions ? ? If . . . .. . . . . . . , that should grant your husband direct and automatic access to the MD of the bank. He should be talking to the bank MD face to face asking him what he problem is.

She has got the attention she needed when she used billions now all nairalanders will start replying ..this is super story

You can actually sue the bank because when you opened an account with them it was a contract between you and them that you will be able to access your money whenever need be. I know of a case where a judge sued a bank when he failed to access his account from an ATM centre and he received compensation worth 10million shillings

Well said.

nefertitiram: The amount you just called will not be released to you until they have clearance from CBN, EFCC and NFIU, nigeria fraud investigation unit.
This is a cbn directive to check the incidences of fraud, money laundering,proceeds from drug and human trafficking, maga wey pay and at worst more recently terrorism. For what it is worth, the money may be for a drug cartel, trying to evade tax in another country and bringing to Nigeria to launder(wash/make clean) by claiming to invest in a sector. It could also be Taliban/al qaeda sending funds to support boko haram.
All these aspects need to be ruled out by govt operatives, hence the delay, and you knw how civil servants work. At ridiculously slow rates, if we try to hurry them it wil be as if we have a cut frm the money so there is really nothing the bank can do.
When you walk into any bank you will find the notice that a certain amt when pd into an acct in excess of 1m for individuals and 10m for corporate will be reported to efcc, cbn and nfiu for clearance.

Sorry for the delay,your bankers are supposed to educate you like this instead of keeping you in the dark!

Outstrip: Okay I might sound crazy but if your husband can be trusted with millions of naira then I would automatically assume that he knows exactly what is going on and he will not resort to nairaland to solve the problem. Billions is a big amount. Someone who is trusted with this kind of money would have lawyers on stand by handling this. It will certainly not be his wife's problem. Maybe he is hiding something from you or he just feels you are on a need to know basis when it comes to this stuff

Good point.

So fake a tale! Either piosters just half literate or dumb. Maybe the type that her hubby cooks any story to make her feel good or is is stupid..... First thought its the usual yahoo scheme where a mugu would offer to help and get duped but .. . . . . .Please poster search yourself!

nefertitiram: The amount you just called will not be released to you until they have clearance from CBN, EFCC and NFIU, nigeria fraud investigation unit.
This is a cbn directive to check the incidences of fraud, money laundering,proceeds from drug and human trafficking, maga wey pay and at worst more recently terrorism. For what it is worth, the money may be for a drug cartel, trying to evade tax in another country and bringing to Nigeria to launder(wash/make clean) by claiming to invest in a sector. It could also be Taliban/al qaeda sending funds to support boko haram.
All these aspects need to be ruled out by govt operatives, hence the delay, and you knw how civil servants work. At ridiculously slow rates, if we try to hurry them it wil be as if we have a cut frm the money so there is really nothing the bank can do.
When you walk into any bank you will find the notice that a certain amt when pd into an acct in excess of 1m for individuals and 10m for corporate will be reported to efcc, cbn and nfiu for clearance.

Sorry for the delay,your bankers are supposed to educate you like this instead of keeping you in the dark!

Makes a lot of sense

yahoo yahoo wife of a yahoo yahoo husband. we know your kind. Infact, i have your husband`s kind as a neighbour. i smell fraud. why is he afraid to go to the MD of the bank?

It happens all the time, I even find it difficult depositing big amount in Nigeria in cash without ID; Foreign remittances to the tune of billions has to be investigated if it came into a non-corporate account that has no pre-history of such deposits on average. Ask your Husband to go meet the bank manager over coffee and sort it out. With such money in your account, you should be having lunch with bank DGs and not worry, fraud or no fraud. Who cares, our system is cash and carry

Tales by sunlight. Investors just sent money like that to your husband's account presumable a personal one for that matter.

And the so called investors transferred Billions of Naira and have not reported to the serious crimes unit of their countries when your husband failed to send them confirmation that he received the funds.

Abeg yarn the truth. Na maga pay and the job don tear.

I used to work in a Bank, questions you need to Ans are

1) What kind of account does your husband operate with the bank savings, Persornal or company acc if its the former that kind of money is bound to raise an eye brow, they wld need 2 clear from CBN also even if its a company account that has no history of holding such an amount they wld still need 2 clear from CBN.
My advice, your husband needs to build a better relationship with his bankers or Account officers bc in cases like this the banks needs to be able to vouch for you and a true and honest business man. Cuz the first reaction to such an amount is 2 think its fraudulent, if I was the one that's what I'll think @ least
The Way forward: If ur husband knows he has nthn 2 hide he sld just b patient, he cld get a lawyer tho buh I doubt if it wld help. When the money evemtually comes out he sld walk up 2 d Bank manager and threaten 2close his account. Trust me if the money is as much as a billion, they wld beg u plenty plenty

investors paid into individual account billions of Naira seeking advise on Nairaland Too good to be truth!!

Get a lawyer to aid you in getting your money back.Also try and draft a summary of the issue in question and submit it to EFCC to investigate the bank

lumideezle: I used to work in a Bank, questions you need to Ans are

1) What kind of account does your husband operate with the bank savings, Persornal or company acc if its the former that kind of money is bound to raise an eye brow, they wld need 2 clear from CBN also even if its a company account that has no history of holding such an amount they wld still need 2 clear from CBN.
My advice, your husband needs to build a better relationship with his bankers or Account officers bc in cases like this the banks needs to be able to vouch for you and a true and honest business man. Cuz the first reaction to such an amount is 2 think its fraudulent, if I was the one that's what I'll think @ least
The Way forward: If ur husband knows he has nthn 2 hide he sld just b patient, he cld get a lawyer tho buh I doubt if it wld help. When the money evemtually comes out he sld walk up 2 d Bank manager and threaten 2close his account. Trust me if the money is as much as a billion, they wld beg u plenty plenty

Nyc one!

Thanks for dose that gave positive contributions. The acct is nt a savings acct bt a domicilliary coporate acct (dollars acct). When dis money came in the CEO himself and EFCC chairman called him and told him they solemly behind dis transactions becos of its genuity.

They said when they r thru wit clearance they wil release it and a woman was assigned to manage d acct...she said she is director of foreign transaction in d HQ. Ever since den she kips calling and promising today,tomorow. And notin was done.