By Dipo Olowookere

United Bank for Africa (UBA) has incurred the wrath of one of its customers over the disappearance of his Children’s Trust Fund accounts he opened with the bank about 30 years ago and since the bank has failed to listen to him or explain what truly happened, he has taken the financial insitution to court to seek redress.

The affected customer, Mr Ade Olusanjo, wants the court to give an order to compel UBA to reactivate and credit the affected accounts with N705,096.24 each being the capital and interest accruing to the account as computed by a firm of chartered accountants.

Mr Olusanjo also wants the bank to order the payment of N1 million as general and special damages for breach of contract.

In a suit filed before the Ogba Magistrate’s court through his lawyer, Barrister Peter Ehijinwa, Mr Olusanjo said he opened the accounts for his three under-aged children for their education trust fund and opened another account for his wife with the bank in 1986.

He explained that the account was opened as future saving for the education of his children and was paying N1000 each annually.

According to him, he deposited into the account between 1986 till 1995 before he relocated to United Kingdom where they reside till now, noting that he did not make any withdrawal from the accounts since then.

In the claimant’s particulars before the court, it stated that before the claimant relocated to England, an average of N10,000 each was in the account and N8,000 was in his wife’s account.

The customer said the accounts had remained dormant and could not be operated because UBA was unable to trace the records despite repeated demand from him.

But responding, the bank, through its counsel, Barrister Sophia Abiri-Franklin, stated the banks usually maintain dormant account pool meant for accounts that have gone dormant for a period of time.

She stated that banking regulations stipulate that for security reasons and to prevent fraud, balances in dormant account may be closed and transferred to a general pool account.

The regulations stated, “On request by account holder, such monies accruing to the account could be transferred to the account after the necessary security check.”

www.businesspost.ng/2016/11/24/customer-drags-uba-court-account-money-disappears/

1million naira only for damages?
Oga, na recession we dey o
That money is worthless

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sue them motherfūcker

Welcome to Nigeria

Hmmm.
Just 1m

Thieving everywhere, time for DSS to raid the whole country. I don tire

Is allowed

They are criminals

So people still bank with that FRAUDULENT UBA?


END TIME BANK.

1986 .... omo this 1 don tey ooo

Only 1 million naira?? What kind of man is that!!

later they brand mmm a scam


but banks are the worst scammers

Is dat 1 million dollars or 1 million naira ??

Ike gwuu!

Them think sey e done die. If na me i go sue them for 1 billion

Who's this guy's lawyer, what's 1m naira for damages? Nna u suppose dey ask for 100m at least.. Lol

some bank staff are not competent especially Ecobank staff( customer care)

imagine I asked for my bank account when I lost it last month and they said I don't have account with them even when I gave them the screenshots of d last SMS I received and mail received in a day bfre plus my ATM. card and all the details they still insist they couldn't find my name on their data, went to one of their branches close to my office a d the customer care staff says the same . I was like una dey craz? it took them a week bfre the Watsap customer care staff could get account details back. and they are crediting and debiting me for all transaction I make daily o!!!

This is the account of more than 6yrs

Wow! He last deposited into the account between 1986 and 1995? That's long long time.

Eheheheh. This recession dey cause kasala

Viking007:

The man should change his lawyer, 1million is too small. He should be looking at 50million upwards.

That man has the fear of God.

CecyAdrian:
Only 1 million naira?? What kind of man is that!!

A normal thinking man who is not a greedy bastard. You no hear where e dey live? England. He doesn't think like a phucked up Nigerian anymore.

This is just one case out of of thousands of similar cases and it's not just limited to UBA, other banks do same. Once your account stays dormant for a couple of years, someone in the bank takes a closer look at it and within a twinkle of an eye the money disappears...my question is what exactly is the government or CBN doing about this? do they have records of dormant accounts over a period of time that can be traceable and accounted for anytime such reports are needed?...or they just allow banks to eat peoples money and send them their own percentage.

Viking007:

The man should change his lawyer, 1million is too small. He should be looking at 50million upwards.

That man has the fear of God.

Somebody don chop clean mouth, for their mind the man don die

Let me go drink palmwine...

Naijaboiy1:

So he should not collect damages as a result of a breach of contract from the bank because of recession? Are you kidding?

In my opinion that amount is even too small for that type of bank.

These financial institutions steal people's money under the pretense of helping them save it. When you come for complain they give you useless excuses that can't even hold air.

He should sue the bastards!!

Complaint

i won't only drag them to court...I will first sue them to sango, invite all the deities in yeloba land to intervene and give me justice, I also reincarnate Oduduwa spirit to go after them..

ArabMopol:
i won't only drag them to court...I will first sue them to sango, invite all the deities in yeloba land to intervene and give me justice, I also reincarnate Oduduwa spirit to go after them..

Lmaoo. You crazy oo!!!