₦airaland Forum

26/11/2018
The Managing Director
Unity Bank Plc
Victoria Island
Lagos.


Dear Sir,


WILFUL ADMISSION OF ACCOUNT MANIPULATION, CRIMINAL BREACH OF TRUST AND STEALING OF N1,094,927.43. FROM THE ACCOUNT OF STEPEX GLOGAL SERVICES LIMITED A/C NO. 0019498395

Kindly recall that we have send several letters and emails to you which the CBN was copied demanding for an official and duly signed response to the issue of corporate abuse and manipulation carried out by the bank on the account of STEPEX GLOGAL SERVICES LIMITED which the bank has deliberately refused to do for obvious reasons.

The bank rather than do the needful, send us a faceless, undated and un-signed sham via email in which it admitted that it was stealing from the account of STEPEX GLOGAL SERVICES LIMITED to the tune of N1,094,927.43, this admitted stolen sum by the bank is nothing but a joke because what is actually due back to our client from the bank is listed below:

1. Total identified excess charges = …………………………….………………………..….….N43,520,613.88
2. Accrued interest on excess charges = ……………………………………………….………….N13,926,596.44
3. Total = …….…………………………………………………………………………..……….………….………. N57,447,210.32
4. 14 days non refund penalty = …………………………………………………….………….……. N57,447,210.32
5. Total refundable by Unity bank to Stepex Global Service Ltd….…………N114,894,420.64
Yet the bank is still deceiving itself by claiming that it want to amicably settle the matter whereas it was openly doing the opposite or how can you abuse a customer’s account in this manner then dance around your fraud, apply delay tactics and treat the customer with disdain and still claim you want amicable close of the matter.

As you will admit your letter came in after 4 whole months upon being served our initial refund demand letter for the stolen sum, styled, excess, spurious and illegal bank charges and therefore in crass breach of the Foreign Trade and Exchange Policy Circular of CBN and CBN Prudential Guideline For Banks In Nigeria which stipulates a maximum of 14 days for any fraud, excess, dubious and illegal bank charges to be refunded with interest at the bank’s prime interest rate to the defrauded customer along with a letter of apology and a letter to the CBN to that effect.

However, we cannot but note and acknowledge the willful and un-coarsed admission of the bank that our client’s account was deliberately manipulated, abused and stolen from to the tune of N1,094,927.43 by Unity bank.



INTEREST REFUND IN LINE WITH THE PREVAILING CBN FOREIGN TRADE AND EXCHANGE POLICY CIRCULAR

We are aware that vide the provision of section 3.2.4.g. of the CBN Monetary, Credit, Foreign Trade & Exchange Policy Circular identified excess bank charges should be refunded with interest at Unity Bank’s Prime interest rate along with a letter of apology to the defrauded customer (STEPEX GLOBAL SERVICES NIG.LTD) and a return also made to the CBN by the bank within two weeks failure upon which in addition to the refund to the customer, 100% penalty will crystallized against the bank (which is already the case as far this matter is concerned).
Consequently, having admitted stealing N1,094,927.43 from the account of STEPEX GLOBAL SERVICES NIG.LTD, Unity Bank 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 bank’s prime interest rate and the 100% penalty for 14 days non refund breach.

Therefore, the decision of the bank not to refund interest on the admitted stolen sum at the bank’s highest interest rate which is 32% and the 14 days non refund breach penalty does not only amounts to crass lawlessness but also an affront on the rule of law since Unity Bank Plc has now confirmed to us that the admitted stolen sum of N1,094,927.43 does not belong to the bank and that it was not returned within 14 days as is stipulated by law.

The above willful, unforced, un-coarsed, conscious and cautious admission by Unity Bank Plc, of stealing a sum of certain for N1,094,927.43 from our client’s account definitely amount to negligence on the part of the bank with the ultimate price of Unity Bank Plc being on its own knowing very well that the bank owes our client’s a fiduciary duty of care to keep their account accurate and maintain our client’s account at all times. Unity Bank Plc should also forward a letter of apology to our client for the observed misdemeanor and as well as do a return to the CBN reporting our observations and restating STEPEX GLOBAL SERVICES new account status. Unity Bank Plc should as a matter of fact avail us with a copy of the CBN acknowledgement.

However, on the admission that you applied illegal charges on the facility in question in order to put our client’s account in a default position, we can only state that Unity Bank Plc is stature 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 which the bank has also admitted that it breached.

Moreover, it is trite law that banks has the 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 representation 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, Unity Bank Plc is statute barred from further surcharging the customer’s account for its incompetence, inadequacies, negligence and fraud.

It is also trite law that where a bank has prepared an account statement, misrepresented facts and figures to the customer who relied on such misrepresentation and altered his position inequitable, the bank is statute barred from making any such counter-claim on the customer.

We therefore request that you refund the total sum of N114,894,420.64 being total amount due from Unity Bank Plc as identified and proven excess, illegal and spurious bank charges and 100% penalty thereon in sync with section 3.2.4.9. of the CBN Monetary, Credit, Foreign Trade and Exchange Policy Circular without further delay.
Furthermore, we also note the laughable assertion of the bank that the account that the bank has admitted abusing, manipulating and stealing from was undercharged (or under-stolen from) to the tuned of N217,260 which makes Unity Bank and its team of thieving management the funniest thieving comedians of the century.

It is also very clear to all that our client STEPEX GLOBAL SERVICES NIG.LTD is not indebted at all to Unity Bank Plc. The bank is hereby put on notice to prove its allegation beyond the preponderance of doubt.
The unaltered account statement further confirmed that a total of N1,120,359,137.72 came into the account as cash deposit during the period under review whereas a total sum of N1,108,737,020.68 was withdrawn during the same period thus confirming that all alleged debit therein has been defrayed even in excess to the tune of N11,622,117.04 which is still in the bank’s coffers.

We are also not aware that our client ever defaulted in meeting its financial obligation as and when due to Unity Bank Plc, the bank is hereby put on notice to unassailably proof its allegation beyond the preponderance of doubt. Assuming but not admitting that the company could not meet its financial obligation to the bank, it must have been as a result of the misdemeanor of the bank to fraudulently and slyly manipulate the company’s account in order to put the company in a default position to the far extent as (and beyond) as willfully and free admittance of Unity Bank Plc to have stolen N1,094,927.43 from an innocent bank customer that trusted them well enough to commit its hard earned money into the bank’s custody. It is also very painful to note that the stealing, manipulation and abuse of laid down banking rules against STEPEX GLOBAL SERVICES NIG.LTD by Unity Bank Plc gradually eroded the working capital of the company as rather than allow the company to trade and pay normal and approved bank charges from profit made, Unity Bank Plc was busy stealing from our client’s working capital to the extent that the company that was once the talk of the town and a pace setter in their chosen line of business is now living on a literal life support machine.

To directly address your faceless letter of Nov 23, 2018 we states as follows:
1. EXCESS/MULTIPLE COST OF SEARCH FEE- N62,500.00:

In your sham of a letter you admitted that you took the following multiple charges as search fee on a single account.


val_date Narration Debit
9/28/2011 COST OF SEARCH REP-ACCOUNT TRANSACTION (5,000.00)
11/15/2011 CST OF SERACH REPORT CONDUTED ON UR BEHALF-LEGAL RELATED FEES (25,000.00)
11/15/2011 CST OF SEARCH ON PROPERTY IN KADO FHA-LEGAL RELATED FEES (17,500.00)
11/15/2011 CST OF SEARCH REPORT CONDUCTED BY BRENDA AND CO-LEGAL RELATED FEES (20,000.00)
(67,500.00)



We are aware that the standard rule for all bank charges in Nigeria is that:


1. The charges must be legal.
2. The charges must be approved by the CBN.
3. The charges must not be above the approved limits where applicable.
4. And lastly and most importantly, the charges must be communicated to the customer and duly agreed by both parties before such charges can become binding. Any bank charges which fail any of this four way test cannot stand.

How then can unity bank take a total of N67,500.00 as fee for search on a single account and still claim that it wants peace. We are aware that Corporate Affairs Commission does not take more that N1,000.00 to confirm if a company was registered or not in Nigeria. We are also aware that subsisting CBN Guide to bank charges states that the management fees on loan covers all appraisals therein if management fee covers all the appraisals involved in a loan, where then did you get the impetus to take a whooping sum of N67,500.00 you took from the account as search fee. Unity bank should return the money to its owners without further delay if they actually want peace.

2. UNKNOWN MULTIPLE LENDING FEE OF 2013 = N400,000.00

val_date Narration Debit
5/8/2013 BEING 1% CHARGED FOR TOD GRANTED-COMMITMENT FEE (100,000.00)
5/8/2013 BEING .75% CHARGED FOR TOD GRANTED-MANAGEMENT FEES (75,000.00)
5/8/2013 BEING 0.25% CHARGED FOR TOD GRANTED-PROCESSING FEE (25,000.00)
7/8/2013 0.25%CHARGD TO 2061906067120 FOR TOD GRANTD TO YOU-PROCESSING FEE (25,000.00)
7/8/2013 1% CHANGD TO 2061906067120 FOR TOD GRANTED TO YOU-PROCESSING FEE (100,000.00)
7/8/2013 0.75%CHARGED TO 2061906067120 TOD GRANTED TO YOU-PROCESSING FEE (75,000.00)

Your claim that our client was granted an overdraft of N10,000,000.00 (Ten million naira) on 8th of May and 5th of July, 2013 which the customer claimed they are not aware of and which you did not attach the customers board resolution requesting for such loans is unacceptable, Unity bank is hereby put on notice to provide the customer’s mandate requesting for such loan or quietly return the total sum of N400,000.00 that it took from the account.

3. UNKNOWN COST OF FUEL FOR OFFICIAL VEHICLE = N8,300.00

val_date Narration Debit Credit
6/13/2013 BEING COST OF FUEL FOR OFFICIAL VEHICLE-EXPENSE SETTLEMENT - 4,000.00
3/11/2014 BEIND COST OF FUEL FOR OFFICIAL VEHICLE-EXPENSE SETTLEMENT - 4,300.00


The fact remains that the bank took the following charges from the account on the above dates and termed it COST OF FUEL FOR OFFICIAL VEHICLE. For you to now turn around and claim it was “posting errors not meant for the customer’s account” after such debits were made therein is very laughable. Kindly return the sum of N8,300.00 that was deliberately taken as cost of fuel for official vehicle to our client as such debits are spurious and excess to capacity.

4. UNKNOWN COST OF CONFIRMATION LETTER = N3,000.00

Our client is not aware of ever requesting for a confirmation letter from unity bank for which such charges were agreed to before it was debited by the bank. Unity bank is hereby put on notice to provide a letter requesting for confirmation letter by our client showing where the company agreed to be charged a fee of N3,000.00 for such service.

5. UNAUTHORIZED CHARGES ON CASH DEPOSIT = N187,740.00:


S/n Date Narration Deposit Amount Limit according to Circular Excess Amount Amount charged Correct Charge To be recouped by Bank
1 2/3/2014 Cash dep by okoh a-CASH DEPOSIT 5,750,000 3,000,000 2,750,000 34,740 137,500 102,760
2 2/10/2014 Cash dep byt okoh a-CASH DEPOSIT 5,350,000 3,000,000 2,350,000 63,000 117,500 54,500.00
3 3/10/2014 CSH DEP BY RENBEN DD 8/3/14-CASH DEPOSIT 3,000,000 3,000,000 - - - -
4 3/10/2014 DEP BY OKOH A-CASH DEPOSIT 3,000,000 3,000,000 3,000,000 90,000 150,000 60,000.00
17,100,000 12,000,000 8,100,000 187,740 405,000 217,260.00


We are aware that the standard rule for all bank charges in Nigeria is that:


1. The charges must be legal.
2. The charges must be approved by the CBN.
3. The charges must not be above the approved limits where applicable.
4. And lastly and most importantly, the charges must be communicated to the customer and duly agreed by both parties before such charges can become binding. Any bank charges which fail any of this four way test cannot stand.

Unity bank should present a copy of the letter it sent to our client informing them that the account will be charged the above listed charges duly acknowledged and signed by our client before such charges was passed into the account in line with CBN circular to all banks in Nigeria dated 30th April 2010 which states that:

FLAT FEES
To ensure standardization of charges across the industry and align Nigerian banking practice to international standards, the Bankers Committee issued the Guide to Bank Charges in 2004. Banks were required to ensure compliance with the provisions of the Guide, however, in recent times; the CBN has observed the proliferation of flat lending fees charged by banks in violation of the Guide, which has led to many complaints by members of the public. To arrest this situation, banks are henceforth required to note that aggregate flat lending fees shall not be more than 200 basis points of the facility amount. The details of all fees shall be communicated to and agreed with the borrower and disclosed by the bank.

WILFUL ADMISSION OF ACCOUNT MANIPULATION, CRIMINAL BREACH OF TRUST AND STEALING OF N1,094,927.43. FROM THE ACCOUNT OF STEPEX GLOGAL SERVICES LIMITED A/C NO. 0019498395


to JUSTINA, we_care, SUMARBABA
We have gone through the message send to us by Unity bank which is no message at all because what they did WAS TO COPY THE SAME FACELESS LETTER IT SENT TO US EARLIER AND REPASTED IT VERBATIM.The bank thereafter unilaterally fixed a meeting,picked the time and even the venue without recourse to us but the question we need answers to is;
1,is the bank calling for a meeting to show us where it kept the money it stole from our client.
2,is the bank telling us that it is literally telling the CBN to go to hell by not returning the funds it stole from its customer with interest at the bank's highest lending rate as is stipulated by the CBN.
3,Is the bank going to tell us where it kept the excess lending fees it took and admitted to have taken above the CBN limit of a maximum of 2 percent lending fees that has been in effect since 30th April 2010.
4,is the bank going to show us another account statement of our client showing how the cooked up loans the company never requested for was disbursed and utilized by the spirits that apparently got it.
5,is the bank going to be telling us that it has a special right to debit a customer's account of un-agreed and un-communicated charges that was unilaterally made by the bank.
6,is the bank going to show us another account statement showing debt on our client's account as the one they gave us earlier clearly shows that the total funds deposited into the account by our client during the period under review is far higher than what was ever withdrawn from the same account and that the difference is more than N11,000,000.
7,is the bank going to show us where it kept the processing fees it took from the account after April 2013 that CBN phased out processing fees on loans and so many other unanswered questions that nare contained in our first and follow-up reports to the bank and the CBN that the bank is still dancing around with.
It is now very clear that the bank has an ulterior motive and that Unity bank is playing with our intelligence,Unity bank is out to while away time and dribble everyone around thats why our client has equally given his full backing to us to hold and organize press conferences,grant interview to all the media houses and online platforms that has been contacting us since the matter became public so that hundreds and even thousands of other innocent Nigerians that Unity bank has ruined their businesses and life can begin to cry out collectively.
The CBN should urgently do the needful as it is now clear that the dubious entity called Unity bank is run by a bunch of irresponsible rogues without conscience and a sense of shame.CBN as an unbiased umpire that has been following what is going on should step in now and call Unity bank to order as the facts of this matter are very clear for all to see.
We once again state for the records that this matter is gradually escalating and will soon be in the news everywhere and Unity bank should be held responsible for however this matter turns out eventually especially if it turns out for the worst .
The gravity of what it is stepping into,the public out-cry and the ensuing backlash and loss of good-will and public confidence that will follow this provocative attitude of the bank has not fully dawned on Unity bank.
The era of defrauding innocent citizens and businesses of this nation using financial gimmicks by rogue entities like Unity bank has gone but Unity bank finds it hard to accept this reality which will ultimately spell doom at the end.
Unity bank wants to start closing the gate after the goats has ran out and we will help them achieve that.

Thanks and best regards
Yours Sincerely
Joseph Aniedeh
Managing Consultant

BELOW IS UNITY BANK'S DECEPTIVE RESPONSE TO ITS CASE OF STEALING OVER N57,000,000 FROM ONE OF ITS CUSTOMER'S ACCOUNT AS WAS REPORTED EARLIER AND THE REPLY OF THE CUSTOMER THROUGH HIS CONSULTANTS


Kindly be informed that in our bid to amicably resolve this matter swiftly, we are willing to hold the reconciliatory meeting with you.



Excess/Multiple Cost of search fee- N62,500.00: You claimed that “going behind to debit a customer’s account multiple times for the same service as the bank did is unacceptable”. The review of the transaction narrations on the account show that the charges were deducted for different services of different amounts, a search was conducted on the account when it was opened as well as for the properties which were all statutory as presented below:



val_date


Narration


Debit


9/28/2011


COST OF SEARCH REP-ACCOUNT TRANSACTION


(5,000.00)


11/15/2011


CST OF SERACH REPORT CONDUTED ON UR BEHALF-LEGAL RELATED FEES


(25,000.00)


11/15/2011


CST OF SEARCH ON PROPERTY IN KADO FHA-LEGAL RELATED FEES


(17,500.00)


11/15/2011


CST OF SEARCH REPORT CONDUCTED BY BRENDA AND CO-LEGAL RELATED FEES


(20,000.00)








(67,500.00)






Unknown/multiple lending fees of 2013- N400,000.00: You stated that the Bank took fees which you outrightly reject because your client did not present to you any offer letters supporting these fees:



val_date


Narration


Debit


5/8/2013


BEING 1% CHARGED FOR TOD GRANTED-COMMITMENT FEE


(100,000.00)


5/8/2013


BEING .75% CHARGED FOR TOD GRANTED-MANAGEMENT FEES


(75,000.00)


5/8/2013


BEING 0.25% CHARGED FOR TOD GRANTED-PROCESSING FEE


(25,000.00)


7/8/2013


0.25%CHARGD TO 2061906067120 FOR TOD GRANTD TO YOU-PROCESSING FEE


(25,000.00)


7/8/2013


1% CHANGD TO 2061906067120 FOR TOD GRANTED TO YOU-PROCESSING FEE


(100,000.00)


7/8/2013


0.75%CHARGED TO 2061906067120 TOD GRANTED TO YOU-PROCESSING FEE


(75,000.00)




The review of the account revealed the following:



· On 8th of May 2013, your client was granted an Overdraft of 10 million naira. This facility came with a fee of 2% and an interest rate of 28% P.A

· On 5th of July 2013, another overdraft of 10 million was granted to your client with an interest rate of 28% and facility fees of 2%.



The fees were from the facilities hence no refund is recommended.



Unknown 2% charge on TOD of 18/03/2014 – N400,000.00



On the 14th of March 2014, your client was availed a Temporary Overdraft of N20 million to enable them purchase additional allocation of 250,000 litres of petroleum products from MRS OIL and GAS. This facility came with an interest rate of 33% and facility fee of 2%. The 2% fee gave rise to the charge of N400,000.00, therefore the customer is not entitled to a refund( offer letters attached)



Unknown Cost of fuel for official vehicle- N8,300.00: In your submission, you explained that the bank took a total of N8,300.00 as cost of fuel for official vehicle which is not known or authorized.



These are credit transactions and posting errors from us which were not meant for the Customer’s account. See details below:



val_date


Narration


Debit


Credit


6/13/2013


BEING COST OF FUEL FOR OFFICIAL VEHICLE-EXPENSE SETTLEMENT


-


4,000.00


3/11/2014


BEIND COST OF FUEL FOR OFFICIAL VEHICLE-EXPENSE SETTLEMENT


-


4,300.00




The sum of N8,300 will be recovered from the Customer’s account accordingly.



Unknown Cost of Confirmation letter- N3000

This charge on the customer’s account was based on their request for confirmation letter which was duly processed. The Customer is not entitled to the refund of the amount.



Unauthorized charge on cash deposit- 153,015.00

The CBN cashless policy of 2012 dictates that “Corporate accounts will be charged five per cent for withdrawal or lodgment of over N3 million cash”. What this entails is that the bank will charge customers 5% on cash deposits/withdrawals exceeding N3,000,000.00.



From our review, the Bank actually undercharged your client for the fees. Please see below:



S/n


Date


Narration


Deposit Amount


Limit according to Circular


Excess Amount


Amount charged


Correct Charge


To be recouped by Bank


1


2/3/2014


Cash dep by okoh a-CASH DEPOSIT


5,750,000


3,000,000


2,750,000


34,740


137,500


102,760


2


2/10/2014


Cash dep byt okoh a-CASH DEPOSIT


5,350,000


3,000,000


2,350,000


63,000


117,500


54,500.00


3


3/10/2014


CSH DEP BY RENBEN DD 8/3/14-CASH DEPOSIT


3,000,000


3,000,000


-


-


-


-


4


3/10/2014


DEP BY OKOH A-CASH DEPOSIT


3,000,000


3,000,000


3,000,000


90,000


150,000


60,000.00











17,100,000


12,000,000


8,100,000


187,740


405,000


217,260.00




Flowing from above, the Bank is entitled to recover the sum of N217,600.00 from the Customer.





Unknown premature settlement debit- N1,943.204.56



We have thoroughly reviewed the above claim and established the following:

· On 2nd of December, 2014, your client was granted a loan of N68,432,965.10 for 36 months at an interest rate of 28%.



· A review of the spread of the loan account shows that the amount N1,973,204.56 was the last maturing loan Obligation debited from your client’s account.



This amount represents the last loan payment, therefore your request for the refund is not tenable.



Unagreed Portfolio Monitoring debit- N13,000.00

Portfolio Monitoring fees are legitimate fees according to a CBN circular dated April 30th 2010 which stipulates that banks ought to obtain credit reports from at least 2 credit bureaus for all previous loans/facilities granted to enable the determination of borrowers current exposure to the financial system. Based on this, the customer is not entitled to a refund.



Excess Overdraft debit- 18,861,330.99

A review of the computations revealed that the interest rates as communicated in the various offer letters were not used in the calculation of interests you presented to the Bank. The bank granted your client a total of 11 different facilities with different interest rates. Kindly review your client’s books again to reconfirm this position as your claim of excess charge is not tenable.



Excess VAT Debit- 65,538.05

A circular dated 1st December, 1995 by First Inland Revenue Service clearly outlines fees that are Vatable. According to the circular “All charges arising from the services of banks and financial institutions will ordinarily attract VAT…” fees that are Vatable include but are not limited to the following stated below, in line with this the Customer is not entitled to a refund.:

· Commission on transaction and ledger fees.

· Commission/fees charged on forex trading/remittances

· Fees earned on fund management

· Fees/commissions on asset trading



Unauthorized/Outrageous Account Maintenance Debit- N2,221,656.44

The Account Maintenance Fees/Commission on Turnover were charged in line and according to the dictates of the CBN Guide to bank Charges. Your submission that “the bank using the Account Maintenance fees to defray the alleged debt on the account” is not clear to us. Kindly provide a clarification on the following, furthermore, the AMF/COT was reduced to 1 naira per mille in 2016 and not cancelled. Prior to this time, the following rates as stated below were applicable on this account, therefore your claim for refund to the customer is not tenable;



· January 2004 to march 31st 2013- N5/mille

· April 1st 2013- December 31st 201.- N3/mille

· January 1st 2014 to December 31st 2014- N2/mille

· January 1st 2015 to December 31st 2015 – N1/mille

· January 1st 2016 to date – N1/mille



Unknown E-product debit N850.00

Section 10 of the 2004 CBN Guide to Bank Charges stipulates that all charges pertaining to electronic banking services including electronic card and internet banking services are “negotiable”. The IBS charge was charges taken for internet banking services.



Illegal Penalty Debit N4,368,169.70 You explained that ‘we are aware that a party to a contract cannot penalize a co-contractual party as unity bank is not a court of competent jurisdiction’;

The CBN guide to bank charges stipulates a 1% penal fee on past due obligations which was also one of the conditions stated in the offer letter duly accepted by your client for the loans granted, kindly be informed that the Bank applied 1% as stipulated, therefore customer not entitled to a refund..



Unauthorized Excess Quarterly management fees N2,400,000.00

The CBN Guide to Bank Charges stipulates that management fees are negotiable implying that the Bank can ‘negotiate’ for Quarterly management fees. The offer letters states that the bank would charge quarterly management fees and as such customer not entitled to a refund



Excess Lending fees on restructured loan N2,152,762.61

In your explanation, you argued that the Bank took a total of N2,152,762.61. This was arrived at by adding processing fees from other facilities granted to your client.



A comprehensive review of this claim revealed the following:



· On 2nd of December 2014, your client was granted a Restructured term loan of N63,498,440.40. This was to enable the customer adjust the outstanding indebtedness and resume full operations.

· The tenor of the facility was 36 months with equal monthly principal payment of N1,894,897.00

· The pricing of this facility was 28% with total fees 3% making up 1% restructuring fee, 1% commitment fee and 1% management fee.

· The 2013 CBN Guide to Bank charges stipulates that facility restructuring fee is “negotiable, subject to a maximum of 0.50% (one off charge)

· A review of the account showed that the Bank charged the following fees on N68,432,965.10 loan restructured in contravention to the CBN circular:



val_date


Narration


Debit


Credit


To be refunded


12/31/2014


Term loan restructured -GRANT A LOAN


-


68,432,965.10





12/31/2014


-PROCESSING FEE


(684,329.65)








12/31/2014


-COMMITMENT FEE


(684,329.65)








12/31/2014


-VAT SETTLEMENT


(68,432.96)














(1,437,092.26)


342,164.83


(1,094,927.43)




Based on this, the customer is entitled to a refund of N1,094,927.43 being excess fees charged on term loan restructuring facility.



Excess Processing fee N1,484,329.65

The processing fees as highlighted in your report are for different facilities booked on your client’s account. These fees have been duly accounted for in previous explanations, the customer is not entitled to the refund.



Maturing Loan Installments:

Maturing loan installments are arrived at from the addition of fixed principal amount and a monthly computed interest element as agreed in the offer letter. The bank did not communicate a 32% interest rate to you.



Furthermore, a review of your computations show that the amounts arrived at by you are not in line with the dictates of the CBN 2016/2017 Monetary Policy Committee on the computation of loans. This customer is not entitled to the refund of the fee.



SUMMARY:



In the light of the forgoing, the customer is entitled to a net refund of N869,367.43 as shown in the table below:



S/N


Narration


Consultant's claim


Amount recommended by bank


1


Search report


(67,500.00)


-


2


Unknown /Multiple lending fees


(400,000.00)


-


3


Unknown 2% Charge on TOD of 18/03/2014


(400,000.00)


-


4


Unknown Cost fuel for official Vehicle


8,300.00


(8,300.00)


5


Unknown Cost of confirmation letter


(3,000.00)


-


6


unauthorized Charge on cash Deposit


(153,015.00)


(217,260)


7


Unknown premature settlement Debit


(1,943,204.56)


-


8


unagreed credit Portfolio Monitoring debit


(13,000.00)


-


9


Excess Overdraft Debit


(18,861,330.99)





10


Excess VAT


(65,538.05)


-


11


Unauthorized/Outrageous account Maintenance Debit


(2,221,656.44)


-


12


Unknown E-product Debit


(850.00)


-


13


Illegal Penalty fee


(4,368,169.70)


-


14


unauthorized/Excess Quarterly MGt fee


(2,400,000.00)


-


15


Excess Lending fee on restructured Loan


(2,152,762.61)


1,094,927.43


16


Excess Processing fee


(1,484,329.65)


-


17


Maturing Loan Installment


(8,982,956.88)


-





Total Amounts Refundable


(43,509,013.88)


877,667.43





Accrued Interest at 32%


(13,926,596.44)


-





Total


(57,435,610.32)


869,367.43









Thank you

Customer Care Department

Telephone: 07080666000

Mobile: 07057323225-30

Email: we_care@unitybankng.com

Unity Bank Towers

Plot 785 Herbert Macaulay Way, CBD Abuja

http://www.unitybankng.com/

It is no longer news that our banks are robbing their customers but the rate at which they do it today is becoming very alarming, the Central Bank of Nigeria recently stated that it has recovered over N6 billion excess, hidden and illegal bank charges from our commercial banks following various customers complaints and petition to it within the past 48 months. But this amount is so minute when compared to the actual amount that our banks siphon from its innocent customer daily. It is also true that over eighty-five percent (85%) of all loans given to borrowers by our banks are abused and manipulated which is one of the major reasons why many Nigerians find it difficult to pay back bank loans, this is exactly what happened to Stepex Global Services Limited. The company approached Unity Bank for a N20 million naira overdraft without knowing that it was digging its own grave. Immediately this overdraft was agreed, Unity Bank began to debit the company’s account, when it seems like the loan has ended Unity Bank will come up with another story just to continue debiting the company’s account until recently that the account was reconciled.
After reconciliation, it was discovered that Unity Bank has collected over N90 million naira as repayment on an original loan of N20 million naira, it was also discover that Unity Bank has taken illegal, hidden and excess bank charges of N57,447,210.32 from the company’s account as its detailed below.

S/N Narration Amount
1 Excess/Multiple Cost Of Search Report 62,500.00
2 Unknown/Multiple Lending Fees Of 2013 400,000.00
3 Unknown 2% Charge On TOD Of 18/03/2014 400,000.00
4 Unknown Cost Of Fuel For Official Vehicle 8,300.00
5 Unknown Cost Of Confirmation Letter 3,000.00
6 Unauthorized Charge On Cash Deposit 153,015.00
7 Unknown Premature Settlement Debit 1,943,204.56
8 Un-agreed Credit Portfolio Monitoring Debit 13,000.00
9 Excess Overdraft Debit 18,861,330.99
10 Excess Vat Debit 65,538.05
11 Unauthorized /Outrageous Account Maintenance Debit 2,221,656.44
12 Unknown E-Pro Debit 850.00
13 Illegal Penalty Debit 4,368,169.70
14 Unauthorized/Excess Quarterly Mgt Fee 2,400,000.00
15 Excess Lending Fee On Restructured Loan 2,152,762.61
16 Excess Processing Fee 1,484,329.65
17 Excess Maturing Loan Installments 8,982,956.88
18 Total 43,520,613.88
19 Accrued Interest At 32% That Was Applied By The Bank 13,926,596.44
20 Total Refundable By Unity Bank To Stepex Global Services Limited N57,447,210.32

This shocking discovery was served on the bank in July 2018 (see acknowledged copy).
The bank after receiving the reconciliation report kept quiet, prompting a reminder letter was sent to it on 24th August 2018 (see acknowledge copy) yet the bank did nothing until the matter was reported to the Central Bank of Nigeria which then mandated the bank to address the matter within two weeks which the bank failed to do until reminders were sent to the Central Bank of Nigeria again (see reminder). Unity Bank finally came up with an un-signed mails admitting that they were actually stealing from the company’s account and the all it stole was N1,094,927.43 (which is a joke as what the bank actually stole from the company as narrated earlier was over N57,000,000.00) but refused to sign the document for obvious reasons, but the greatest revelation of their response was an attachment containing various overdraft offer letters which the bank cooked up within itself which the account owners were not aware of before now. How can a bank be granting an un-solicited loan to its customer, how can a company be granted loan without a mandate requesting for such loans.
The overdraft document, CBN rules and the banks own account statement clearly shows how Unity Bank deliberately turned a simple loan transaction into a bottomless pit and has almost liquidated this innocent company for no just cause.
Unity Bank is yet to sign and send their official response to this issue as we speak despite reminders to do so (see sent reminders), we therefore want to public to be vigilant and beware of the kind of Voodoo and Predatory banking services that the entity called Unity Bank has been rendering to its unsuspecting customers as am sure that thousands out there are going through the same pain.[color=#006600][/color]