UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment - Business

UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment - Business - Nairaland

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UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Newsextra014(op): 9:31am On Jan 25

United Bank for Africa (UBA) has been accused of unlawfully withholding the property documents of a Nigerian businessman more than two decades after he fully repaid a N100,000 overdraft facility.

It was gathered that David Oloyede, a businessman based in Ibadan, obtained an overdraft facility from UBA in 1990. As collateral for the loan, he deposited the deed of his landed property with the bank.

However, despite settling the loan in full by 2001, UBA has allegedly refused to release the original title documents 25 years later.

David’s son, Bode Oloyede, said the bank has ignored repeated requests, visits, and formal letters demanding the return of the property deed.

“My father paid back the loan completely, but UBA has refused to release the title document he deposited as collateral,” Bode said.

Documents obtained , including a 2003 statement of account, show that deductions related to the overdraft had ceased, indicating the loan had been cleared.

A pre-action letter issued by David’s lawyers further confirmed that the overdraft facility expired on August 16, 1999, and that all outstanding indebtedness was fully liquidated on December 21, 2001.

Part of the letter read:
“All outstanding indebtedness was fully liquidated… leaving a credit balance after deduction of interest and administrative charges.”

Despite this, the Oloyede family said UBA has continued to hold on to the deed without explanation.

Bode disclosed that they had visited several UBA offices in Ibadan and written multiple letters to the bank’s head office, but received no response.

FIJ also confirmed that emails sent to UBA on January 12 and again on Friday received only automated replies, with no official response from the bank as of publication.

UBA is yet to publicly explain why it is still in possession of the property documents decades after the loan was reportedly settled.

https://fij.ng/article/uba-holds-on-to-businessmans-property-as-collateral-25-years-after-he-settled-n100000-loan/

7 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by SpaceX: 9:33am On Jan 25

That is how Tony put food on his table.

26 Likes

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Hilena(m): 11:25am On Jan 25

This Is crazy

Inside life

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Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by tunjijones(m): 11:26am On Jan 25

They should return the property and the interest accrued over the years and should pay damages they have caused the family

Nothing more and nothing less

39 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by HeatSeeker(m): 11:27am On Jan 25

Did he at any point default on the repayment of the overdraft?!

This is the thing with these loan apps. Once your BVN enters the list of loan defaulters, there's a good chance it might never be removed. Even if you repay the loan and the interests on it. They will simply forget it there.

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Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by iykofias(m): 11:27am On Jan 25

Naija my zoologist country

3 Likes

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by OlujobaSamuel: 11:28am On Jan 25

Make dem go court na, this don pass social media matter

2 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by oluwaseyi0: 11:28am On Jan 25

UBA has lost the document and people involved has retired or left

Wahala for whoever is handling this now

30 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Nairalander248: 11:29am On Jan 25

HeatSeeker:
Did he at any point default on the repayment of the overdraft?!

This is the thing with these loan apps. Once your BVN enters the list of loan defaulters, there's a good chance it might never be removed. Even if you repay the loan and the interests on it. They will simply forget it there.

Who is this one?

Was BVN used in 1990s? Even when he finished payment in 2001, BVN was not used...

BVN started in 2015

11 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Ahayalift: 11:29am On Jan 25

iykofias:
Naija my zoologist country

Pls, don't call your Country Zoo, there is Power in constant confession.
shocked

See this:
https://www.nairaland.com/8598251/not-maga-new-song-alert

https://www.youtube.com/watch?v=zcyKdoAeFms

4 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by OlujobaSamuel: 11:29am On Jan 25

HeatSeeker:
Did he at any point default on the repayment of the overdraft?!

This is the thing with these loan apps. Once your BVN enters the list of loan defaulters, there's a good chance it might never be removed. Even if you repay the loan and the interests on it. They will simply forget it there.

Yes, according to the report, he defaulted in 1999, but cleared it all in 2001

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by dgr8truth(m): 11:30am On Jan 25

This situation isn’t just about one man’s property documents — it speaks to a much bigger trust problem between banks and their customers.

When a bank holds onto someone’s collateral 25 years after the debt was fully repaid, and then ignores repeated visits, letters, and enquiries without any clear explanation, it undermines confidence in the banking system. A bank’s core promise to its customers is security, transparency, and respect for contractual obligations. When those basic expectations aren’t met, it makes ordinary people question whether they can trust financial institutions with their money and important documents.

Customers need to feel assured that once they fulfill their obligations, the bank will fulfill its own. The longer the bank avoids a clear resolution — especially after decades of silence — the more it fuels suspicions of incompetence, indifference, or lack of accountability. That’s bad for corporate reputation, bad for customer confidence, and ultimately weakens trust in the entire financial sector. A simple, prompt, and transparent resolution here would go a long way toward maintaining the credibility of the institution involved.

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Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by datola: 11:30am On Jan 25

SpaceX:
That is how Tony put food on his table.

And the senior bankers in Nigeria

1 Like 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by RISQUE: 11:31am On Jan 25

Newsextra014:
https://fij.ng/article/uba-holds-on-to-businessmans-property-as-collateral-25-years-after-he-settled-n100000-loan/

If them ask you whether you understand Nigeria and you say yes, know say you be product of witchcraft grin

2 Likes

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by clintino700(m): 11:32am On Jan 25

They will pay a lot for Damages if the sues.

1 Like

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by mascot87(m): 11:32am On Jan 25

Maybe they have sold the landed property. We know all this banks are thieves.

5 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by OlujobaSamuel: 11:32am On Jan 25

oluwaseyi0:
UBA has lost the document and people involved has retired or left

Wahala for whoever is handling this now

You are right, seems the bank just did an equitable mortgage on the collateral, and not a legal mortgage, so they just kept it in a safe that might have been burnt or robbed or mishandled during the period.
It's also a time banking wasn't really having good corporate governance

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Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by mascot87(m): 11:34am On Jan 25

Nairalander248:
Who is this one?

Was BVN used in 1990s? Even when he finished payment in 2001, BVN was not used...

BVN started in 2015

Read to understand and stop acting ignorant at people's comments if you don't understand

2 Likes

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by femi4: 11:36am On Jan 25

tunjijones:
They should return the property and the interest accrued over the years and should pay damages they have caused the family

Nothing more and nothing less

See the year he got the facility

He obtained an overdraft facility from UBA in 1990.

I m sure he's still owing UBA

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by HeatSeeker(m): 11:36am On Jan 25

OlujobaSamuel:
Yes, according to the report, he defaulted in 1999, but cleared it all in 2001

This is the main issue. Never default in any dealings with a legally backed financial entity. Even if you later meet up, you will be at their mercy.

1 Like

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by chatinent: 11:36am On Jan 25

Bank CEOs are the biggest 419ners and MLs in the world.

2 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by tunjijones(m): 11:37am On Jan 25

femi4:
See the year he got the facility

He obtained an overdraft facility from UBA in 1990.

I m sure he's still owing UBA

What made you so sure of this?

Do you work in UBA?

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by HeatSeeker(m): 11:38am On Jan 25

Nairalander248:
Who is this one?

Was BVN used in 1990s? Even when he finished payment in 2001, BVN was not used...

BVN started in 2015

Smh. Please go and read my comment again.

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Procashtips(m): 11:41am On Jan 25

Na this kind news VDM like to hear

UBA go respond ASAP.

4 Likes

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Killermamba: 11:42am On Jan 25

SpaceX:
That is how Tony put food on his table.

something tells me they have misplaced the documents. I see uba settling outside the court but will have to cough out hundreds of millions if not billions

2 Likes

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Wotowotoman: 11:43am On Jan 25

oluwaseyi0:
UBA has lost the document and people involved has retired or left

Wahala for whoever is handling this now

Ogbeni, when you use people, it is have and not has. Brighter Grammar is highly recommended for you sir.

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Emeskhalifa(m): 11:44am On Jan 25

If you hear banks post billions as profit, just know say people sweat dey inside.

I sha don't blame them, na third world we dey, where anything goes, and judgement is always in favour of the highest bidder

3 Likes 1 Share

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by xtivin(m): 11:44am On Jan 25

oluwaseyi0:
UBA has lost the document and people involved has retired or left

Wahala for whoever is handling this now

The only sensible comment I see here today. Most likely it’s lost and that is money to the bank with a good lawyer and dragging.

2 Likes

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Wotowotoman: 11:44am On Jan 25

femi4:
See the year he got the facility

He obtained an overdraft facility from UBA in 1990.

I m sure he's still owing UBA

Ogbeni, please learn to read the full article before commenting. This is very embarrassing angry

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by femi4: 11:46am On Jan 25

tunjijones:
What made you so sure of this?

Do you work in UBA?

This is 10 yrs plus

If you are familiar with bank facilities..the more you default, the more charges n interest you ll pay

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by udemzyudex(m): 11:53am On Jan 25

HeatSeeker:
Did he at any point default on the repayment of the overdraft?!

This is the thing with these loan apps. Once your BVN enters the list of loan defaulters, there's a good chance it might never be removed. Even if you repay the loan and the interests on it. They will simply forget it there.

Then that's bad and should be looked into.
When the government misbehaves the citizens too will do other wise.
The tax reform thing comes to mind.

Re: UBA Accused Of Holding Man’s Property 25 Years After Loan Repayment by Abee79(m): 11:59am On Jan 25

File a tripartite petition with:
1. EFCC
2. Federal Consumer Protection and Competition Commission (FCPCC); and
3. Central Bank of Nigeria

Legal action comes last.
Thank me later

1 Like

1 2 Reply

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