How Bank Converted My N5m Loan to N19m - Customer cries out |BANK REVEALED

A customer with Fidelity Bank Plc, Kachia Road, Kaduna, Mr. Benneth Robert Iwu, alleged foul play by the bank because according to him, he applied for the sum of N19million loan in 2015 under NNPC Term Loan Enhancement but that he was told he was not qualified.

He said in 2016, he went back and applied for N5million and it was approved and given to him. However, he claimed that when he asked the bank why monthly deductions from his account did not reduce according to the procedure and demanded for statement of his account, he became alarmed that the bank has presented documents showing that he borrowed the sum of N19million.

Reliable sources hinted that at the High Court of Justice, Kaduna state in the Kaduna Judicial Division, in suit number KDH/KAD/1302/2018, the presiding judge, Honourable Justice B. Mohammed granted application by the plaintiff dated 21 December, 2018, by giving an order preventing the "defendant from further deducting monies paid into the account, blocking or likening the plaintiff account pending the determination of the case.ÔÇØ

The court also ordered that the plaintiff, a staff of the KRPC/NNPC Production Unit, Kaduna, could continue to operate the account pending the determination of the case, an order the defendant was alleged not have obeyed by making two separate deductions from Mr. Iwu's account.

The affidavit deposed to by one Mary Nwankwo from the law firm of Ben Ugwoenuchukwu, counsel to the plaintiff stated, "all the loans he obtained from the defendant, his application letters for loan from the defendant is usually accompanied by his pay slip from his employers,ÔÇØ which determines whether he was indeed qualified for the loan.

However, in this case, the plaintiff, Mary Nwankwo stated, has severally requested for both the repayment schedules and pay slips for the alleged loans of 2014, 2016 and 2017 but the defendant has refused to give him those documents to prove his case.

But the counsel to the defendant, V. Y. Zemo & Co. in a letter dated 9th September, 2018, denied that his countered the allegation that "We wish to confirm to you that we are in receipt of your demand letter dated 20th August, 2019 and admit that the sum of N6,000 (six thousand Naira only) and N250,000:00 (two hundred and fifty thousand Naira only) was transferred to your client's account with the defendant (our client) on 9th July, 2019 and 16th August 2019 respectively, but with due respect, deny the allegation by you and your client that our client removed all the said sum in defiance of the court order of 10th June, 2019.ÔÇØ

SOURCE