Saturday, April 19, 2014

Access Bank dragged to court for withholding customer’s money



The customer accused the Nigerian bank of improper action.

Emmanuel Effiong, a civil servant, on Thursday sued Access Bank Plc before the Investments and Securities Tribunal, Abuja, for allegedly detaining his N761,688.00.

Also joined in the suit is Security and Exchange Commission.

His counsel, A.G. Wilfred, told the tribunal that the amount was improperly and illegally held by the bank.

He said that till date, 25 per cent, being the interest on the said sum from 2008, was not paid to him.

Mr. Effiong said the bank sometimes between July 23 and August 29, 2007, offered its shares to the public for subscription at 14.90 kobo per share.

He said he paid for 67,200 ordinary shares of the bank worth N1 million, but was allotted only 16,080 units.

The appellant, who said the payment was duly acknowledged by Access Bank on a deposit slip issued to him, said he was surprised to receive a share certificate indicating only a fraction of what he paid for.

Mr. Effiong said several letters demanding his balance of N761,688.00, however, proved abortive.

The Presiding Chairman, Sanda Yelwa, adjourned the case to March 14 for hearing.


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