BY OGBONNA CASMIR, ENUGU – Ohha Microfinance Bank (OMfB) Limited, Enugu has dragged the Sterling Bank Plc and her Enugu Branch manager to the Central Bank of Nigeria (CBN) and Economic and Financial Crimes Commission (EFCC) for alleged fraud involving N219,034,901.50 fixed deposit sum kept with the bank.
In a petition to the CBN Governor, Godwin Emefiele and Head of Operations, EFCC, Southeast Zone, the bank alleged the conversion to personal and/or bank’s use of the fixed deposit sum as well as refusal to pay off amount at maturity.
The petition entitled: “Re: case of stealing by conversion the sum of N219, 034, 901.50 (two hundred and nineteen million thirty four thousand nine hundred and one naira fifty kobo) by Sterling Bank Plc. Appeal for urgent thorough investigation of this massive fraud by Sterling Bank”, pleaded with the relevant authorities to compel Sterling the bank to refund its fixed deposit.
Signed by its lawyer, Olu Omotayo Esq, and dated 8th January and 19th February, 2018, respectively, the Ohha MfB explained that it maintains a current account with Sterling bank Plc, Market Road branch, Enugu, wherein it had two Fixed Deposits of N138, 900, 838 : 89K and N80, 134, 062 : 61K, totalling N219, 034, 901.50.
The petition further read; “On the 7th day of August 2017, our client wrote a letter titled ‘Termination of Fixed Deposit’ to Sterling Bank, wherein our client directed Sterling Bank to terminate the Fixed Deposits at maturity and credit our clients’ current account with the principal and the accrued interest.
“At maturity of the two fixed deposits on the 15th August 2017; and 19th October 2017, respectively, the management of Sterling Bank served our client new Fixed Deposit certificates claiming that the investment have been rolled over automatically on maturity to another tenor of 90 days.
“The action of Sterling Bank prompted our client to write another letter dated 25th October 2017, to Sterling Bank requesting again that the bank terminate the Fixed Deposits and credit our clients’ current account with the value.”
The petitioner said that Sterling Bank is claiming that her Branch manager, Mr Oliver Anidiobi, who is also the Account Officer in charge of the account. may have fraudulently converted the funds to personal use, and Sterling Bank management had handed him over to the Police.
According to OMfB, “this massive fraud perpetrated by Sterling Bank Plc is not only a clear breach of their obligation under the Banking Law as it relates to banker/customer relationship, but also a criminal act perpetrated by an entrenched syndicate in the bank. This type of activities being carried on at Sterling Bank Plc, spell doom for the Financial and Banking sector in the country.
“We urge you that it is in the interest of justice and the nation that you order for an investigation having in mind that the fund fraudulently converted from our client’s account are depositors’ money; moneys deposited by members of the public in our clients’ bank. The moneys are deposits from the poor and those in the lower cadre in the society who save and invest their moneys in the Microfinance Bank”, the petition said.
However, in a written reply signed by Messrs Sa’id Balogun and Femi Aiyegbusi, associate counsel and senior chief counsel respectively, the Sterling Bank said after comprehensive investigation of the alleged “fixed deposit” transaction with the bank, “we are unable to establish the existence of a fixed deposit investment by your client.
“Even though your client maintains two separate accounts with the Bank, there is no proof of funds transfer to a “fixed deposit account” in their name.
“Furthermore, your clients could not provide proof by way of a transfer instruction, cheque or investment directive to show that they parted with any consideration to warrant the issuance of the purported deposit certificates by the Bank, which deposit certificates are a product of forgery.
“We are loathe to believe that your client would hand over cash of this magnitude to Mr. Oliver Anidiobi without any proof of deposit, unless the transaction is a private arrangement between your good selves.
“Mr Oliver Anidiobi has already been handed over to the Law Enforcement Agents for criminal offences that bother on forgery and the authorities are making progress in the their criminal investigation.
“Based on the foregoing, we are unable to accept your demand for a refund of this amount (N219, 034, 901.50) as there is no evidence that it was ever initiated with the Bank”, the Bank replied.
Meanwhile the nation’s apex bank, has referred the OMfB’s petition to its directorate of consumer protection for investigation and necessary action.
When contacted on the issue, spokesperson of EFCC, Enugu zonal office, Mr Chris Oluka said the office daily receives numerous petitions and he was yet to be briefed on the case.
He however promised to reach out to Forefront as soon as details of the petition are made available to him
