The controversy generated in consequence of an Access Bank Plc customer accusation of stealing and cheating against the bank in description of what the customer, Messrs Abivico Investment & Promotions Company ascribed to illegal and excess bank charges and the part admittance of the accusation of the customer by Access Bank may provide the basis for a legal contest where some of the nation’s banking law would be availed the scrutiny of the law

 

In the instant demand of Messrs Abivico Investment & Promotions Company on Access bank for a refund of a total N135,706,782.66 as claimed by Forensic Consulting, the firm of forensic accountant that audited the customer’s bank’s account, the major issue that would need to be resolved if the matter ends up in court would be how Access Bank would extricate itself from a web of limiting sections of the law of banking in Nigeria. This is aside the allegation of brazen fraud against the bank where the customer through the consultant accuses officials of the bank of exploiting the innocent trust of the customer to fraudulently withdraw N66,100,000.00 from the customer’s account through pre signed cheques allegedly handed over to the customer’s account officer who the bank claimed had resigned his appointment from the bank.

 

In response to various allegations of excess bank charges raised by the customer, Access Bank summarily agreed to excessively charging the loan account of the customer to the sum of N3,451,813.74 while denying other claims and, in turn, claiming a balance payment of N123,324,988.58 from the customer.

 

This response, however, elicited postulations on point of law from the Forensic Consultant, Mr. Ori Adeyemo. In one of such averment, the Consultant asserted that the bank has no right to charge its client any default rate which the bank made on the loan account at 39% per annum instead of the 19% agreed to.

 

In response to the claim of the bank, Adeyemo informed the bank that it is statute-barred from charging its client such default rate: “Access Bank is statute-barred from charging our client any default rate of 39% per annum being a penalty and therefore repugnant to natural justice,” the Consultant protested in the letter made available to Fortune & Class Magazine.

 

“Only a court of competent jurisdiction has a right to impose any form of penalty or fine on a Nigerian whether individual or corporate. Section 2.9 of the CBN Guide to Bank Charges makes provision for late repayment of loan facility at 1% flat per month on unpaid installment in addition to charging current rate of interest on outstanding (without prejudice to the provision of the Prudential Guidelines on the limitations of accruals Section 5.2) we still consider this illegal.

Authors of the Law of Banking in Nigeria observe that although a banker is under duty to keep his customer’s account, accurate, the customer is under no corresponding duty to examine his passbook or statement to ensure accuracy. They, however, noted that though the rule has been applied in English courts, “there is no direct Nigerian authority on the point, and it will be interesting to see what views our courts will take in any future dispute.”