By NAN
Some customers of Sterling Bank have appealed to the bank and relevant authorities to address concerns over alleged unauthorised deductions, account-related issues and delays in banking transactions.
The customers told the journalists on Monday that they were seeking clarification and resolution of issues they had encountered in their dealings with the bank.
They said their concerns ranged from disputed account transactions and deductions to difficulties obtaining account information and delays in processing some transactions.
One of the cases involved Miden Systems Ltd., which raised concerns over transactions and account statements relating to its banking relationship with Sterling Bank.
The company had entered into a term loan and vessel finance facility agreement with the bank in 2012 for the financing of six light marine vessels under a contract with Shell Petroleum Development Company (SPDC).
According to the company, it contributed about 7.3 million dollars to the project, while the bank provided financing of about 17 million dollars through letters of credit.
It said the repayment arrangement required 70 per cent of proceeds from the SPDC contract to be paid into a repayment account for servicing the facility, while the remaining 30 per cent was to support operations.
Miden Systems later raised concerns over some transactions and deductions on its accounts, as well as discrepancies it said it noticed in account statements.
The company also sought clarification on some transactions and documents relating to the facility, asking relevant authorities to examine the issues and assist in resolving the matter.
The concerns were also referenced in a police investigative report dated Jan. 14, 2025, made available to journalists, which examined some of the transactions and documents associated with the matter.
The report contained questions and allegations concerning account statements, transactions and loan documentation, but journalists could not independently establish the correctness of the allegations or the conclusions drawn from the documents.
In another case, a Lagos resident raised concerns over an account allegedly opened in his name without his knowledge.
The customer, through his lawyers, sought clarification from the bank and requested information relating to the account, including account-opening documents and identification records.
The request, according to the representation, was intended to help the customer understand how the account was created and whether any transactions had been conducted through it.
There have also been complaints relating to delays in processing banking transactions, with some customers seeking explanations over the status of payments and other services.
One such complaint involved an international student who alleged that a tuition payment processed through the bank was delayed, raising concerns over the possible effect on the student’s academic arrangements.
The complaint was also raised publicly at the time, although media could not independently verify the circumstances surrounding the transaction.
In another matter, Grant Properties Ltd. was involved in a legal dispute with the bank over property allegedly used as collateral for a financial facility.
The dispute concerned about 10 hectares of property linked to an 8 billion naira facility, with the parties presenting different positions before the court.
The customers and companies involved in the various matters have called for greater transparency, prompt investigation of disputed transactions and improved communication between banks and their customers.
They also appealed for effective complaint-resolution mechanisms that would allow customers to obtain relevant account information and clarification without prolonged disputes.
They urged Sterling Bank to review the complaints and engage with affected customers and their representatives to find mutually acceptable solutions. (NAN)
