U.B.A in Legal Trouble over Disappearance of Customer’s Money

A customer of the United Bank for Africa (UBA), Mr Ade Olusanjo has sued UBA bank before a Magistrate court, Ikeja, Lagos over the disappearance of accounts he opened for his three underage children sometimes in 1986.

In a claim filed by his lawyer, Peter Ehijinwa, Olusanjo stated that he opened the accounts for his three underaged children while his wife also opened an account with UBA. He stated that the aim of the account was to “provide future savings for the education of his children. He therefore opened separate accounts for the three of them and deposited one thousand naira annually in each of the accounts between 1986 and 1995.

He has deposit and withdrawal booklets given to him by UBA bank and they are intact signifying that there is no withdrawal from the four accounts.
However, Olusanjo and all members of his family relocated to the United Kingdom where they reside till date.
The claimant stated further in his particulars of claim he filed before the court. “As at the time of the claimants relocation to England, there was an average sum of ten thousand naira only in each of the accounts and eight thousand naira only in the fourth account which belonged to his wife”.

He claimed further that the accounts have remained dormant and cannot be operated because UBA bank was unable to trace the records despite repeated demands from the claimants.

There are various correspondence between UBA bank and the claimants to this effect. The claimant therefore urged the court to compel the Bank to re- activate and credit the accounts with the sum of #705,096.24 each, being the capital and interests accruing to the accounts as computed by a firm of chartered accountant. He also urge the court to order the bank to pay one million naira as general and special damages for breach of contract.

In its statement of defence filed by the lawyer Mrs. Sophia Abiri – Franklin ” said the claimants are not entitled to the claim and interest sought in that the suit is grossly incompetent unmeritorious and liable to be dismissed with substantial costs.
Banks usually maintain dormant account pool meant for accounts that have gone dormant for over a period of time. Banking regulations stipulates that for security purposes and to prevent fraud, balances in dormant account may be closed and transferred to a general pool account. On request by account holders such monies accrued on the account before closure could be transferred back to the account holders after security check.

The case which have suffered several adjournment due to the unavailability of the magistrate has been adjourned to December 13th, 2016.