A Makurdi based businessman, Chief Isaac Akinkunmi has threatened to sue Union Bank of Nigeria Plc, over illegal deductions on his company account to the tune of N.8 million.
Akinkunmi, Chief Executive Officer of Tito Plastic Nigeria Limited, explained that the company was not aware of any commitment that could have warranted such illegal deductions.
He noted that they only got wind of the deductions in the alert they received which prompted them to request for their statement of account, adding that despite huge sum of money in the account, the bank did not honour the cheque issued to a customer which he said, “made us to lose the business.”
Akinkunmi displayed the correspondence between his company and the bank and lamented the origin of the debit which he said has caused the company loses, pains and embarrassment.
In one of the correspondences from the bank dated October 12, 2015, the bank said, “We wish to state that the debit of N801, 280.82 was an accrued interest plus penalty charges on an abandoned facility account of your company operated at our Abuja main branch, this account was later abandoned giving room for the current figure.”
He lamented that though the company over a decade ago directed the bank to open a remittance account on its behalf, explaining that no response was received but explained that whatever charges the bank was to deduct ought to be done on each transaction and queried the reason for the huge deductions and not honouring their cheque.
Chief Akinkunmi stated that already the company legal team would not hesitate to drag the bank to court since the action of the bank had caused untold hardship to his business.
Efforts to get the reaction of the management of Makurdi branch of the bank proved abortive, as the branch manager was not on seat when our correspondent visited.

READ ALSO  Nigeria to raise $4bn in treasury bills in Q4