Access Bank is currently facing regulatory scrutiny call over alleged refusal to release loan records.
NewsOnline Nigeria reports that the Managing Director of Eleo Trust Enterprises, Dr. Lydia Okodogbe, has called on the Federal Government, the Central Bank of Nigeria (CBN), and other financial regulators to compel Access Bank Plc to release her loan statement of account amid a dispute she claims crippled her business and led to the loss of about 400 jobs.
Okodogbe, who outlined her grievances in a series of correspondences with the bank and its auditors, alleged that despite repeated requests, Access Bank has failed to provide a comprehensive statement of her loan account, preventing her from reconciling repayments made against the outstanding debt claimed by the lender.
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According to her, the dispute originated from an N18.41 million W-Power Asset Finance facility obtained in November 2020 to part-finance the purchase of machinery valued at N26.3 million. The facility was structured for repayment over a 36-month period.
She said she commenced repayment as agreed but encountered challenges when she sought clarification on the outstanding balance on the loan.
“In my emails and letters to the bank, I consistently requested my loan statement. My accountant also wrote formally requesting the same document. Since 2023, the bank has not provided it,” she alleged.
Okodogbe further claimed that a bank official informed her that the loan statement “does not exist,” a response she described as both alarming and unacceptable.
According to her, her auditor also wrote to the bank, stressing that the absence of such documentation within a banking system was unusual and could necessitate expert testimony if the matter eventually proceeds to court.
She alleged that interactions with various bank officials yielded conflicting explanations. While some reportedly maintained that a loan statement could not be generated, others suggested alternative records such as offer letters and repayment schedules.
“At one point, a bank official admitted that any claim that the bank could not generate a loan statement was incorrect. That raised further concerns for me,” she said.
The entrepreneur also alleged that an Excel document sent by a former account officer revealed two separate loan entries under her name despite her insistence that she obtained only one facility.
“I discovered a second loan entry of about N2.5 million which I never applied for. Yet deductions were allegedly being made against it. I immediately sought clarification, but I have not received a satisfactory explanation,” she stated.
She further alleged that unexplained funds appeared in her account and were subsequently treated as loan-related transactions.
Okodogbe said she later met with bank officials at Access Bank’s head office and proposed an out-of-court settlement, including the waiver of accrued interest and a lump-sum payment to close the account.
“I offered between N7 million and N8 million based on my reconciliation, but the proposal was rejected. The bank insisted on a higher figure without providing a detailed breakdown,” she alleged.
According to her, restrictions placed on her accounts prevented her from accessing funds and obtaining fresh financing, eventually forcing the closure of her factory operations.
“As a result of these actions, my business suffered significantly. At our peak, we employed about 400 people, many of whom have now lost their jobs because operations became unsustainable,” she said.
She also narrated the personal impact of the dispute, claiming that her daughter’s education in France was disrupted due to the financial strain caused by the business downturn.
Appealing to regulators, Okodogbe urged the CBN and other oversight agencies to investigate the matter and enforce transparency.
“I am calling on the Central Bank and relevant authorities to compel the bank to release my loan statement. Access to such records is a fundamental right of every borrower,” she said.
She added that she has retained copies of emails, letters, and records of meetings with bank officials and is prepared to present them in court if necessary.
Industry analysts note that financial institutions are generally expected to maintain accurate customer records and provide account statements upon request, particularly where disputes arise regarding loan obligations.
Responding to the allegations, Access Bank Plc, through its official, Hassan Ebunoluwa Dawodu, said the bank had taken steps to address technical issues affecting the customer’s account while continuing investigations into outstanding concerns.
The bank explained that a Post No Debit (PND) restriction was placed on the company’s account due to outstanding indebtedness linked to the N18.41 million W-Power Asset Finance facility obtained in November 2020.
Access Bank acknowledged the customer’s complaint regarding a lack of communication about the restructuring of the facility, describing the situation as regrettable and attributing it to frequent personnel changes at the branch.
However, the bank maintained that no further restructuring had been approved and stated that any valid restructuring would have been formally communicated alongside revised repayment terms and schedules.
The lender added that efforts were ongoing to update records with credit bureaus to reflect the current status of the loan. It reiterated that repayment of the outstanding obligation or a formally approved restructuring remained the pathway to resolving the dispute.
