Microfinance Bank In Trouble Over N750m Deposit

316

Henry Ojelu/P.M.NEWS

A consulting firm, OG Consulting has petitioned the Economic and Financial Crimes Commission, EFCC, over a N750 million fraud allegedly perpetrated by a Lagos-based Micro Finance Bank, Resort Savings and Loans Plc against one of its clients.

A similar petition has also been forwarded by the firm to the Nigerian Deposit Insurance Corporation, NDIC, Nigerian Stock Exchange, SEC, and Central Bank of Nigeria, CBN on the subject matter.

In the petitions, OG Consulting alleged that one of its clients had invested about N750 million in Resort Savings and Loans Plc on October 10, 2014 under the agreement that the investment will mature within one year with a 15 percent interest.

According to the consulting firm, since the maturity of the investment on January 8 this year, Resort Savings and Loans Plc has practically refused to pay back the initial investment and the interest.

The firm further alleged that after several correspondents with the management of the microfinance house, the bank just recently managed to pay back about N200 million leaving a balance of N550 million plus interest.

The firm also alleged that the finance house has severally reneged on it promise to pay up the balance on different dates thereby raising fears that it may be facing liquidity issues.

OG Consulting urged the EFCC and other relevant authorities to compel Resort Savings to pay back its client’s outstanding balance, noting that other investors in the finance house may be facing similar challenges in getting back their investments.

A managing partner in the firm, Mr Oladimeji Abolaji told our correspondent that other measures may be exploited to retrieve the investment from Resort Savings.

Reacting to the allegation, the management of Resort Savings and Loans Plc in a statement said that its inability to keep its side of the bargain on the deposit was not deliberate, explaining that the bank holds its customers in high esteem.

The statement said that the agreement reached between the client in question and the bank is sacrosanct, urging him to exercise patience.

“As a bank we are committed to best practices and we will like to appeal to our client to be patient as we are working at ensuring that we keep our own side of the deal.”

The bank further explained that the delay in paying the balance of the deposit was due to slow disposal of properties in its portfolio, noting that arrangements are being made to fulfil the agreement reached with the customer.

“ We have paid a reasonable part of the deposit in question while the outstanding will be paid as soon as possible in line with the agreement. All we want from our client is patience. We will surely keep our words,” the statement added.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here