Nigeria: Ogun Civil Servants - No Wrongdoing On Our Part - Unity Bank

21 September 2021

<i>"The CBN is aware of the issues ... the people picketing the Bank are merely embarking on a needless smear campaign instead of awaiting the)outcome of the reconciliation process."</sub>

Nigeria's commercial bank, Unity Bank Plc, has denied claims by the<a target="_blank" href="https://en.wikipedia.org/wiki/Association_of_Senior_Civil_Servants_of_Nigeria"> Association of Senior Civil Servants of Nigeria (ASCSN)</a> in Ogun State that it diverted the association's N134 million investment fund domiciled in the bank.

In a statement Tuesday, the bank said it had carried out all financial transactions with the association in line with the mandate of the group.

"The attention of the Bank has been drawn to the action of Association of Senior Civil Servant of Nigeria (ASCSN) in Abeokuta," the statement read.

"Going by all available records regarding the ASCSN account and transactions, Unity Bank hereby states that there's completely no wrongdoing on the part of the Bank who acted professionally in the interest of the Association."

Members of the ASCSN had besieged the bank's branch in Abeokuta on Monday protesting the latter's alleged refusal to move their investment fund to another bank where they got a "better deal."

According to Olude Isa-Owolabi, the ASCSN chairman in the state, the association had instructed Unity Bank to transfer its fund into another bank account "but they refused to send the entire fund, thereby creating a significant shortage of amount from their accounts."

The bank's position

In its response to the allegations, Unity Bank said throughout its dealings with ASCSN, it had carried out all financial transactions in line with the mandate, instructions, and authority of the association.

"Until proven otherwise, the Bank can therefore not be held liable for any complaints of ASCSN since the instructions for the transfer of the sum of money, totalling N54.8m, were duly authorised by the association.

"The Bank, in carrying out the transactions sent SMS notifications as well as rendered periodic account statements of the financial activity on the account.

"The Bank wishes to advise members of ASCSN to await the outcome of the reconciliation to determine if the mandate upon which the Bank acted fails to tally with the authorised signatories submitted by the association.

"The CBN is aware of the issues and we held (a) meeting with them last Friday but the people picketing the Bank are merely embarking on a needless smear campaign instead (of) awaiting (the) outcome of the reconciliation process."

Read full statement below:

ASCSN TRANSACTION: UNITY BANK ACTED WITH AUTHORITY OF CUSTOMER

The attention of the Bank has been drawn to the action of Association of Senior Civil Servant of Nigeria (ASCSN) in Abeokuta. Going by all available records regarding the ASCSN account and transactions, Unity Bank hereby states that there's completely no wrong doing on the part of the Bank who acted professionally in the interest of the Association.

Till date, the Bank has thus carried out all financial transactions in line with the mandate, instructions and authority of the customer (ie the Association of Senior Civil Servant of Nigeria).

Until proven otherwise, the Bank can therefore not be held liable for any complaints of ASCSN since the instructions for the transfer of the sum of money totalling N54.8m were duly authorised by the association.

The Bank, in carrying out the transactions sent sms notifications as well as rendered periodic account statements of the financial activity on the account.

The Bank wishes to advise members of ASCSN to await the outcome of the reconciliation to determine if the mandate upon which the Bank acted fails to tally with the authorised signatories submitted by the association.

The CBN is aware of the issues and we held meeting with them last Friday but the people picketing the Bank are merely embarking on a needless smear campaign instead (of) awaiting (the) outcome of the reconciliation process.

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