The United Bank for Africa (UBA), an international bank headquartered in Lagos, has remained silent after the bank refused to release the property documents of David Oloyede, a businessman, decades after he paid for a N100,000 overdraft facility he obtained in 1990.
Bode Oloyede, David’s son, told FIJ on Wednesday that UBA had neither released the property documents nor contacted them.
Ademola Osifeso, David’s lawyer, confirmed this on Wednesday. “There is no update at all. Been trying to call them but they aren’t even picking up,” he told said.
When FIJ emailed the bank on Wednesday, they gave an automated response. “Thank you for contacting the UBA Customer Fulfilment Centre. Please be informed that your email is currently receiving attention and we will provide feedback within 48 hours,” their response reads in part.
BACKGROUND
In an earlier FIJ report, Bode had narrated how his father applied for an overdraft from UBA in 1990 and deposited the deed of his landed property in Ibadan as collateral. However, since David repaid the loan in 2001, the bank hasn’t released the property documents.
“He paid back, but the bank has refused to release the title document he deposited as collateral for that facility,” Bode said.
FIJ obtained a 2003 statement of account from David that showed that the bank stopped deducting money for the loan he received.
In a pre-action letter from David’s lawyers to UBA, it was stated that the overdraft facility expired on August 16, 1999, and that all outstanding indebtedness on the account had been cleared.
Part of the letter reads, “The overdraft facility expired on 16th August, 1999, and no renewal was applied for thereafter. All outstanding indebtedness was fully liquidated on 21st December, 2001, when the sum of N35,488.02 (DR) was paid by direct cash lodgement of N40,000, leaving a credit balance of N2,374.50k, after deduction of N1,135.54k as interest and administrative charges.”
Bode told FIJ that he and his father have repeatedly visited UBA offices since the loan was cleared, but the bank has yet to return the deed. He added that several letters have also been written to the bank without any response.
“I have been to their office in Ibadan, but I have gotten no response. They said we should direct our letters to the head office, and we have done that. There is no response yet. We have written letters, but no response,” he said.
