Customer Asks ECOBANK To Honour Court Order | Independent Newspapers Limited
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Customer Asks ECOBANK To Honour Court Order

Posted: Jul 26, 2015 at 12:20 am   /   by   /   comments (0)

Valentine Amaze, Lagos

A customer of ECOBANK PLC, Chief Godwin Idogho, has asked the bank to comply with the courts order and pay him his claim amounting to N3 million.

He said that ECOBANK PLC by virtue of acquiring Hallmark Bank (bank he opened account) after its liquidation inherited the debt and other liabilities.

Idogho, a contractor to Niger Delta Development Commission (NDDC), said in Lagos that the amount accumulated from Hallmark bank’s unwarranted interest on a contentious overdraft that was not issued to him, notwithstanding that he had enough credit in his account as well as other statement discrepancies.

Clarifying what transpired between him and the bank Idogho said ‘‘I operate a current account with the bank (then Hallmark bank) in the name of Gody Idogs (Nig) Ltd. I am a contractor to Niger Delta Development Commission (NDDC). Following the terms of the contract awarded to Idogs Nig Ltd, the company was required to provide a bank guarantee letter from a bank for the NDDC to provide a mobilization fee for the construction of a Jetty project which amounts to 25 per cent of N7, 230, 772. 50 of the total cost of the contract of N28, 923, 090. 00.

‘‘The said commission paid a large sum of money to Hallmark bank as a mobilization fee for a jetty contract awarded to my company by the NDDC. At the onset of the transaction, the Hallmark Bank has collected one per cent but did not remit or deposit the money to Idogs Nig Ltd’s account rather the bank kept the money in a secret account.

‘‘As the Managing Director of the company, one day, I wanted to make a withdrawal in the account but was told by the bank that the sum of N2, 614,726 being credit balance in the account was the interest to the bank. This is curious. The bank declined to honour my request to make the withdrawal. Not satisfied by the statement of account, I involved an independent auditor who further examined the transactions with the bank and faulted the bank.

‘‘While examining all the arguments, the court observed that the NDDC actually made payment to Hallmark Bank Plc but the bank did not credit my account with the money, instead the bank kept the money in escrow account while it charged overdraft interest fees on the account on withdrawals that I made. All withdrawals that I made were treated as overdraft and excess charges kept accumulating in the account’’.