An aggrieved customer of Stanbic IBTC Bank, Mrs Abosede Folasayo Fagboola has dragged the bank before a Federal high court in Lagos over alleged fraud and unlawful sale of her property situated at Ayoola Adeyefa Street, Oroki Estate, Oshogbo.

The plaintiff, who is a legal practitioner, also wants the court to issue a perpetual injunction restraining one Olusegun Akanbi, who is joined in the suit as co-defendant, from parading himself as the purchaser and new owner of the property.

In the statement of claim filed by her lawyer, the plaintiff alleges that Stanbic IBTC had in July 2013 granted her a residential property loan worth N9 million to enable her purchase the property under dispute. She executed a deed of mortgage in favour of the bank on the property, while she serviced the loan and accrued interest with periodic lodgements into her account with the bank.

She alleges that the bank began to charge arbitrary and illegal interest rates on the loan facility which, coupled with improper entries, wrongful debits and other discrepancies, have made it difficult to ascertain the proper and current status of her account with the bank. She maintains that her alleged outstanding indebtedness of N8.9 million communicated by the bank is therefore incorrect.

She alleges that contrary to the terms of the mortgage agreement, the bank without notice and approval proceeded to sell the property to the co-defendant for the sum of N7 million. She claims the bank acted in bad faith and colluded with the co-defendant to sell her property off below market rates.

The plaintiff is thus praying the court to issue an order setting aside the sale of the property. She also wants to court to order Stanbic IBTC to reverse the wrongful charges and illegal interest rates charged on the loan. Finally, she is seeking a notice of perpetual injunction barring the co-defendant from parading himself as the owner of the property.