Once again, a banking institution finds itself entangled in a saga reminiscent of family dramas.
This time, the cast includes businessman Kolawole Tosin, United Bank for Africa (UBA), and the Nigerian Police. With Tosin taking UBA to court, accusing the bank of using the police to harass him, UBA is facing trouble and may need more than just a counter-suit to restore its reputation.
The case between Tosin and UBA is being heard before a Federal High Court in Lagos. As per the court proceedings, Tosin was in need of N20 million in 2013. Struggling to secure this sum, he delegated his agent to explore loan options from banks in Lagos.
Eventually, they settled on UBA and proceeded to submit their loan application.
However, there were certain discrepancies with Tosin’s bank account that initially hindered the immediate disbursement of the loan. Nevertheless, these issues were reportedly resolved, and UBA granted Tosin the requested N20 million.
However, Tosin alleges that he has been under pressure to repay the loan, with the outstanding amount now claimed to be an exorbitant N60 million, with the involvement of the police in the enforcement efforts.
UBA, on the other hand, presents a different narrative along with a counter-suit. According to the bank, the businessman did indeed obtain a loan from them in 2013. However, in 2020, the police contacted UBA to inform them about a case involving Tosin, including allegations of conspiracy, forgery, and theft. This is purportedly how the hunt for Tosin and the reported harassment began.
UBA joins the ranks of other banks currently embroiled in similar legal battles. Unity Bank, for instance, is currently grappling with its own dispute involving an educational institution. Clearly, these are turbulent times for such institutions.
Nevertheless, for a bank that must demonstrate reliability and trustworthiness to its customers, UBA finds itself in a precarious situation. Ultimately, only the court can deliver a verdict that will vindicate the bank and restore its presumed innocence in the eyes of the public.