The Festus Keyamo Chambers has written Sterling Bank Plc over refusal to convert the sum of N219 million in the fixed deposit account of Ohha Microfinance Bank Ltd to the Current Account of the microfinance bank. Keyamo in open letter to the bank dated 20th February, 2018, narrated that Ohha Microfinance Bank operates two fixed deposit accounts with you with Account No. 514/1152051/74/0 Deal Ref. Slip No. DD No. 0138058 and Account No. 514/11520505/1/74/1 Deal Ref. Slip No. DD No. 0133059. He stated that they have operated the said accounts for some years and deposited the sum of N219,000,000.00 in the said deposit accounts through Sterling Bank Branch Manager at Market Road Branch, Enugu State, Mr. Oliver Anidiobi, who also doubles as its Account Manager. Leuamo noted that the Microfinance Bank in several correspondence with Sterling Bank informed them that their investment would be rolled over at the Bank’s prevailing money market rate. “Our client was surprised when it instructed you to terminate the Fixed Deposit and Credit its Current Account on maturity with the principal and accrued interest but you remained adamant. Consequent upon your failure to carry out its instruction, it briefed the law firm of O. A. Omotayo & Associates who made the same demands to you but you responded reluctantly wherein you admitted the existence of the said accounts but denied the existence of any fixed deposit investment by our client. “You further claimed that the Deposit Certificate presented to our client were forged and tried to defend Mr. Oliver Anidiobi whom you also admitted to have handed over to the law enforcement agents in connection with allegations of forgery.” Keyamo Chambers protested. They thereafter demanded that the transaction be effected within seven days or a legal action will be taken against the bank. Details of the open letter read: OPEN LETTER TO STERLING BANK PLC 20th February, 2018 The Managing Director, Sterling Bank Plc, 20 Marina, Lagos. Dear Sir, UNLAWFUL CONVERSION OF THE SUM OF N219,000,000.00 (TWO HUNDRED AND NINETEEN MILLION NAIRA) BELONGING TO OHHA MICROFINANCE BANK LTD DEMAND TO CREDIT OHHA MICROFINANCE BANK LTD CURRENT ACCOUNT NUMBER 0023325543 WITH THE SUM OF N219,000,000.00 (TWO HUNDRED AND NINETEEN MILLION NAIRA) We are solicitors to Ohha Microfinance Bank Ltd on whose firm instructions we write you. Our client briefed us that it has a two fixed deposit accounts with you with Account No. 514/1152051/74/0 Deal Ref. Slip No. DD No. 0138058 and Account No. 514/11520505/1/74/1 Deal Ref. Slip No. DD No. 0133059. That they have operated the said accounts with you for some years and deposited the sum of N219,000,000.00 (Two Hundred and Nineteen Thousand Naira) in the said deposit accounts through your Branch Manager, Market Road Branch, Enugu State, Mr. Oliver Anidiobi who also doubles as its Account Manager. While operating the said Accounts, our client exchanged several correspondences with you wherein you confirmed the existence of the said Accounts and also informed them that their investment would be rolled over at the Bank’s prevailing money market rate. Our client was surprised when it instructed you to terminate the Fixed Deposit and Credit its Current Account on maturity with the principal and accrued interest but you remained adamant. Consequent upon your failure to carry out its instruction, it briefed the law firm of O. A. Omotayo & Associates who made the same demands to you but you responded reluctantly wherein you admitted the existence of the said accounts but denied the existence of any fixed deposit investment by our client. You further claimed that the Deposit Certificate presented to our client were forged and tried to defend Mr. Oliver Anidiobi whom you also admitted to have handed over to the law enforcement agents in connection with allegations of forgery. Having admitted that your staff Mr. Oliver Anidiobi is liable for forgery which same offence has been committed while he was in your employment, we make bold to say you are vicariously liable for whatever Mr. Oliver Anidiobi would have done in the normal cause of his business as your Branch Manager. It is no doubt, you employed the said Manager and presented him as a worthy staff for unsuspecting customers to deal with him which our client did in good faith. It is safe to infer that you have defrauded our clients of the sum of N219,000,000.00 (Two Hundred and Nineteen Million Naira). Consequently, we have our client’s instructions to demand that you credit its Current Account with you: 0023325543 with the sum of N219,000,000.00 (Two Hundred and Nineteen Million Naira) within SEVEN (7) DAYS from the date of service of this notice on you, failure to yield to our demands shall leave us with no option than to set all the machineries of law in motion to ensure our client’s investments with accrued interest in the above mentioned accounts are duly recovered. Thank you. Yours sincerely, For: Festus Keyamo Chambers B.I. DAKUM, ESQ JOHN AINETOR,ESQ Counsel Assistant Head of Chambers]]>
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