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Home Companies Company News

Know Your Rights==>> Union Bank Ordered To Refund N36Million In Fraudulent Deductions

Ugodre Obi-chukwu by Ugodre Obi-chukwu
May 20, 2013
in Company News, Small Business
Union Bank

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“Union Bank has been ordered to repay a N34 million illegal deduction from a customer’s account. This directive was given by a Lagos High Court presided over by Justice Morenike Obadina.

The court based the ruling on a revelation that Union Bank failed to support claims that the N34m deduction were remitted to the Central Bank of Nigeria for “series of foreign transaction between the customer and foreign partners.”

The customer identified as Prince Nwokocha Ezikpe and his company- Felimex Nigeria Limited, instituted the court action against the bank when the Central Bank denied receiving the remittances”.

See Premium Times for more 

Union bank ordered to refund N34m fraudulent deduction from customer’s account

Tags: News ReviewSMEUnion Bank
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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