I have said this several times in this blog…one of the most important things you must know about loans is that banks mostly load your accounts with hidden and fictitious charges especially if your loan is going bad. Check out an excerpt of a story I culled below;

An Osogbo-based businessman, Mr. Oluwamayowa Iseyemi, has dragged Diamond Bank Plc before an Osogbo High Court over an allegation that the bank “tampered” with his account without his “knowledge, consent and authority.”

Iseyemi, who has an account with the bank, is seeking N25m as special and general damages, in a writ of summons made available to our correspondent by his counsel, Mr. Ayodele Laogun, in Osogbo, on Wednesday. 

Shedding light on the loan agreement, the plaintiff alleged, “The term loan was repayable in two equal monthly installments with an interest rate of 25 per cent per annum and management fee of two per cent flat per quarter in outstanding facility amount payable upfront.”

Iseyemi alleged that he had started to pay back the loan when, in 2011, he “discovered a lot of manipulations by the defendants in his account.”

Follow the link below for full story

Businessman seeks N25m damages from Diamond Bank