United Bank for Africa( UBA) has been indicted of unlawfully withholding the property documents of a Nigerian businessman further than two decades after he completely repaid a N 100,000 overdraft installation.
It was gathered that David Oloyede, a businessman grounded in Ibadan, attained an overdraft installation from UBA in 1990. As collateral for the loan, he deposited the deed of his landed property with the bank.
still, despite settling the loan in full by 2001, UBA has allegedly refused to release the original title documents 25 times latterly.
David’s son, Bode Oloyede, said the bank has ignored repeated requests, visits, and formal letters demanding the return of the property deed.
“ My father paid back the loan fully, but UBA has refused to release the title document he deposited as collateral, ” Bode said.
Documents attained, including a 2003 statement of account, show that deductions related to the overdraft had desisted , indicating the loan had been cleared.
Apre-action letter issued by David’s attorneys further verified that the overdraft installation expired on August 16, 1999, and that all outstanding debt was completely liquidated on December 21, 2001.
Part of the letter read
“ All outstanding debt was completely liquidated leaving a credit balance after deduction of interest and executive charges. ”
Despite this, the Oloyede family said UBA has continued to hold on to the deed without explanation.
Bode bared that they had visited several UBA services in Ibadan and written multiple letters to the bank’s head office, but entered no response.
FIJ also verified that emails transferred to UBA on January 12 and again on Friday entered only automated replies, with no sanctioned response from the bank as of publication.
UBA is yet to intimately explain why it's still in possession of the property documents decades after the
loan was reportedly settled.
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