Friday, 2 May 2014

Diamond Bank accused of deducting N150M from customer’s account

 Diamond Bank Nigeria Plc is in the middle of a huge financial mess as  West and Gate Limited accused the management of the bank of  illegally deducting N150M ( About 1 Million US Dollars) from its account. 

Diamond Bank Plc,according to Citi Lawyers solicitors of a company identified as West and Gate (W&G) Limited, must refund the sum of N150 million to their clients.
The said sum was illegally deducted by Diamond Bank Plc’s officials from monies paid by a telecommunication company to their client.

West and Gate said failure by the bank to remit the money within seven days of receiving the letter would lead to Citi Lawyers forwarding a petition to the appropriate authorities and instituting legal action in a competent court of law.

The drama between Diamond Bank Plc and West and Gate began when the financial institution lost an unsecured loan of N6 billion to Allan Dick West Africa (ADWA) Limited, a telecommunications services firm promoted by Allan Dick Company (ADC), its parent company in United Kingdom in 2007.

Then, having obtained the loan ADWA commenced liquidation without repaying it. However, rather than going after their lost money Diamond Bank Plc took a lion share from N850 million paid to the local contractors of ADWA.

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