A businesswoman, Dr. Lydia Okodogbe, has called on the Central Bank of Nigeria (CBN) and other financial regulators to compel Access Bank Plc to release her loan statement of account, amid a protracted dispute she says has crippled her business and led to the loss of about 400 jobs.
Okodogbe, is the Managing Director of Managing Director of Eleo Trust Enterprises, detailed her ordeal in a series of correspondences with bank officials and auditors, while alleged that despite repeated formal requests, the bank has failed to provide a comprehensive loan statement, leaving her unable to reconcile payments made against the outstanding debt claimed by the lender.
According to her, the dispute dates back to a business facility she obtained from the bank, which she insists she serviced diligently. However, inconsistencies allegedly emerged when she sought clarity on her loan balance.
“In my emails and letters to the bank, I consistently asked for my loan statement. My accountant also wrote officially requesting the same document. Till today, they have not produced it,” she said.
She claimed that in one of the responses relayed through a bank official, she was informed that the loan statement “does not exist,” a claim she described as both shocking and unacceptable.
Okodogbe said her auditor also wrote to the bank, warning that failure to provide the loan documentation could necessitate expert testimony in court. “My auditor made it clear in writing that such a document cannot be missing in any banking system,” she added.
The entrepreneur further alleged that internal communications with different bank representatives revealed conflicting positions. While some officials reportedly insisted the statement could not be generated, others suggested alternative documents such as offer letters and repayment schedules.
“At a point, one official admitted to me that if anyone says the bank cannot generate a loan statement, it is not correct. That raised further suspicion about what they are hiding,” she said.
Compounding the confusion, Okodogbe said an Excel document sent to her by a former account officer who has since relocated abroad showed two separate loan entries under her name. She maintained that she only applied for one facility.
“I saw a second loan of about N2.5 million which I never took. Yet, deductions were being made against it. I immediately queried this in my correspondence with the bank, but no clear explanation has been given,” she stated.
She also alleged that unexplained funds appeared in her account and were subsequently treated as loan-related transactions. “There was a floating amount in my account that nobody could properly explain. Later, I discovered payments were being applied to it,” she said.
Okodogbe recounted a meeting with bank officials at the head office, where she proposed a negotiated settlement, including waiving accrued interest and paying a lump sum to close the account. However, she said the proposal was rejected.
“I offered to pay between N7 million and N8 million based on my own reconciliation, but they insisted on a much higher figure without providing a breakdown,” she said.
She further alleged that her accounts were placed under restrictions, limiting her ability to access funds or secure new financing, a development she said effectively shut down her factory operations.
“As a result of these actions, my business suffered severely. We had about 400 employees at our peak, but many have lost their jobs because operations became unsustainable,” she said.
Beyond the business impact, Okodogbe narrated how the financial strain affected her family, particularly her daughter’s education in France. She said her daughter, despite academic excellence and multiple scholarships, was suspended over unpaid school fees.
In her petition to regulators, she urged the apex bank and other oversight agencies to investigate the matter and enforce transparency.
“I am calling on the Central Bank and relevant authorities to compel the bank to release my loan statement. This is a fundamental right of any borrower,” she said.
She added that she has meticulously documented all interactions, including emails, letters, and meeting records with bank officials, and is prepared to present them in court if necessary.
Industry analysts note that financial institutions are required to maintain accurate records and provide customers with statements upon request, particularly in loan transactions where disputes arise.
However, responding to allegations, Access Bank Plc, through one of its its officers, Hassan Ebunoluwa Dawodu, said it had taken steps to address technical issues affecting access to the customer’s account while continuing investigations into pending concerns.
The bank explained that a Post No Debit (PND) restriction was placed on the company’s loan account due to outstanding indebtedness tied to a N18.41 million W-Power Asset Finance facility obtained in November 2020 to part-finance machinery valued at N26.3 million over a 36-month tenor.
The bank maintained that no further restructuring had been approved since then, noting that any valid restructuring would have been formally communicated with revised terms and a repayment schedule.
It also added that efforts were ongoing to update credit bureau records to reflect the current loan status, while reiterating that repayment or a formally approved restructuring remains the pathway to resolving the dispute.
