The Managing Director of Eleo Trust Enterprises, 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, alleging that a prolonged dispute with the lender crippled her business and resulted in the loss of about 400 jobs.
Okodogbe said that despite repeated formal requests by her and her representatives, the bank had failed to provide a comprehensive loan statement, making it impossible for her to reconcile payments made against the outstanding debt claimed by the lender.
According to her, the dispute arose from a business facility she obtained from the bank, which she maintained she serviced diligently until inconsistencies emerged when she sought clarification 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.
Okodogbe alleged that a bank official informed her that the loan statement “does not exist,” a claim she described as shocking and unacceptable.
She added that her auditor also wrote to the bank, warning that failure to provide the loan documentation could necessitate expert testimony in court.
The entrepreneur further alleged that different bank representatives provided conflicting explanations regarding the availability of the loan statement. While some officials reportedly maintained that the statement could not be generated, others suggested alternative documents such as offer letters and repayment schedules.
Okodogbe also claimed that an Excel document sent by a former account officer showed two separate loan entries under her name, despite her insistence that she only obtained one facility.
“I saw a second loan of about N2.5 million which I never took. Yet, deductions were being made against it,” she said.
She further alleged that unexplained funds appeared in her account and were later treated as loan-related transactions.
The businesswoman said she proposed a negotiated settlement during a meeting with bank officials, including the waiver of accrued interest and payment of a lump sum to close the account, but the proposal was rejected.
She alleged that restrictions placed on her accounts limited access to funds and new financing, forcing her factory to shut down.
“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.
Okodogbe urged the CBN and other regulatory agencies to investigate the matter and compel the bank to release her loan statement, describing it as a fundamental right of any borrower.
Responding to the allegations, Access Bank Plc, through its officer, Hassan Ebunoluwa Dawodu, said it had taken steps to address technical issues affecting access to the customer’s account while investigations into pending concerns continued.
The bank stated that a Post No Debit (PND) restriction was placed on the company’s loan account due to outstanding indebtedness linked 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.
Access Bank acknowledged the customer’s complaint about not being informed of a restructuring, describing the lapse as regrettable and attributing it to frequent personnel changes at the branch.
The bank, however, maintained that no further restructuring had been approved and said any valid restructuring would have been formally communicated with revised terms and a repayment schedule.
It added that efforts were ongoing to update credit bureau records to reflect the current loan status, reiterating that repayment or a formally approved restructuring remained the pathway to resolving the dispute.