As we were informed, a couple of week ago, N10m belonging to a company in Abuja known as Baye-Ebi Nigeria Enterprise suddenly developed wings and flew from the account to another new account. According to information, the company, Baye-Ebi is one of the best customers of the Abuja branch of the bank. The bank staff, Oloyede Oluwaseyi allegedly said to have transferred the said money into another account in the branch, Easy Trade Concepts. Shortly after the transfer, we reliably gathered that, the money was immediately transferred again from the new account to unknown destination.
As you're reading this, the management of Finbank are said to be running here and there to save the good name of their bank now that the team of the Economic and Financial Crimes Commission (EFCC) have waded into the matter with a letter from the chairman to fish out the culprits or face the wrath of the law, we gathered Miss Oloyede, a resourceful hand in the Credit and Marketing Department of the bank was managing the account of the Baye-Ebi before the cookies crumbled.
"Miss Oloyede is no longer with us. She tendered her resignation May 27, 2010 letter a few days after the discovery of the fraud and nobody seems to know her whereabouts. However, what we junior staff noticed is that, there is no smoke without fire, we are very sure some top shots in this bank played a pivotal role in executing that game of fraud for the money to have disappeared just like that without any traces. It's really a sad story indeed." One of the people we talk with said anonymously.
Responding to the said allegation, the Corporate Communication Head, Mr. Rafiu Mohammed forwarded a mail to counter the story and he explained in detail what transpired between their bank, Baye-Ebi and the Easy trade Concept. Below.
Dear Sir,
RE: ALLEGED FRAUD ON BAYE-EBI NIGERIA ENTERPRISES ACCOUNT WITH FINBANK PLC
We refer to the above matter and information reaching us of the intention to publish a news item in your newspaper in relation to the above matter.
We have outlined below the facts of this matter in order to set the records straight.
Background.
i. Baye-Ebi Nigeria Enterprises (Customer) commenced banking relationship with FinBank Plc (the Bank) on November 2, 2009 through the Bank’s Wuse Zone 4 Branch in Abuja. The Relationship Officer for the account was Miss Renike Oluwaseyi Oloyede.
ii. On February 10, 2010, the Bank received a letter from the Customer informing the Bank of its observation that expected interest for two (2) consecutive maturity dates on a fixed deposit of N10m with the Bank did not reflect on their account.
iii. In line with the Bank’s internal procedures, the issue was referred for investigation and a thorough investigation was carried out on the activities on the account.
Investigation on the account disclosed the following:
1. Review of the Customer’s records with the Bank.
a. The Customer had addressed a letter dated November 20, 2009 to the Branch Manager of the Wuse Zone 4 Branch of the Bank to place the sum of N10m in fixed deposit for ninety (90) days at prevailing market rate. The letter was for the attention of the account Relationship Officer (Renike Olwaseyi Oloyede) who also received it.
b. In furtherance of the said letter, the Customer issued its FinBank Plc crossed cheque dated November 19, 2009 in favour of the Bank with face value of N10m. The Customer signed twice on the reverse side of the cheque with the following instruction “pls raise a draft IFO Easy Trade Concepts Ltd”.
c. This letter was not handed over to the Branch Manager for necessary directives, in line with the practice in the Bank as the Bank only became aware of the existence of the letter from the photocopies attached to the Customer’s letter of complaint.
d. Entries on the Customer’s statement for November 24, 2009 rather confirmed that a draft was raised for the sum of N10m in favour of one Eazy Trade Concepts Ltd and no deposit for the similar amount was placed with the Bank.
2. Statement by Renike Oluwaseyi Oloyede: though Renike is no longer with the Bank, she was contacted and a written statement volunteered by her. The highlight of her statement is as follows:
a) The Customer was aware that the N10m was fixed with Eazy Trade Concepts Ltd. A photocopy of the FinBank Draft in favour of Eazy Trade is attached.
b) That the transaction had nothing to do with FinBank Plc but that the Bank’s documents were used by her to give the transaction credibility.
c) That she signed and procured the signatures on the letter dated November 23, 2009 addressed to the Customer on the Bank’s letter head acknowledging the Customer’s purported investment in the Bank as a means of providing comfort to the Customer. She also confirmed that the second named signatory on the letter was not aware of the said investment. A photocopy of the purported investment letter is attached.
d) That the investment in Eazy Trade Concepts Ltd was based on discussions between her and the Customer’s Managing Director, Rodney Ambaiowei and in furtherance of which she wrote the instruction “pls raise a draft IFO Easy Trade Concepts Ltd” on the reverse side of the Customer’s cheque. A photocopy of the Customer’s cheque is attached.
e) To support the position in (d) above she provided official receipt from Eazy Trade Concepts Ltd acknowledging the receipt of the draft of N10m. The receipt was issued in the name of the Customer’s Managing Director, Rodney Ambaiowei. A photocopy of the said receipt is attached.
f) Prior to the Customer’s complaint to the Bank, both of them (Renike and Customer’s Managing Director, Rodney Ambaiowei) paid several visits to the Offices of Eazy Trade Concepts Ltd to follow up on the repayment of the investment.
g) She also stated that they were assured that the principal amount and interest at 15% would be paid by February 25, 2010 but the amount is yet to be received.
Prevailing Issues.
1) The Bank is concerned about the real motive of Renike Oluwaseyi Oloyede and the Customer, which is targeted at passing-off an investment in the Bank in order to hedge against any repayment risk in their investment in a “Wonder Bank”.
2) Contrary to standard banking practice, the Customer did not endorse the instruction on the reverse side of the cheque purportedly signed in furtherance of the request to the Bank to place the N10m in a fixed deposit in the Bank.
3) There is no fixed deposit in the Bank’s record in favour of the Customer for N10m or any similar amount at all.
4) It is curious why it took the Customer seventy-eight (78) days from the inception of the purported investment to start making enquiries.
5) It is obvious that the Customer realised that its investment with Eazy Trade Concepts Ltd was in jeopardy that was why it resorted to the Bank with the view to place liability on the Bank.
6) The Customer failed to act prudently when he did not raise objection to the debit of N10m in his statement of account on November 24, 2009 with the description “draft IFO Eazy Trade Concepts Limited” as the transaction details did not represent the instruction it gave the Bank. The Customer received its Statement of Accounts on a regular basis.
7) The Customer issued a cheque with instructions to raise a Draft in favour of Eazy Trade Concept Limited as a result of which a payment receipt was issued in favour of the Customer’s Managing Director for same amount.
8) It is obvious that the lure of higher and lucrative interest rate led to the private arrangement between Renike Oulwaseyi Oloyede and the Customer to invest the N10m in Eazy Trade Concepts Ltd.
Current Developments.
From available information, Eazy Trade Concepts Limited, the beneficiary of the N10m draft issued from the Customer’s account is a company based in Abuja engaged in mobilising deposits from members of the public and offering high and attractive deposit rates of between 10% to 20% monthly. It appears the company is going through some liquidity challenges and have not been meeting up with obligations to their depositors.
Following the findings from the Bank’s investigation, the Bank reported the developments to the Nigeria Police Force and investigation is currently being handled by the Force Criminal Investigation Department (Force CID) of the Nigeria Police Force Head Quarters, Abuja.
The Police have received representations from the Bank, Renike Oluwaseyi Oloyede and representatives of Eazy Trade Concepts Ltd. However, the Customer is yet to honour invitations made to them by the Police.
Conclusion.
The above facts constitute the true events of the activities on the Customer’s account leading to the on-going investigation by the Police. As a law abiding financial institution committed to transparency and fairness, we took reasonable steps within the ambit of the law to unravel the events leading to the Customer’s complaint.
It is our expectation that the above facts will receive unbiased consideration and that any reporting contemplated on the matter will be devoid of any innuendo capable of conveying defamatory imputation.
Yours faithfully,
For: FINBANK PLC
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