The United Bank for Africa (UBA) has allegedly refused to release the property documents of a businessman, David Oloyede, more than two decades after he fully repaid an overdraft facility obtained from the bank. Speaking with the Foundation for Investigative Journalism (FIJ) on Thursday, Oloyede’s son, Bode, said his father secured a N100,000 overdraft from UBA in 1990 and was required to submit the deed of his landed property in Ibadan as collateral for the facility.
LOAN REPAID, BUT DEEDS ON HOLD
Bode told FIJ that the overdraft was fully liquidated in 2001, but the bank has continued to withhold the property documents. “He paid back, but the bank has refused to release the title document he deposited as collateral for that facility,” he said. FIJ obtained a 2003 statement of account showing that deductions relating to the loan had ceased. The organisation also reviewed a pre-action letter sent to UBA by Oloyede’s lawyers, which stated that the overdraft facility expired on August 16, 1999, was not renewed and that all outstanding indebtedness was cleared on December 21, 2001. According to the letter, a final cash lodgement of N40,000 settled the balance, leaving a credit of N2,374.50 after interest and administrative charges were deducted.
MULTIPLE VISITS, LETTERS, BUT NO OUTCOME
Despite clearing the debt, Bode said repeated efforts to retrieve the property deed have yielded no result. He told FIJ that he and his father have made several visits to UBA offices in Ibadan and written multiple letters, including to the bank’s head office, without receiving any response. “I have been to their office in Ibadan, but I have gotten no response. They said we should direct our letters to the head office, and we have done that. There is no response yet,” he said.