[TOP STORY] EXCLUSIVE: Firm, CBN tango over allegations of fraud in $54.2m bank guarantee charges | TheCable
A bank guarantee refers to a promise provided by a bank or any other financial institution that if a certain borrower fails to pay a loan, then the bank or the financial institution will take care of the losses.
According to a letter dated September 17, 2021, title, ‘letter of acceptance for refund of excess bank charges and interest — USD 1,314,810.90’, both FBN and the client had accepted the refund of the charges. “…In light of the above, please be informed that this case remains closed and further correspondence would not be entertained,” it added.
It alleged that there was an impersonation of its person, fraudulent neglect and non-compliance on the part of the officers of CBN in the matter.Faulting the CPD’s decision which was based on the email communication earlier mentioned, Lensview Consulting said FBN was aware that the said company’s representative did not have the powers or mandate to authorise such transactions.
“Given the facts of the matter vis-a-vis the practice of banking in Nigeria, it’s surprising that the CBN after its earlier verdict that refunds be made, it made a sudden U-turn that FBN was justified by the fraudulent e-mail received from customer’s staff to it to conclude that the e-mail suffices as an authority for FBN to take the charge based on instructions from company’s staff without confirmation from company’s authorised signatories.
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