Our attention was drawn to the website publication on the above subject in which 1,346,025,127 which actually featured in our audit report of 22nd July 2009 was wrongly described as lodgment into the enterprises current account between 2001 and 2006.
1) What we stated was that UBA Plc had cleverly removed the 1,366,318,671 from the enterprise’s current account instead of 1,307,063,466 which is the actual amount collectable for unilever Plc. Following protest by the enterprise when they stumbled into the trick by UBA Plc of collecting money more than once for one invoice, they in January 2006 refunded 20,293,543 leaving the 1,346,025,128. UBA Plc had remitted 1,307,063,543 to Unilever Plc leaving their loot of 38,961,662, which the enterprise is demanding. Analysis of Unilever Plc statement of account shows that UBA Plc had no mandate to have collected more than 1,307,063,466 from the enterprise. With the remittance of the said 1,307,063,466 to unilever Plc, the enterprise no longer owes them.
2) OVERDRAFT
There was arrangement for overdraft but the enterprise did not use the facility and we stated that the interest charge should be reversed. Using a single invoice UBA Plc cleverly and continuously multi debited the enterprise current account. For instance, on 14/01/05 using invoice number 063821 UBA Plc debited the sum of 765,162,30, which was the real value of the invoice. Using the same invoice number 063821 UBA Plc debited the enterprise account again with the sum of 1,617,501.12, which was fraudulent. Another instance is on the 25/10/05 using invoice number 086778 UBA plc debited the account 432,356.40 that was the real value, then using the same invoice number 086778 they debited another sum of 416,593.13. Still using that same invoice number 086778 they again, on the 14/11/05 debited the account with another 432,356.40. These are fraudulent deductions using single invoice. It is this burden of N38,961,662 loot by the bank that forced the current account to be overdrawn, giving room for the interest charge of 14,782,594, which had cumulative effect of 24,389,768 on the current account as at 30th September 2007. As at 30th September 2007 the balance of the created overdraft account was 15,367,959.If the interest burden is removed it shows clearly that the enterprise has 9,021,809 in their favor.
3) DEALERSHIP WITH UNILEVER PLC
This was terminated in October 2006 because the account of the enterprise was in bad shape. UBA Plc had removed the enterprises 38,961,662 for itself and also held deductions for prolonged periods before releasing to Unilever Plc. For instance, out of the 28,256,939 collected by UBA Plc from the enterprise during 2001,the sum of 26,891.084 was remitted to unilever in December 2003.
4) INTEREST ON THE 38..961M
The calculation sheet showing that the interest due from the UBA Plc on the above amount based on their formula at 19% interest rate is 111,161.000 up to 31st October 2009. The enterprise is paying interest on the fund they were forced to borrow from another bank and they are out of business because the dealership with Unilever has been terminated and there is no money to go into another business.
5) CONCLUSION
UBA PLC failed to address the 38.961M when they came to the website. Their letter to the enterprise dated 17th July 2009 refuting the existence of multiple debits is unfortunate. The enterprise has correspondence from them on the issue and it is based on this that they refunded 20,293,543 to the enterprise. UBA Plc has kept us at bay since 27/7/09 when they received our audit report of 22nd July 2007 via Edo courier waybill # 49782 on the 27/7/09 and they have failed to make the refund. We have lost so much time on this job, risking our life shuttling Lagos and Ibadan over this issue and pressing for concealed bank statements that had served as escape route for the fraud. We have arising from their failure to discuss our report with us on the 6th January 2010 put the matter to the Central Bank of Nigeria (CBN) Sub-committee on Ethics and Professionalism. It will be very sad if UBA plc will give room for another Nigerian bank to rightly sell Eddy Onyeweuzors real estate at Agbor for the facility he obtained from them. He had borrowed 16M to reinforce the enterprise’s current account encumbered by UBA fraud in a frantic move to save the dealership with Unilever plc. Let UBA Plc come up if they have any issue with the audit report otherwise they should plan to refund the 38,961M plus attendant interest of 111,161,000 and credit the current account with the 24,389,768 interest burden thereby putting the account into credit of 9,021,809.
J.O. Igbinedion & co
(Chartered Accountants)
[email protected]
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