A microfinance institution, OHHA Microfinance Bank Limited, has accused Sterling Bank Plc of defrauding it of N219 million it deposited with the bank.
The accusation was made in a letter to Sterling Bank by OHHA Microfinance Bank’s lawyers, Festus Keyamo Chambers. Dated 20 February and jointly signed by Messrs B.I Dakum and John Ainetor, the letter stated that OHHA Microfinance Bank operates two fixed deposit accounts (No. 514/1152051/74/0 Deal Ref. Slip No. DD No. 0138058 and No. 514/11520505/1/74/1 Deal Ref. Slip No. DD No.0133059) with Sterling Bank.
Both accounts, it said, have been operated for years and contain a deposit of N219million. The accounts said the microfinance bank was operated by Mr. Oliver Anidiobi, manager of Sterling Bank Market Road branch, Enugu State, who also doubles as its account manager.
While the accounts were in operation, OHHA Microfinance Bank said it exchanged many letters with Sterling Bank. In each of its replies, OHHA Microfinance Bank added, Sterling Bank confirmed the existence of the accounts and informed that the microfinance bank’s investment would be rolled over at Sterling Bank’s prevailing money market rate.
However, OHHA Microfinance Bank said that when it instructed Sterling Bank to terminate the fixed deposit and credit its current account on maturity with the principal and accrued interest, the latter refused. This made OHHA Microfinance Bank to briefed O. A. Omotayo and Associates, a law firm, which made the same demands.
Sterling Bank, added OHHA Microfinance Bank, admitted the existence of the accounts but denied the existence of any fixed deposit investment.