Access Bank faces customer trust concerns over loan dispute

Nigeria’s Access Bank is facing growing criticism over its handling of a disputed loan account, with the president of the Bank Customers’ Association of Nigeria (BCAN), Uju Ogunbunka, warning that the lender risks a potential mass exodus of customers if the issue is not properly addressed.

Ogunbunka issued the warning at the weekend while reacting to an ongoing dispute between Access Bank and a customer, Lydia Okodogbe, over an alleged N18.81 million loan obtained in November 2022, valued at N26.3 million under a 36-month repayment plan.

The controversy has raised fresh concerns about transparency, customer service and dispute resolution processes within Nigeria’s banking sector.

Okodogbe alleged that the bank failed to provide her with account statements despite repeated requests dating back to 2023, a situation she said raised suspicions over possible discrepancies in her loan records.

She further claimed that an additional loan entry of about N2.5 million appeared in her account without her authorisation, deepening concerns over what she described as unexplained transactions.

According to her, the financial dispute has had severe consequences on her business operations, leading to significant job losses.

“My business suffered significantly. At our peak, we employed about 400 people, many of whom have now lost their jobs because operations became unsustainable,” she said.

She has called on the Central Bank of Nigeria (CBN) to intervene and investigate the matter.

Reacting to the allegations, Ogunbunka said the bank had no justification for withholding account statements requested by a customer, stressing that such information is a basic right of account holders.

He urged Access Bank to promptly release the requested documents and provide clarity on the disputed transactions.

“The customer is not asking for anything that should be too difficult for the bank to provide. The request for statements of account is within the right of the customer. The bank should avail the statements to her,” he said.

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Ogunbunka warned that continued dissatisfaction among customers could damage the bank’s reputation and lead to a potential loss of confidence.

“Access Bank should explain to her why they are not giving her a reply; they may face a mass exodus of customers following their ill treatment,” he added.

He further stressed that no customer should be subjected to poor treatment regardless of the circumstances surrounding any financial dispute.

In its response to the allegations, Access Bank said it had already taken steps to address technical issues affecting the customer’s account while investigations into outstanding concerns were ongoing.

A bank official, Hassan Dawodu, said the institution was actively working to resolve the matter and ensure that all issues are properly examined.

However, the bank’s spokesperson, Olakunle Aderinokun, had not issued an updated response at the time of filing this report.

The dispute has added to ongoing conversations about transparency and customer service standards in Nigeria’s banking sector, particularly in relation to loan documentation and dispute resolution mechanisms.