The Managing Director of Eleo Trust Enterprises, Dr. Lydia Okodogbe, has called on the Federal Government, the Central Bank of Nigeria (CBN), and other financial regulators to compel Access Bank Plc to release her loan statement of account amid a dispute she claims has crippled her business and resulted in the loss of about 400 jobs.

Okodogbe, who detailed her grievances in a series of correspondences with the bank and its auditors, alleged that despite repeated formal requests, Access Bank has failed to provide a comprehensive statement of her loan account, making it impossible for her to reconcile payments made against the outstanding debt claimed by the lender.

According to her, the dispute stems from an N18.41 million W-Power Asset Finance facility obtained in November 2020 to part-finance machinery valued at N26.3 million over a 36-month repayment period.

She said she began servicing the loan as agreed but encountered difficulties when she sought clarification on her outstanding balance.

“In my emails and letters to the bank, I consistently requested my loan statement. My accountant also wrote formally requesting the same document. Since 2023, the bank has not provided it,” she alleged.

Okodogbe claimed that in one communication relayed through a bank official, she was informed that the loan statement “does not exist,” a response she described as alarming and unacceptable.

She further disclosed that her auditor also wrote to the bank, stressing that the absence of such documentation in a banking system was unusual and could require expert testimony should the matter proceed to court.

According to her, interactions with different bank officials produced conflicting explanations. While some reportedly maintained that a loan statement could not be generated, others suggested alternative records such as offer letters and repayment schedules.

“At one point, a bank official admitted that any claim that the bank could not generate a loan statement was incorrect. That raised further concerns for me,” she said.

Okodogbe also alleged that an Excel document sent by a former account officer revealed two separate loan entries under her name, despite her insistence that she obtained only one facility.

“I discovered a second loan entry of about N2.5 million which I never applied for. Yet deductions were allegedly being made against it. I immediately sought clarification, but I have not received a satisfactory explanation,” she stated.

She further claimed that unexplained funds appeared in her account and were subsequently treated as loan-related transactions.

The entrepreneur said she later met with bank officials at the lender’s head office and proposed an out-of-court settlement, including the waiver of accrued interest and payment of a lump sum to close the account.

“I offered between N7 million and N8 million based on my reconciliation, but the proposal was rejected. The bank insisted on a higher figure without providing a detailed breakdown,” she alleged.

According to Okodogbe, restrictions placed on her accounts prevented her from accessing funds and obtaining fresh financing, ultimately forcing her factory operations to shut down.

“As a result of these actions, 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 also narrated the personal impact of the dispute, claiming that her daughter’s education in France was disrupted due to financial difficulties arising from the business downturn.

In her appeal to regulators, Okodogbe urged the CBN and other oversight agencies to investigate the matter and enforce transparency.

1. “I am calling on the Central Bank and relevant authorities to compel the bank to release my loan statement. Access to such records is a fundamental right of every borrower,” she said.

She added that she has retained copies of emails, letters and records of meetings with bank officials and is prepared to present them in court if necessary.

Industry analysts note that financial institutions are generally expected to maintain accurate customer records and provide account statements upon request, particularly where disputes arise regarding loan obligations.

Responding to the allegations, Access Bank Plc, through its official, Hassan Ebunoluwa Dawodu, said the bank had taken steps to address technical issues affecting the customer’s account while continuing investigations into outstanding concerns.

The bank explained that a Post No Debit (PND) restriction was placed on the company’s account due to outstanding indebtedness linked to the N18.41 million W-Power Asset Finance facility obtained in November 2020.

Access Bank acknowledged the customer’s complaint regarding a lack of communication about the restructuring of the facility, describing the situation as regrettable and attributing it to frequent personnel changes at the branch.

The bank, however, maintained that no further restructuring had been approved since then and stated that any valid restructuring would have been formally communicated alongside revised repayment terms and schedules.

It added that efforts were ongoing to update records with credit bureaus to reflect the current status of the loan and reiterated that either repayment of the outstanding obligation or a formally approved restructuring remained the pathway to resolving the dispute