Home » Headline » Debtors’ list: Senator Arise, Adeyeye to sue Unity Bank
Debtors’ list: Senator Arise, Adeyeye to sue Unity Bank
Senator Ayo Arise

Debtors’ list: Senator Arise, Adeyeye to sue Unity Bank

The former  Minister of State for Works, Prince Dayo Adeyeye and a former Senator representing Ekiti North, Senator Ayo Arise, have threatened to institute legal action against Unity Bank Plc for publishing their names as debtors  to the bank, declaring that they did not owe any bank both in Nigeria and anywhere in the world.

Adeyeye in his response said he was only nominated by Arise, his good friend as a Director of International Payment Devices Limited (IDP), owned by Arise.

Prince Dayo Adeyeye

Prince Dayo Adeyeye

Adeyeye in a statement in Ado Ekiti on Tuesday,  blamed the banks for the non-performing loans, questioning why it  could grant loans to their clients without taking adequate collateral.

In his words “Truly, a friend of mine, Senator Ayo Arise, owner of International Payment Devices Limited, included my name as one of the directors just to satisfy the Corporate Affairs Commission requirements.

“I have never been part of the operations of the company since it was incorporated. I have never shared any dividend from the company or carried out any function on behalf of the company.

“Most importantly, I was never involved in any transaction between the company and Unity Bank Plc and the bank never informed me that I was involved in any transaction on behalf of any company.

“As a lawyer myself, I know that it is only a competent court of law that can say whether or not any individual or organisation is a debtor and it is unethical for a bank to publish names of its clients and categorise them as debtors when it should have simply taken over the collateral used to secure the loan”.

Senator Arise on his part confirmed that though he was a Director of IDP, he nor IDP were not indebted to Unity Bank Plc. He revealed that it was indeed Unity Bank that was owing IDP.

According to him “This is the most irresponsible publication from an institution that is expected to be a lamp of integrity. This only portrays the bank as lacking probity and organisational competence.

“International Payment Dvices Limited  had a business relationship with Unity Bank Plc sometime  in 2007. They gave a purchase order for the procurement of 25 Triton ATM Machines at a value of N63, 500,000. They paid N44, 450,000.00 as advance payment, guaranteed by IPD by Insurance bond.

“The management of IPD borrowed 12 million Naira secured by the balance of N19,050,000.00 that Unity bank owed them as a result of the transaction.
Arise said the bank  had allegedly refused to pay the outstanding of N7,000,000.00 to him on ATM transaction, saying  “every attempt by the management of IPD to collect the balance of N7 million after removing the N12million loan plus interest, was rebuffed by the bank.

“I was not involved in the running of the business at that time as I was in the Senate but the Managing Director of the company Mr. Tom Okeke informed me of the refusal of the bank to pay the N7million owed. Okeke further informed me that AMCON contacted him sometimes ago and after listening to the transaction details, concluded that IPD was not owing Unity Bank.

“The fact of this transaction is very clear to any literate person. Unity Bank will be reported to the central bank for fraudulent misrepresentation and dishonesty unbecoming of a financial institution trusted with depositor’s funds. I will pursue all legal remedies to get punitive damages against Unity Bank Plc .

“The Central Bank should punish Unity Bank and all other banks trying to use fraudulent information to malign customer’s information,” he stated.

Leave a Reply

Your email address will not be published.

%d bloggers like this: