A businessman has taken legal action against Moniepoint Microfinance Bank, alleging that his account holding a credit balance of N700 million has been unjustly restricted.
The businessman, known as AIS_Savita, voiced his concerns in a video shared on X, calling on the intervention of the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC).
According to AIS_Savita, he had engaged in transactions amounting to nearly N700 million with Moniepoint MFB over a period of four months before his account was unexpectedly restricted. Despite his attempts to seek clarification for the restriction, he claims to have been unsuccessful.
In the video, AIS_Savita presented evidence from his transaction history, emphasizing that there were no irregular transactions as alleged by Moniepoint MFB. He expressed worries about the potential negative impact on his business operations and urged for transparency and accountability.
AIS_Savita urged the CBN and EFCC to conduct a thorough investigation into the matter, suggesting that the actions of Moniepoint MFB could potentially be classified as financial fraud. He also cautioned other account holders to remain vigilant and called for increased scrutiny of the bank’s practices to prevent similar incidents.
Responding to AIS_Savita’s complaint, Moniepoint MFB issued an apology for the inconvenience caused and explained that the account was flagged for a transaction. They assured AIS_Savita that the matter would be reviewed after reconciliation, promising to provide feedback and thanking him for his patience.
Efforts to obtain comments from the CBN regarding the issue were unsuccessful as calls and messages to the Acting Director of Corporate Communications, Hakama Sidi-Ali, and Assistant Director, Lekan Ajayi, went unanswered.
