Access Bank replies VDM over N500m allegedly missing from customer’s account

• Access Bank has debunked the report of a missing N500 million from a deceased customer’s account
• In a statement on November 24, 2024, the bank said the reports of the missing funds were untrue
• The bank responded to a viral video by VDM alleging it took the N500 million from the client’s account

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Access Bank has debunked claims that N500 million was removed from a deceased customer’s account.

The bank disclosed this via a statement on social media on November 24, 2024, amid serious allegations.

Access Bank replies to VDM’s allegations

A video by Vincent Otse, popularly called VeryDarkMan (VDM), accused the bank of sharp practices involving the account of a deceased customer, reportedly amounting to N500 million.

Access Bank stated that the allegations were untrue, adding it takes the safety and security of its customers’ funds very seriously and does not engage in or condone unethical practices.

“No N500m or any other fund or amount is missing from the subject customer’s account or any other customer’s account with us. We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions. Access Bank Plc operates with the highest ethical standards and we protect our customers’ interests whilst also respecting privacy laws.”

The bank urged the public not to rely on or believe sensational and unverified claims.

VDM has since posted a reply video addressing Access Bank’s rebuttal.

Access Bank pays highest salaries in 2024

Meanwhile, Access Bank is reported to be one of Nigeria’s most profitable banks and was among the 11 banks with the highest staff salaries in 2024.

An analysis of financial statements of quoted Nigerian banks shows that between January and September 2024, about 11 banks spent N1.08 trillion on wages and salaries, representing 91% yearly growth from N564.7 billion over the same period in 2023. 

Access Holdings Plc incurred a salary cost of N268 billion during the review period, a 140% yearly growth from N111.8 billion in the same period in 2023.

During the nine months, the holding company’s gross earnings rose by 114.5% annually to N3.4 trillion, up from N1.6 trillion in 2023. 

The bank’s net profit rose 83% yearly to N457.7 billion in nine months from N250.4 billion in 2023. 

CBN clarifies position on converting foreign currency

Legit.ng earlier reported that the Central Bank of Nigeria issued new rules clarifying that commercial, merchant, and non-interest banks should let Internationally Tradable Foreign Currency balances in designated domiciliary accounts be converted into naira at any time.

The bank said all conversions must be fully disclosed and reported as part of its exchange rate requirements. Legit.ng reported that in February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their funds into the local currency.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng