Legal Experts Demand Answers on Sterling Bank’s Account Mishandling

Legal Experts Demand Answers on Sterling Bank’s Account Mishandling

Lawyers representing Olalekan Adejumo (not real name), a Lagos State resident, have written to Sterling Bank, demanding an investigation and the immediate closure of a strange account the financial institution opened in their client’s name.

While speaking with FIJ on Tuesday, Adejumo said the letter was sent to Sterling Bank on Monday.

“My lawyers sent a letter to Sterling Bank yesterday, demanding an immediate closure of the strange account,” said Adejumo.

“You won’t believe that as we speak, the account is still very much active. It has not been closed by the bank.

“Despite all the efforts I personally made in getting Sterling Bank to close the account, it is still active.”

The lawyers also requested for a comprehensive report that would reveal the identity of the bank staff who were responsible for the opening of the account and how relevant account opening protocols and legal requirements, including the Know Your Customer (KYC) exercise, Bank Verification Number (BVN) validation and inclusion, and telephone number, and email address and National Identification Number (NIN) linkage, were bypassed before the account was opened.

Adejumo’s lawyers also demanded the unmasking of Legbeti Anuoluwapo, an individual who carried out a N5,000 transaction on the strange bank account, documents that were submitted for the account opening, an apology letter from Sterling Bank and confirmation that no loans, overdrafts and financial liabilities will be attached to the Lagos resident’s identity or BVN through the account.

“Take notice, if we do not receive a substantive response and evidence of action taken within five working days, from the date of receipt of this letter, we shall proceed without further notice to: file formal petition with the Central Bank of Nigeria(CBN), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Data Protection Commission (NDPC),” the letter reads in part.

“Commence legal proceedings in court for gross negligence, data compromise, unlawful use of identity, and breach of statutory duty under the Nigerian Data Protection Act and other applicable laws.

“We trust that your institution will act responsibly and with the urgency this matter demands.”

BACKGROUND

On July 18, FIJ published a story showing how Adejumo received an email from Sterling Bank notifying him that a strange account had been opened in his name.

The strange account was opened on July 9.

Prior to receiving the notification, the Lagos resident had never visited any of the bank’s branches to make an account opening request.

He had never been a Sterling Bank account holder.

He also received no fewer than eight email verification alerts, despite never having initiated or authorised any such activity. The notifications were sent to his email address.

A strange transaction was also carried out by one LEGBETI ANUOLUWAPO VALERIE on the account on the same day.

LEGBETI made a deposit of N5,000 into the account and withdrew it immediately.

Checks subsequently carried out by FIJ on July 18 showed that 0123931608, the disputed Sterling Bank account number, was still very much active.

FIJ confirmed that the account was still active on Tuesday.