Access Bank has debunked claims that N500 million is missing from a customerâs account.
The bank disclosed this via its social media accounts on Sunday, November 24, 2024.
The bank stated that it does not engage in or condone unethical practices.
The bankâs rebuttal comes amid a video by Vincent Otse, popularly called VeryDarkMan, in which he accused the bank of sharp practices involving the account of a deceased customer, amounting to N500 million.
Access Bank, however, said in the statement that the allegations were untrue, stating that it takes the safety and security of its customersâ funds very seriously.
Access Bank said:
The bank urged the public not to rely on or believe sensational and unverified claims.
Access Bank is one of Nigeriaâs 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 a whopping N1.08 trillion on wages and salaries, representing 91% yearly growth from N564.7 billion by the banks relative to the same period in 2023.Â
The development comes amid massive earnings by the banks in the first three quarters of 2024.Â
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 companyâs gross earnings rose by 114.5% annually to N3.4 trillion, up from N1.6 trillion in 2023.Â
The bankâs net profit rose 83% yearly to N457.7 billion in nine months from N250.4 billion in 2023.Â
TimesNow.com.ng earlier reported that the Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant and non-interest banks (CMNIBs) should let holders convert their Internationally Tradable Foreign Currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira at any time, using the prevailing exchange rate.
The bank disclosed that all conversions must be fully disclosed and reported as part of the bankâs exchange rate requirements.
TimesNow.com.ng reported that in February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
