Sterling Bank Denies Allegation Of Excess Charges

Contrary to insinuations making the rounds over allegations of excess charges in the sum of N200 million by one Hotel Excel Limited by the Bank, Sterling Bank Plc has refuted the claim stating that the Hotel is merely using a section of the media to pressurize the Bank to drop charges of loan default against it. Although the Warri based Hotel Excel Limited is a customer of the Bank, the Bank noted that the hotel obtained a loan but defaulted in repayment. Following the floating of AMCON to take care of bad debts from failed debtors of banks, the Bank sold part of the debt to AMCON. According to a statement signed by the bank’s Group Head, Strategy & Communications, Shina Atilola AMCON bought a

total value of N1,130, 554,652.64 out of the debt leaving an outstanding balance of N782,381, 474 .16. However, the customer in its continued attempt to renege on its loan obligations filled a suit against AMCON and the Bank consequent upon which the Bank filed a counter claim for the outstanding loan of N782,381,474.16 Instead of allowing the judicial process to run its course on the matter, Hotel Excel Limited resorted to blackmail within the social media circle apparently in a bid to cow and intimidate the Bank. The bank stated that ‘despite the adoption of guerrilla warfare by Hotel Excel Limited,’ it will continue to pursue the case to a logical conclusion, adding that it is not disturbed by the action of the hotel thus far. The Bank dismissed claims by Hotel Excel that it failed to send a periodic statement of its account to the hotel as contracted, adding that at no time was any statement containing bloated charges and fraudulent entries sent to the Hotel. The Bank said: “Sterling Bank is not disturbed or distracted by reports making rounds that we impose excess charges on our customers. We have over a million customers and they cannot all be wrong about their choice of banking with Sterling Bank. ‘’Hotel Excel Limited is owing the Bank the total sum of N782,381, 474 .16 and this will be recovered through legal means. All that the Hotel is doing now is to pressurize the Bank to back out of the judicial process put in place. We will see the process through and recover the money”, the Bank added in the statement.