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Report: #443426

Complaint Review: UNITED BANK FOR AFRICA NIGERIA Plc. - Zaria Other

  • Submitted:
  • Updated:
  • Reported By: Zaria Other
  • UNITED BANK FOR AFRICA NIGERIA Plc. NO.11 SOKOTO Rd S/Gari, Zaria. Zaria, Other Nigeria

UNITED BANK FOR AFRICA NIGERIA Plc. unitedBank For Africa Charge 95.2%p.a On "NO WAHALA" LOAN INSTEAD OF 22% Zaria Other

*Consumer Comment: SOMEBODY ACTUALLY DOES BUSINESS WITH NIGERIA?

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UNITED BANK FOR AFRICA (UBA) NIGERIA Plc CHARGES 58%-102%p.a INTEREST ON LOANS!
I read in one of the Dailies, recently, that the Central bank of Nigeria put interest on loan at 22% and that any bank executive who violates this law will be sanctioned.
The UBA charges between 58% and 102% interest on its NO WAHALA loans and the Central Bank of Nigeria authorities are fully aware of this fact without doing anything about it!

I took five hundred thousand naira(N500, 000.00) only of the above loan from the bank on May 20, 2008 at a stated interest rate of 17%p.a payable in 36-equal monthly installments!

Since then the bank has been deducting the sum of twenty-seven thousand one hundred and eleven naira (N27, 111.00) from my salary as monthly repayment fees!
This gives a total of N27, 111.00 X 36 = N975, 996.00 which = 95.2% interest on the loan; instead of N14,000 + N3,080 = N17,080.00/month @22%p.a interest.
There are other charges.

Hussaini
Zaria
Nigeria

This report was posted on Ripoff Report on 04/14/2009 10:26 AM and is a permanent record located here: https://www.ripoffreport.com/reports/united-bank-for-africa-nigeria-plc/zaria-other-234/united-bank-for-africa-nigeria-plc-unitedbank-for-africa-charge-952pa-on-no-wahala-l-443426. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

SOMEBODY ACTUALLY DOES BUSINESS WITH NIGERIA?

AUTHOR: Joe - (U.S.A.)

POSTED: Tuesday, April 14, 2009
After ll of the hundreds of thousands of complaints that I read about FRAUD from Nigeria every day, I would be extremely reluctant to do business with their banks there.

Surely there must be an alternative country close by in which you can do your banking.
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