At every significant moment, Innoson Nigeria Ltd operates a current account with GTB. Innoson then discovered that the GTB imposed illegal surpluses and taxes on his checking account.
Both sides have agreed to invite an independent auditing firm that will be approved by both parties. Multiwings Consulting Firm of Auditors was asked to correctly view Innoson Nigeria Limited current account No. 0043753636 which domiciled in Nnewi Branch of GTB (Anambra State). The audit was intended to cover between the period of March 2004 to December 2011.
After the account was examined, it was discovered that the GTB illegally removed unnecessary bank charges on its overdraft facility to Innoson to the tune of Seven Hundred and Eighty-Six Million, Two Hundred and Five Thousand, Nine Hundred and Fifty-Five Naira, Ninety Nine Kobo (N786,205,955.99).
When the report was forwarded to GTB, they were shocked by the audit report. They responded in their letter to Innoson on January 20, 2012, that they will examine the issue raised and return to him once the investigation is complete.
In September 2012 he wrote GTB to Innoson that from their personal audit report, the excess bank charges was Five Hundred and Fifty-Nine Million, Three Hundred and Seventy-Four Thousand, Seventy-Two Naira, Nine Kobo (N559,374,072.29k). Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution and for peaceful co-existence.
Innoson also asked that the agreed amount N559, 374,072.09k paid with the 22% rate because it had repaid all of its GTB debt at 22%. The GTB refused and stated that the maximum they can pay is 7%. This led to another contradiction between Innoson and GTB.
LESSONS FOR NEW AND POTENTIAL ENTREPRENEURS
1. Always Monitor your money: do not neglect bank charges on your company accounts. Always promote to explain the basis of all bank charges deducted from your account.
2. Get an accountant / accountant: they will help you discover fraudulent activity from your bank in your account.
3. Request full details in advance: when you take a loan from your bank or bank, request that all bank charges be paid in advance before accepting the money. Be prepared to warn you if sudden and hidden costs start to occur.
4. Request all the terms stated in writing: someone can deny verbal agreements including their banker. Therefore, always request a written document for any terms or agreements that have been met with your banker.
5. Request full payment with interest of 22%: In the event that you get your bank to steal from you illegally through fraudulent bank charges, it is legally legitimate that you repay all the money for two weeks with the interest