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Chidi Ugwu
Managing Director of Fine and Country West Africa, Mrs. Udokanma Okonjo, has formally petitioned the Central Bank of Nigeria (CBN) over an alleged unpaid overdraft claim of $97,000 by Providus Bank, describing the accusation as false and unsubstantiated.
In her petition dated October 8, 2025, sent to the CBN’s Director of Consumer Protection, Mrs. Okonjo requested that the apex bank order Providus Bank to reverse the allegedly unlawful deductions from her accounts and refund all the disputed funds.
She further called for appropriate regulatory sanctions against the bank for what she described as serious violations of due process.
The petition comes after a Federal High Court in Lagos ruled against her, a decision which she has appealed.
Mrs. Okonjo’s lawyer, Sunny Omoragbon, confirmed the appeal is pending and explained that Providus Bank had unilaterally reclassified her debit-card account as an overdraft facility without her consent or any formal agreement.
He emphasized that she never applied for or signed any overdraft contract, and that most of the claimed debt consists of arbitrary interest and charges imposed without contractual or transparent justification.
Omoragbon also revealed that a Motion for Stay of Execution has been filed, with a hearing scheduled for October 28, 2025.
Beyond the financial dispute, he raised concerns about what he described as harassment by Providus Bank’s staff, citing threatening WhatsApp messages from Mr. Olayinka Lawuyi, a bank official in the Risk Management department.
One message from July 4, 2024, warned of public exposure on social media if payment was not made, which Omoragbon condemned as intimidation and a breach of CBN’s consumer protection rules.
Prior to these threats, Mrs. Okonjo had formally requested documentation and transaction details to clarify the supposed debt, but was met with aggressive responses instead.
Omoragbon stressed that customers have the right to seek such clarification and that resorting to threats is unacceptable in professional banking practice.
Further complicating the matter, the bank official reportedly admitted in correspondence that no corresponding amount matched the supposed overdraft in her account, and at times implied that funds were paid in by the bank’s Managing Director or staff, a claim Omoragbon described as irregular and confusing.
The lawyer affirmed that the fight for redress extends beyond court litigation to include regulatory petitions urging stricter oversight of how banks manage customer accounts and communications.
He stated, “This case brings to light critical issues of transparency, consent, and accountability in Nigeria’s banking sector—no customer should face intimidation or unauthorized financial exposure.
”Industry analysts note that the outcome of this appeal could set a significant precedent on the limits of banks’ discretionary powers regarding account management, consumer rights, and contractual consent.
The core dispute arose after Providus Bank claimed Mrs. Okonjo used and failed to repay an overdraft facility.
Though the Lagos Federal High Court ruled in the bank’s favor, it reduced the interest rate to 10 percent.
Mrs. Okonjo’s legal team insists no such overdraft agreement existed and that the initial judgment was based on incomplete or misleading information.
