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STANFORD MF BANK HUNTS DEFAULTERS

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In a bid to recover over N10million debts, an emerging financial institution in the state, Stanford Microfinance Bank Limited has moved against its defaulters, who are mostly clients to the institution.
According to complaints lodged at the Anti-Robbery Department of the State Police Command, Ikot Akpan Abia by the Legal Adviser and Head of the Recovery Team, Mr. Nonso Nweke, the financial institution is determined to arrest and prosecute every client that has bridged the terms of agreement reached during the purchase of facilities.
Confirming this, the Officer in Charge of Financial Fraud Unit said dud cheques from defaulters have been submitted to us and we intend to arrest and prosecute all those involve.
“Issuing of dud cheque is a criminal offense and we must not play with that. For someone to go the bank and collect a facility and turn around and issue a dud cheque is very bad. So far, we have arrested two defaulters. One is owing the bank N3million and the other is owing N130,000. We are tracking others,” the officer said.
A respondent, John Etim, who spoke with Ibom Telegraph said the society and probably, the Judiciary, should also do something about the ‘irresistible enticement’ given by the banks to their clients.
“They will entice you with every juicy offer to get their acility. They will even ask you to sign your personal cheque and when you default, they will fill the cheque and use it against you. It is bad. They should, at least, have human face,” he said.

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