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Wema Bank headquaters in Marina,Lagos. Photo by Femi Adebesin-Kuti

Wema Bank officials raid homes in Akure

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Officials of WEMA bank arrived Akure, Ondo State capital on Monday morning in a commando style raid of debtors houses. The officials, who came from the bank’s Lagos headquarters went straight to the homes and offices of the debtors.

Their operation was successful as they recovered about N75 million within five hours of the operation.

The team leader, who declined to reveal his name to journalists, said their target was N250 million and they will make sure they hit this target by every means possible.

He added that the team will visit every part of the state to realise the objective.

“When we left Lagos, we were given a target of about 250 million, which is what is owed our bank in Ondo State, and there was a condition attached to it (target) and it was, don’t come back without the money. And we intend to fulfil this any way we can.”

The bankers were led by stern-looking, heavily armed security operatives.

One of the bankers said the operation, which will cover many states, is meant to limit the debt portfolio of the bank.

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Reader Comments (13)


Posted by olaniran on Aug 25 2009

what a violent way.anyway,they know the debtors and how best to squeeze their money out of them.but the question is this...can they go to state governments and politicians with this approach?or they are not being owed by them (state government and politicians)???ok.lets have the list psheewwwwwwwwwwwww!!!!

Posted by Moyi Kaura Muhammad Albada on Aug 25 2009

what is the legal implication of their action? Was the money removed from WEMA back by force, if yes, then that is the right way to recover it otherwise this is a primitive way of debt recovery. How about the offer, acceptance in short the contract between WEMA bank and the debtors? Even if you are distressed follow a legal and civilised ways to handle your claims.

Posted by Tawa on Aug 25 2009

Hope you have a planned strategy to collect the huge debts government owes you Wema Bank, since the army and police are on their payroll already or will you use area boys against your federal and state government debtors?

Posted by Kehinde C Ladi aka KC Lee on Aug 25 2009

Raid to recover money? so people use banks to get money to store at home? Hmmm

Posted by Kehinde C Ladi aka KC Lee on Aug 25 2009

so people get money from banks to store at home? When it comes to this raid on homes, it means that the financial sector crisis is deeper than one can image. easy money from Nigerian banks..... has now come to an end. Hooray.

Posted by chudi89 on Aug 26 2009

hmmmmmmmm............ this relly shows that these debtors could pay willingly but decided otherwise!

Posted by Kelz on Aug 26 2009

Lets stop been critics and face the truth, violence is the only thing that moves Nigerians.its not like we should support it, but the average Nigerian no go honor him debt until you use violence.Even Federal Goverment no dey pay contractors after dem award contracts.For Christ's sake, those debtors thought the bank was running a charity organisation.

Posted by Bambeke Olayiwola Joseph on Aug 27 2009

Honestly its crazy !!! Please ride on, if violence is the only way to get this money back. ah ah ... killing us softly.

Posted by Dr. Ify on Sep 01 2009

What happened to the rule of law?

Posted by Hanson Oyegoke on Sep 11 2009

It's dishaertning to come to a bank for a help such as loans and never to pay back within the period as agreed in the offer letter. And ofcourse, when they know that these monies belong to depositors at large. The must recovered means is good

Posted by Malice on Oct 13 2009

Granting of loans in this country is a form of fraud. There is no intention on the part of the borrower to pay back, and no intention of the part of the lender to recover the loan. Bank lending in this country is a variation of the 419 fraud. In the end, the only casualty is the innocent bank depositor who believes that banking in Nigeria is the same as banking elsewhere in the world. How deluded can we be? Then, of course what is the alternative. None. Depositors are between Scylla and Charybdis, the devil and the deep blue sea. What a country!

Posted by here on Oct 15 2009

but why should it get to the level of embarrassing the debtors before they pay back what they owe or borrow initially to better their (debtors) lives or improve their business. They deserve what they got. It is attitude like this that makes the credit aspect of the industry very bad.

Posted by Lekan on Oct 16 2009

Abeg bone story jooo. If thats the only way to get back their money, am in full support. Why must you borrow money without intentionof paying back???



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