Depositors Stranded as Royal Trust Bank Defaults

Depositors were on Thursday, stranded at the Iju Ishaga, Lagos office of Royal Trust Micro finance bank after the Central Bank of Nigeria, CBN revoked the operating license of the financial institution.

Some of the depositors who spoke with TELL complained that the bank management were only talking to a few of the customers who have N200,000 or less in their accounts.

Even then, such customers were unable to access their cash as all depositors were asked to surrender their passbooks, cheque books, passport photographs and their account numbers with other banks. The account numbers were said to have been requested so that their balance could be remitted into it.

Olawole Abosede, a customer of the bank said after customers got the news that the bank would be closed, the management organised a meeting with them in February to assure that it was still in operation.

She added that when it was eventually established that the bank was out of business, she was then told she only has a balance of N70, 000 in her account instead of the N100,000 she left there.

Most of the customers lamented they have been coming to the bank since Monday and nothing has been done to help their cause. They complained that all that had been done was that their names were taken on a list and nothing more.

Royal Trust is one of the 83 Micro finance banks that recently had their licenses revoked by the CBN.

Efforts to contact the bank management proved abortive as security personnel restricted entrance saying newsmen were not allowed.

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