Aggrieved customers of Jaiz Bank have staged a protest in Jos, Plateau State, over alleged missing funds totalling ₦104 million, calling on the Central Bank of Nigeria (CBN), the Nigerian Bar Association (NBA) and the Federal Government to intervene.
The protesters, who gathered at the bank’s branch along Ahmadu Bello Way on Monday, accused the financial institution of failing to resolve complaints over funds they said were lost through disputed transactions.
They displayed placards demanding the recovery of their money and an investigation into the circumstances surrounding the alleged financial losses.
The customers maintained that they invested their funds through arrangements facilitated by a bank employee and insisted that the transactions were conducted within the bank’s premises.
Speaking on behalf of the protesters, Hashim Umar Faruk said the dispute involved money belonging to several members of his family, including his mother, wife and children.
Faruk explained that he had approached the bank in search of an investment arrangement that complied with Islamic financial principles.
According to him, the bank’s staff directed him to an employee responsible for opening investment accounts, with assurances that deposited funds would be used for business purposes and that returns would be paid at agreed maturity periods.
He said the arrangement initially worked as expected, but problems emerged when customers attempted to withdraw their funds.
Faruk said the affected customers had made repeated efforts to recover their money without success, prompting the protest.
He urged the CBN, security agencies and the NBA to investigate the matter and ensure that the affected customers recover their funds.
Another customer, Rose Dayu, said she discovered the problem when she attempted to withdraw money from her fixed savings account but was informed that the funds were unavailable.
The protesters called for an independent investigation, accountability for anyone found culpable and a clear timeline for the recovery of the disputed funds.
Bank denies responsibility
Jaiz Bank has denied liability for the disputed funds, maintaining that the transactions were private investment arrangements between the customers and a former employee, Habiba Abdulrahman, and her husband.
The bank’s legal adviser, Munir Barau, said the money involved was not deposited into the customers’ individual accounts but was instead paid into personal accounts belonging to the couple.
Barau explained that the couple allegedly collected money from customers under investment arrangements, promising monthly returns based on the amounts invested.
He said the arrangement continued until the couple allegedly stopped making payments, prompting complaints from the affected customers.
The bank’s legal adviser cited an investment involving ₦10 million, which reportedly carried an initial monthly return of ₦400,000. He maintained that Jaiz Bank was not a party to the arrangement and that the available documentation did not establish that the disputed funds were paid into the bank’s accounts.
He also disclosed that the former employee and her husband had been charged with fraud and criminal conspiracy in connection with the transactions.
Customers dispute bank’s position
However, some of the affected customers have rejected the bank’s explanation, insisting that their dealings were conducted through its banking premises and personnel.
Amina Odoko, one of the customers, said she dealt directly with Jaiz Bank and not with the former employee in a private capacity.
She maintained that the transactions were supported by banking documents and questioned the bank’s attempt to distance itself from the disputed funds.
Documents relating to the dispute include an investment agreement between two individuals and a bank statement showing a ₦4 million transfer to a beneficiary identified as Munir Dansarina Global Ventures.
The documents provide details of some transactions but do not, on their own, establish whether Jaiz Bank bears responsibility for the alleged losses.
The dispute has also resulted in separate civil proceedings involving some of the affected customers and the bank before the Plateau State High Court in Jos.
The legal actions are yet to establish the bank’s liability in the matter.
The protesters have called on the CBN to investigate the transactions, while urging the NBA to provide legal support to the affected customers.
They also appealed to the Federal Government to intervene, insisting that their funds should be recovered and anyone found responsible held accountable.
The central issue remains whether the disputed transactions were conducted through authorised banking channels and whether the bank or its personnel bear responsibility for the customers’ losses.
Jaiz Bank maintains that the investments were private arrangements, while the affected customers insist that they conducted their transactions through the institution.
The matter remains unresolved, with the customers demanding the recovery of their funds and a thorough investigation into the allegations.
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