Access Bank Replies to VDM’s Video over Alleged Missing N500m from Deceased Customer's Account

• Access Bank has debunked the report of a missing N500 million from a deceased customer’s account
• The bank disclosed in a statement on social media on Sunday, November 24, 2024, that the reports of the mission funds were untrue
• The bank responded to a viral video by Vicent Otse, popularly called VDM, accusing it of removing N500 million from a deceased customer account

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Access Bank has debunked claims that N500 million is missing from a customer’s account.

The bank disclosed this via its social media accounts on Sunday, November 24, 2024.

Access Bank replies to VDM

The bank stated that it does not engage in or condone unethical practices.

The bank’s rebuttal comes amid a video by Vincent Otse, popularly called VeryDarkMan, in which he accused the bank of sharp practices involving the account of a deceased customer, amounting to N500 million.

Access Bank, however, said in the statement that the allegations were untrue, stating that it takes the safety and security of its customers’ funds very seriously.

Access Bank said:

“No N500m or any other fund or amount is missing from the subject customer’s account or any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions. Access Bank Plc operates with the highest ethical standards and we protect our customers’ interests whilst also respecting privacy laws.”

The bank urged the public not to rely on or believe sensational and unverified claims.

Access Bank pays highest salaries in 2024

Access Bank is one of Nigeria’s most profitable banks and was among the 11 banks with the highest staff salaries in 2024.

An analysis of financial statements of quoted Nigerian banks shows that between January and September 2024, about 11 banks spent a whopping N1.08 trillion on wages and salaries, representing 91% yearly growth from N564.7 billion by the banks relative to the same period in 2023. 

The development comes amid massive earnings by the banks in the first three quarters of 2024. 

Access Holdings Plc incurred a salary cost of N268 billion during the review period, a 140% yearly growth from N111.8 billion in the same period in 2023.

During the nine months, the holding company’s gross earnings rose by 114.5% annually to N3.4 trillion, up from N1.6 trillion in 2023. 

The bank’s net profit rose 83% yearly to N457.7 billion in nine months from N250.4 billion in 2023. 

CBN clarifies position on converting foreign currency

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant and non-interest banks (CMNIBs) should let holders convert their Internationally Tradable Foreign Currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira at any time, using the prevailing exchange rate.

The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.

Legit.ng reported that in February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng