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Araoye Abraham Abiola

What do I do about a bank having qualified for a scheme and meeting all requirements refuse to fulfill their own part of the deal

Corporate AffairsAsked - May 5 2017, 03:12 PM

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Reply by Sandra Olojede (Lawyer)

If you apply for a scheme with a bank, the bank reserves the right to choose whom they feel meets the required criteria. So, unfortunately, you cannot sue them for specific performance, except if an agreement was entered between you and the bank, and you have fulfilled all your obligations according to the agreement. Then you can sue and demand for specific performance.

Posted - May 18 2017, 08:33 AM

Araoye Abraham Abiola

Thanks for your reply. When I meant that I met all requirements, I meant that there was an agreement , an offer letter and they have actually been in possession of the collateral being my certificates since November last year. Can I press charges?

Posted - May 19 2017, 06:00 PM

Reply by Sandra Olojede (Lawyer)

If there was an agreement between you and the bank, and they have refused to honor the agreement, first, get a lawyer to study the agreement to know what rights you have. Secondly, a demand letter should be made to the bank to release your certificates in their possession within a specified time frame. Where the bank fails to comply, you can then institute legal action against the bank and claim damages (compensation). However, ensure you engage the services of a lawyer before taking any step.

Posted - May 22 2017, 03:45 PM

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