The United Bank for Africa (UBA) has remained silent over its refusal to release the property documents of businessman David Oloyede decades after he reportedly cleared a N100,000 overdraft facility obtained in 1990.
Bode Oloyede, the businessman’s son, said the bank has neither returned the title documents deposited as collateral nor made any formal communication to the family despite repeated efforts.
According to him, his father secured the overdraft facility in 1990 and deposited the deed of his landed property in Ibadan as collateral. Although the loan was fully repaid in 2001, the bank has allegedly failed to release the documents.
“He paid back the loan, but the bank has refused to release the title document he deposited as collateral for that facility,” Bode said.
David’s lawyer, Ademola Osifeso, confirmed that attempts to reach the bank have been unsuccessful.
“There is no update at all. We have been trying to call them, but they aren’t even picking up,” the lawyer stated.
A 2003 statement of account obtained by the family reportedly shows that deductions related to the overdraft facility had ceased, indicating that the debt had been cleared.
In a pre-action letter addressed to UBA, David’s legal representatives stated that the overdraft facility expired on August 16, 1999, and was not renewed. The letter further indicated that all outstanding indebtedness was fully liquidated on December 21, 2001, when N35,488.02 was paid through a direct cash lodgement of N40,000. After deductions for interest and administrative charges, a credit balance reportedly remained on the account.
Despite several visits to UBA’s branch office in Ibadan and multiple letters directed to the bank’s head office, the family says no official response has been received. Emails sent to the bank reportedly generated only automated acknowledgments, with no substantive follow-up.
The Oloyede family is now seeking the immediate release of the property deed, expressing frustration over what they describe as prolonged silence from the financial institution.
