Managing Director and Chief Executive Officer of Fine & Country West Africa, Mrs. Udokanma Okonjo, has petitioned the Central Bank of Nigeria (CBN) against Providus Bank Limited over what she described as arbitrary, unauthorised deductions from her bank accounts and acts of intimidation by the bank’s officials.
In the petition dated October 8, 2025, and addressed to the Director, Consumer Protection Department of the CBN, Mrs. Okonjo accused Providus Bank of making huge deductions from her domiciliary and naira accounts without her consent, instructions, or any lawful mandate.
She alleged that the bank unilaterally linked an unsolicited overdraft facility of $50,000 to her domiciliary account (Account No. 0500183889) and subsequently deducted funds totalling $97,982.19 under the guise of recovering a supposed debt.
According to her, she never applied for, negotiated, or signed any agreement for such a facility.
Mrs. Okonjo explained that the bank initially claimed she owed N22 million, later converted the alleged debt to $71,000, and subsequently raised it to about $88,956.01, without offering any explanation for the variations.
She also accused the bank of deducting N15 million from her naira account (Account No. 0500183872) on July 22, 2025, without her authorisation, despite the account being subject to a subsisting court restriction. The withdrawal, she said, resulted in a negative balance of N14,999,254.64.
According to her, the bank had in the past credited and debited her accounts without consent, including a case where money was reportedly paid into her account by Providus Bank’s Managing Director, Mr. Walter Akpani, or other staff members. She expressed concern that the bank’s internal processes might have been compromised or manipulated to her detriment.
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In her petition, Mrs. Okonjo claimed that repeated requests for explanation and documentation from the bank were ignored. Instead, she said she received threatening WhatsApp messages from a bank official, Mr. Olayinka Lawuyi, of the Risk Management Department, who allegedly warned that her “indebtedness” could be published on social media if she failed to make payments.
A screenshot of one of the messages dated July 4, 2025, and attached to her petition, reads: “Do you want your indebtedness on social media? If I do not see your payment within the next week, we shall commence full recovery, which you might find embarrassing.”
Mrs. Okonjo described the message as harassment and reputational intimidation, adding that the threats came after she had only written to the bank seeking clarification about the alleged overdraft.
Following the continued deductions and lack of response from the bank, her counsel, Barrister Sunny Omoragbon, issued a formal letter to Providus Bank on July 5, 2024, requesting all documents relating to the purported debt, including facility letters and a detailed breakdown of transactions. The bank, she said, never responded.
In his own statement on the matter, Barrister Omoragbon confirmed that Mrs. Okonjo’s petition to the CBN is part of a wider legal effort to challenge the actions of Providus Bank.
He explained that the case, which is currently on appeal, arose from the bank’s unilateral reclassification of a debit-card account as a credit facility without the customer’s consent, agreement, or documentation.
According to Omoragbon, “Mrs. Okonjo never requested, negotiated, or signed for any overdraft facility. The so-called debt is a construct of arbitrary charges imposed without contractual authority or transparency. Over 70 percent of the disputed amount comprises unapproved interest and charges.”
He disclosed that a Motion for Stay of Execution has already been filed pending hearing on October 28, 2025.
The lawyer also condemned the “pattern of harassment and unprofessional communication” from Providus Bank officials, particularly the threats issued by Mr. Lawuyi, describing it as “a blatant act of intimidation and reputational bullying” that violates the CBN’s Consumer Protection Guidelines and basic professional ethics.
Omoragbon added that one of the bank’s officials had previously admitted in writing that Mrs. Okonjo did not have the corresponding amount claimed as debt in her account. In another instance, he said, the same official suggested that funds were deposited into her account by Mr. Akpani or other staff members, a practice he described as “irregular and confusing.”
He stated that the defense would pursue redress not only through the courts but also via petitions to the Central Bank, the Federal Competition and Consumer Protection Commission, and other regulatory bodies.
“This case is no longer just about one client,” Omoragbon stated. “It raises fundamental questions about transparency, consent, and accountability in Nigeria’s banking sector. No customer should be subjected to intimidation or unconsented financial exposure.”
In her petition to the CBN, Mrs. Okonjo requested a full investigation into Providus Bank’s actions, including the issuance of threats, unauthorised deductions, and irregular credits. She also urged the apex bank to compel Providus Bank to refund all wrongfully deducted sums and to impose regulatory sanctions to deter future misconduct.
The case is pending both before the appellate court and the Consumer Protection Department of the Central Bank of Nigeria.
