Home » How Fidelity Bank Defrauds Civil Servants with Illegal loan deals 

How Fidelity Bank Defrauds Civil Servants with Illegal loan deals 

by Salami Azeez

The economic crisis in the country has left a lot of Nigerians frustrated, hopeless and helpless. As a result, many citizens turn to banks and other money lending firms to collect loan for survival. While some banks offer genuine financial assistance with considerable interest rates and repayment methods, others are just like preys that milk their ‘victims’ dry. One of such is Fidelity Bank. 

Unlike it’s name and motto, Fidelity Bank has proved to be untrustworthy, and doesn’t keep to its word in putting customers’ interest first. 

The bitter and unethical experience of collecting loan from Fidelity Bank is what members of the Senior Staff Association of Nigerian Universities, SSANU will not forget in a hurry. 

Newscarte gathered that a few years ago,  SSANU members, University of Ibadan chapter, applied for individual loans from Fidelity Bank. They were expected to repay the loan within 36 months, as it would be deducted directly from their respective salaries. 

Everything seem to be going smoothly until recently when some of the lecturers, who were still repaying their loans retired from service. And instead of seeking legitimate ways to ensure that the retired lecturers complete their loan repayment, some crooked staff of Fidelity Bank connived with some corrupt leaders of SSANU and added the debt of the retired lecturers to the loan of others, even without their consent. 

Trouble however started when the lecturers, who were now supposed to have finished repaying the loans they got, realized that Fidelity Bank was still deducting the loans from their salaries fraudulently. 

The aggrieved lecturers, who were stunned and surprised at the unprofessional conduct of Fidelity Bank, called the attention of their Chairman, Comrade Abiodun Rasaki Omisore to the development, and he promised them to get to the root of the matter. But little did they know that their leader and some staff of the bank are actually main actors in the fraud scheme. 

It was after the lecturers embarked on a public protest, which obviously embarrassed SSANU leadership and Fidelity Bank management, that the truth of the whole fraud was revealed. 

Having realized that some of the lecturers, who were still servicing their loans had retired, the bank decided to add the leftover of the retired lecturers to the loan of their colleagues who are still active in service. 

It was indeed a shameful, unethical and unprofessional conduct on the part of Fidelity Bank, which has further put a question mark on the credibility of the bank. 

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