Complaint / Review
United Bank For Africa Nigeria Plc
UnitedBank For Africa Charge 95.2%p. A on "no wahala" loan instead of 22%

United bank for africa (uba) nigeria plc charges 58%-102%p. A interest on loans!
I read in one of the Dailies, recently, that the Central bank of Nigeria put interest on loan at 22% and that any bank executive who violates this law will be sanctioned.
The UBA charges between 58% and 102% interest on its NO WAHALA loans and the Central Bank of Nigeria authorities are fully aware of this fact without doing anything about it!

I took five hundred thousand naira (N500,000.00) only of the above loan from the bank on May 20 at a stated interest rate of 17%p. A payable in 36-equal monthly installments!

Since then the bank has been deducting the sum of twenty-seven thousand one hundred and eleven naira (N27,111.00) from my salary as monthly repayment fees!
This gives a total of N27,111.00 X 36 = N975,996.00 which = 95.2% interest on the loan; instead of N14,000 N3,080 = N17,080.00/month @22%p. A interest.
There are other charges.

Hussaini
Zaria
Nigeria