Polaris Bank Accused of Fraudulently Declaring Customer Dead, Freezing Funds

Polaris Bank, a prominent Nigerian commercial bank, has found itself embroiled in a controversy after being accused of fraudulently declaring a customer dead in order to gain control over his funds.

The customer, identified as Anthony Olasele and known as Avogroovy on Twitter, took to social media to expose the alleged misconduct and demand transparency from the bank.

According to Olasele’s tweets, Polaris Bank imposed a Post No Debit (PND) restriction on his account, effectively freezing his access to funds. He expressed frustration over the bank’s lack of cooperation in resolving the issue and cited numerous excuses he encountered during his attempts to rectify the situation.

However, matters escalated when Polaris Bank claimed to possess a court order declaring Anthony legally deceased. Olasele vehemently disputed this claim, challenging the bank to provide evidence and present the alleged court papers. He accused the bank of attempting to pilfer millions from his account and demanded transparency and proof of the purported court order.

Olasele stated that he had been in regular communication with Polaris Bank since February 3rd, when he first noticed the inactivity of his account. Despite his efforts to engage with the bank and complete the necessary forms, the issue remained unresolved, leading him to turn to social media to seek justice.

In response to the allegations, Polaris Bank released a statement clarifying that it had not declared the customer dead but had received court documents supporting the claim. The bank emphasized its duty to respect such documents in order to protect the customer’s deposit.

The court documents submitted to the bank included a Bank Certificate, Statutory Affidavit of Next of Kin, and a death certificate issued by the National Population Commission.

Polaris Bank explained that these documents were presented by Olasele Tina, who claimed to be the widow of the deceased customer, Anthony Olasele. Consequently, the bank flagged the account and froze the funds pending the issuance of Letters of Administration, a legal process overseen by the customer’s family.

Reassuring customers and the public, Polaris Bank assured that it had been working closely with all relevant stakeholders, including security agencies, to expedite the process and safeguard the customer’s funds. Following the confirmation of Anthony Olasele’s existence, the bank promptly provided his lawyer with the necessary documents on May 16th, 2023.

Polaris Bank emphasized that once the process was satisfactorily completed, the Post No Debit restriction would be lifted, granting the customer full access to his funds.