By Osaigbovomwan Iguobaro, Benin
Promoters of Apex Microfinance and Investment Limited located at Forestry road in Benin City are at logger head with thousands of its depositors following inability of the microfinance bank to meet payment obligation of depositors on request.
Consequently, angry customers numbering over 1500 staged a protest over their trapped deposit. The large segment of the affected include farmers, traders and associations whom out of impressive returns on investment promise on deposit by the management of Apex microfinance bank made huge deposits.
Their protests brought transaction in the bank to abrupt end.
Addressing newsmen, Administrative Manager of the company Mrs. Helen Idemudia denied the bank is a wonder bank swooping unsuspecting victims.
She said the bank is fully registered with the Corporate Affairs Commission, Abuja with number RC22476, and accepts deposits from customers and paying higher interests of 5 to 10 percent over a shorter period compared with licensed banks and finance houses.
The firm, she explained has been in the business for years but experienced difficulties last week as a result of what she described "logistic problems" which led to their bank cheques being returned unpaid. She said the customers had actually compounded matters because they are not usually paid en masse but on individual bases.
Over 1500 protesters including men, women and youths, traders, farmers and businessmen participated in a peaceful protest over their inability to effect cash from cheques of various amounts ranging from N100, 000 to N500, 000 paid to beneficiaries by the microfinance bank.
The protesters were armed with placards of various inscriptions reading "Apex Microfinance is a wonder bank", "Apex Microfinance is a racket", "Apex Microfinance bank is a fraud", "Pay us Our Money, We want our deposit.
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