Kelechi Chika Ubaku, a lecturer from Imo State who reported losing N2.058 million through unauthorised transactions involving his GTBank, First Bank and Moniepoint accounts, has received a refund of N64,000 from Moniepoint following the intervention of the Foundation for Investigative Journalism, FIJ.
The refund marks a development in the lecturer’s efforts to recover funds he said were removed from his bank accounts without his authorisation. Ubaku had raised concerns over the transactions and sought assistance from the financial institutions involved, but the recovery process became prolonged, particularly over the N64,000 linked to his Moniepoint account.
According to the lecturer, the unauthorised debits occurred across his accounts with the three financial institutions, leaving him with a total loss of N2.058 million. The incident reportedly caused him significant financial distress as he attempted to establish how the transactions occurred and recover the money.
Ubaku had approached the affected financial institutions after discovering the suspicious transactions. While efforts were made to address the issue, the recovery of the N64,000 from his Moniepoint account remained unresolved.
The lecturer had claimed that he obtained a court order and served it on Moniepoint after the fintech company requested the document as part of the process for addressing his complaint. Despite this, he said the N64,000 had not been returned to him.
DDM News understands that the situation later attracted the attention of FIJ, which contacted Moniepoint to seek clarification on the unresolved refund and the steps the company had taken regarding Ubaku’s complaint.
On Wednesday, FIJ reached out to Moniepoint and asked the fintech company to respond to the lecturer’s complaint. The organisation also sought an explanation for why the N64,000 had remained unpaid despite Ubaku’s claim that he had complied with the company’s request by obtaining and serving the court order.
The intervention prompted Moniepoint to review the matter and provide a response.
Moniepoint subsequently informed FIJ that the complaint had been escalated to the appropriate team for a swift resolution. Although the company did not immediately provide further details about the circumstances surrounding the disputed transaction, the escalation eventually resulted in the refund of the N64,000 to Ubaku.
The lecturer has now received the money, bringing some relief to his efforts to recover the funds associated with the unauthorised transactions.
The case highlights the difficulties customers can face when attempting to recover money lost through disputed or unauthorised transactions. While financial institutions have established procedures for handling complaints, the process can sometimes involve investigations, documentation and verification before a disputed amount is refunded.
For customers, the experience can be particularly frustrating when money has already left an account and the circumstances surrounding the transaction are unclear.
Ubaku’s case also draws attention to the importance of promptly reporting suspicious transactions to financial institutions. Customers who notice unusual debits are generally expected to notify their banks or financial service providers as soon as possible and provide any information required to support an investigation.
In situations involving disputed transactions, documentation can also become important. Customers may be asked to provide transaction records, account information, complaint references, affidavits, court documents or other evidence depending on the circumstances of the case.
For Ubaku, obtaining the court order was part of the process he said he followed after Moniepoint requested it. His complaint, however, remained unresolved until FIJ intervened and sought an explanation from the fintech company.
The eventual refund of N64,000 demonstrates the impact that external attention can sometimes have on unresolved customer complaints. It also shows why customers who believe their complaints have not received adequate attention may continue to pursue legitimate avenues for resolution.
DDM News reports that the refund is only part of the wider financial dispute involving Ubaku, as he previously reported losing N2.058 million through unauthorised transactions across his accounts with GTBank, First Bank and Moniepoint.
The amount involved makes the case more significant than an ordinary dispute over a single transaction. For the lecturer, every recovered amount represents part of the money he says was taken from his accounts without his consent.
The different financial institutions involved also mean that the lecturer’s recovery efforts may require separate investigations and responses from each institution. The fact that N64,000 has now been refunded by Moniepoint does not automatically resolve the other disputed transactions connected to his GTBank and First Bank accounts.
Customers affected by unauthorised debits often face the challenge of identifying where responsibility lies. A transaction may involve a bank account, a fintech platform, a payment processor or another financial service provider, making it necessary to establish how the transaction was initiated and processed.
This can make recovery complicated, particularly where the customer disputes having authorised the transaction.
Ubaku’s experience therefore raises broader questions about consumer protection, complaint resolution and the responsibility of financial institutions to respond promptly when customers report suspicious transactions.
The increasing use of digital banking and fintech services has made financial transactions faster and more convenient for Nigerians. However, the same digital environment also makes effective systems for detecting, investigating and resolving disputed transactions increasingly important.
When customers report unauthorised debits, timely communication can help prevent further losses and reassure affected account holders that their complaints are being properly investigated.
In Ubaku’s case, the N64,000 refund provides a positive development after weeks of efforts to recover the money. It also demonstrates the importance of following up on unresolved financial complaints and using appropriate channels when an issue remains outstanding.
The lecturer’s larger claim of losing N2.058 million, however, remains an important part of the story. While Moniepoint has now returned N64,000, the overall amount he reported losing is substantially higher, leaving further questions about the status of the other disputed funds.
For Nigerians who use multiple banking and fintech platforms, the case serves as a reminder to regularly monitor account statements, activate transaction alerts and immediately report transactions they do not recognise.
It also reinforces the need for customers to keep records of complaints and correspondence with financial institutions. Such records can become valuable when a dispute continues for an extended period or requires intervention from another party.
The refund to Ubaku ultimately provides some relief, but it also underscores the need for efficient complaint-resolution systems within Nigeria’s rapidly expanding financial sector.
As digital transactions continue to grow, customers will expect banks and fintech companies to not only provide convenient financial services but also respond effectively when things go wrong.
For Ubaku, the return of N64,000 is a significant step in his ongoing attempt to recover the money he says was lost through unauthorised transactions.
Following FIJ’s intervention, Moniepoint has now refunded the disputed amount, bringing one part of the lecturer’s complaint to a resolution while the wider recovery effort continues.
