Amusat Wuraola has given an account of how over N300, 000 was removed as transaction charge by Union Bank Nigeria Plc. after paying £6,000 a UK university as part of her tuition fees.
The software engineer who lives in Lagos was offered admission to study at the University of South Wales, had made a deposit of £6,000 (N3,346,069.86) on the 30th December 2021 to Union Bank through Form A she obtained.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade).
The form allows customers to purchase forex at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.
According to Amusat, she lost the admission due to the failure of Union Bank to pay the funds (Tuition) to the University before deadline.
He said upon losing the admission, the University of South Wales had immediately remitted the funds to Union Bank and even added £27 to the £6,000 which was originally paid, making it £6,027 in total the school refunded.
Sadly, she said Union Bank had removed over N300,000 from the total sum being refunded as charge.
She wrote on Twitter: “To my biggest surprise @UNIONBANK_NG and @cenbank refunded 2,962,511.58 into my account and a whole N383,558.28 after the school added an extra £27 because of the fluctuation in the exchange rate.
“This is total madness and I want my money back… Over 300k was deducted to whose account pls??
“Is this a joke, we are hustling to make a better life and you guys are doing this. It’s my hard-earned money, my sweat, my savings.”
TechEconomy check on the exchange rate website, Xe.com, indicates that the exchange rate was higher in Dec 2021 than in July 2022.
As of the time of filing this report, Union Bank and the CBN were yet to respond to tweets.
