TASK Professional Services

DORMANT AND CLOSED ACCOUNTS MAY STILL HOLD RECOVERABLE FUNDS

Many organisations maintain multiple bank accounts across different banks over several years.

During restructuring, management changes, mergers, or operational transitions, some accounts become inactive, dormant, or abandoned without proper reconciliation.

What many businesses do not know is that these accounts may still contain:

✔ Unreconciled balances
✔ Uncredited interest
✔ Pending refunds
✔ Excess deductions
✔ Trapped cash balances
✔ Unresolved transaction reversals

Some dormant accounts also continue attracting maintenance charges and penalties long after business activities have stopped.

Without proper forensic tracing and reconciliation, businesses may permanently lose access to these funds.

A structured recovery process usually involves:
Historical statement analysis
Confirmation of account status
Reconciliation of all charges
Engagement with the banks
Escalation where necessary

For companies operating for many years, dormant account recovery can unlock funds that have remained unnoticed for years.

Financial recovery is not only about generating new income. Sometimes, it begins with recovering what already belongs to the business.

Akindele Oluwatimiro MBA, FCA
Managing Partner
TASK Professional Services
1, Ajiboye Street,
Off Olu Akerele Street,
Ikeja, Lagos.
08023835709 & 08106834444
[email protected] & [email protected]
www.taskprofessional.com

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Why Many Businesses Continue Paying Wrong Loan Interest for Years

Loan facilities are meant to support business growth, but poorly monitored facilities can become major financial burdens.
Many businesses accept monthly loan deductions without verifying whether the interest computation aligns with approved terms and conditions.

In our experience, common issues found during facility reviews include:
✔ Interest rates applied above approved limits
✔ Wrong penal interest calculations
✔ Charges beyond agreed tenure
✔ Incorrect compounding methods
✔ Unapproved fees and commissions
✔ Failure to apply negotiated concessions

The challenge is that these errors are rarely obvious. They are usually hidden within complex banking computations that most businesses never independently review.
This is why facility monitoring should not end after loan approval.

Every business with overdrafts, term loans, import finance, or commercial facilities should periodically request:
Detailed interest computation schedules
Facility utilization statements
Breakdown of all applied charges
Confirmation of agreed rates and terms

A proper forensic review can uncover opportunities to:

✔ Recover excess charges already paid
✔ Renegotiate facility pricing
✔ Reduce monthly interest burden
✔ Improve business liquidity

Akindele Oluwatimiro MBA, FCA
Managing Partner
TASK Professional Services
1, Ajiboye Street,
Off Olu Akerele Street,
Ikeja, Lagos.
08023835709,08106834444
[email protected]
www.taskprofessional.com

TASK Professional Services Construction Html5 Template