AKIN KUPONIYI
A Nigerian chartered accountant based in Canada Doctor Adekunle Oladosu has dragged Sterling bank Plc before a Federal high court,in Lagos south west Nigeria over an alleged breach of contract.
In an affidavit filed before the court by his attorney, Olali Emmanuel,the deponent averred that Dr Adekunle Oladosu of 1,Adebiye Close,Langbasa,Ajah Lekki Lagos now resident in Canada,sometimes in December 2010 opened a fixed deposit account with sterling Bank Plc at it’s headquarters and placed the sum of N29million investment for a 30 day tenor
Pursuant to the deposit of the said N29milliom the bank wrote him a letter of confirmation of the terms of the investment whereby the bank was to roll over the deposit at maturity.
Consequently the bank rolled over the investment thirty five times and on two occasions the bank wrote the plaintiff notifying him of the transfer of the sum of N212,847.42 being accrued interest on his investment to his account at Guaranty Trust bank in line with his instruction.
However on 11th of February,2014,the plaintiff issued a withdrawal instruction to the bank to the effect that the bank should issue a bank draft for N6 million from his investment in favour of his solicitors but his instruction was blatantly disregarded by the bank though he had sufficient fund to cover his instruction.
Mr Olali averred further that,on the 1st of March 2014 Dr Oladosu issued another instruction that his account with the bank should be closed, but the bank also refused
Consequently,the plaintiff averred that by flagrantly dishonouring his lawful instruction, the bank has committed a gross breach of the bank’s duty, occasioning damages
In his particulars of damages the plaintiff contended that the bank acted with utmost, recklessness, malice,cruelty,insolence,and deceit when it failed to honour the plaintiff’s repeated lawful instructions sent to it.
Being a financial institution the bank deliberate act of flouting the plaintiff’s order was done with the sole aim of making profit for itself by withholding his investment funds and the accrued interest while the plaintiff suffered losses as the transactions in respect of which of the instructions were issued were frustrated
The plaintiff claims against Sterling bank are as follows:
The court declaration that the continued withholding of the investment sum of N29million now standing at the face value of N36,588,396.46 as at 3rd February,2014 with all accrued interest at the rate of 21% per annum amounts to a breach of the bank/customer contract between the plaintiff and the defendant.
Damages in the sum of N20millon and N10 million being the cost of instituting this legal action.
As of the time of filing this report the bank has not filed any defence .
Meanwhile the case has been adjourned till after vacation.
*To contact the story’s author Kuponiyi: 08057401948