A Lagos based limited liability company, Standard Motors Industries Limited, has urged the Federal High Court sitting in Lagos to order Union Bank of Nigeria Plc to pay it the total sum of N58million including aggravated damages, over alleged deceit, breach of bank/customer relationship, unjust enrichment, and negligence.
The suit marked FHC/L/CS/1558/10, fixed for mention before Justice Daniel Osiagor, is specifically praying the court to order Union Bank to pay the sum of N47, 468,065.42 to its account over alleged excess, illegal and/or unlawful charges on the Plaintiff’s account with the bank as well as the 100% penalty as stipulated by the Central Bank of Nigeria guidelines and 21% interest on the said amount from March 2010 till judgment…
The Aggrieved customer claims that in 2002, Union Bank offered it a credit facility/banking accommodation, which it accepted, in the total sum of N15million which sum was later increased to N20million with another facility of N10million Agricultural Facility under the Federal Government Loan Scheme.
According to the statement of claim, since the taking of the credit, Union Bank is accused of, on several occasions, mismanaging the plaintiffs account and on each occasion the plaintiffs complained to the bank for reverse of such wrongful unilateral debits by the bank.
The statement further averred that the Plaintiff has paid all the monies it borrowed from the bank-defendant under the relevant offer letters and or credit loan transaction/contract and the plaintiff is not indebted to the bank-defendant in the N34, 401, 464.05 at any time as claimed or at all.
The plaintiffs also claimed it also complained of the bank’s “various incessant, unilateral and unconscionable increase of interest rate on the loan transaction which often times is the means by which the aforementioned excess charges were perpetuated” by the bank.
It was even alleged that the plaintiff “in a bold move to put the issue finally behind it wrote the bank with offer to pay it the total sum of N58million so as to put an end to these indiscriminate debits which offer the bank did not respond to” .
The plaintiff further averred that it was quite aware that “the N10million agricultural loan was being funded by the Federal Government at a concession any rate and is disbursed through the banks of which Union Bank is one. The said N10 million was repaid with request for N15million further such loan refused” by the bank defendant.
