Fidelity bank banner Camano banner
Court seals Skye Bank branches over breach of contract

By News Express on 15/01/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,776


Transactions were yesterday halted in all the branches of Skye Bank, including the pay point office inside Ladoke Akintola University Teaching Hospital, LAUTECH in Osogbo, Osun State capital, as the state High Court sealed off the bank for allegedly breaching over N3 billion contract with Tuns Farms Nigeria Limited. At the early hours of yesterday morning, court officials with armed police men had stormed the four branches of Skye Bank when the bank was set to receive customers, preventing transactions and other activities. All the staff were sent out of the banking hall and offices while cars, generators, and other movable properties of the bank were moved away.

The Honda Accord with registration number, Lagos KTU 373 AY, belonging to the Regional Manager of the bank in Fagbewesa Street, Osogbo, was also towed away. While pleading for mercy, the Regional Manager, who was in a totally unsettled mood to answer questions from journalists, said his second car at the Alekuwodo branch had also been towed away. He urged the court officials to leave one for him to enable him move around.

Investigation revealed that the bank had entered into agreement with Tuns Farm in 2005 when the bank offered a credit facility of N414,000,000 to Tuns and the money was accepted to develop the Abuja property projected to earn Tuns a net income of N1.152 billion. It was gathered that Skye Bank turned around and released only N150 million, thus frustrating the company’s project and caused damages for huge loss of investment.

According to the judgment signed on January 12, 2016 and obtained by our correspondent, the court is to seize any money, bank notes, cheques, bills of exchange, promissory notes, bonds or securities for money found within the Osogbo Judicial Division of the bank. In a Certified True Copy of judgment delivered by Justice A. O. Ogunlade on March 14, 2014, the court held: “I am convinced by overwhelming evidence laid before me that the Defendant (Skye Bank) breached the fundamental terms of the contract in facility 11 of Exhibit PA1 without lawful justification and I hereby make an award of special damage in full to the Claimant, in the sum of N421,384,000, being the loss the Claimant suffered due to the refusal and failure of the Defendant to comply with the terms and conditions of the contract of 17th August, 2005.”

The court further held: “The Claimant through one of the paragraphs of its statement of claim has established the fact that the breach of the terms and conditions of the contract in facility 11 of Exhibit PA1 caused the Claimant’s director and shareholders myriad of psychological trauma and emotional breakdown.

“I am in agreement with the assertion of the Claimant, considering the credible and in some areas uncontroverted evidence led before me that general damage should be awarded in this suit. I consider the sum of N25 million adequate, as general damages to the Claimant by the Defendant in this suit.”

Also, in the appeal filed by Skye Bank against Tuns International Holdings Ltd and Tuns Properties Ltd, dated May 8, 2015, Justice Mohammed Danjuma of the Court of Appeal held that the appeal lacks merit and is “hereby dismissed.” The court therefore affirmed the judgment of the High Court of Osun State delivered by Justice Aderibigbe. Three High Court judges, Justices Oyejide Falola, A. O. Ogunlade and Adeigbe Aderibigbe, had presided over the matter, and given similar judgment. Justice Falola on November 20, 2015 awarded N2.473 billion in favour of the claimant (Tuns Farms), N150 million as general damages, while Justice Ogunlade awarded N421,384,000 and N25 million damages against the defendant (Skye Bank). However, all efforts of Skye Bank to win the case have been futile as Justice Danjuma subsequently dismissed their petition on June 4, 2015. (Nigerian Pilot)

Source News Express

Posted 15/01/2016 1:10:38 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Buhari set to visit Seme border

4 police officers die in Sokoto, 30 injured...

ASAP, PREMIUM TIMES to hold symposium on political...

Nigeria cannot shy away from restructuring —Tunde Bakare...

Bill to regulate bank charges passes second reading...

UNILORIN VC wants life jail for looters •Advises...

Shiites: The making of another deadly insurgency in...

Don’t be selective in fighting corruption, NBA tells...

Painting of Jesus to be sold for $100m...

Messi’s name saves Argentine from kidnappers in Nigeria...

Over 30 fresh parties seek registration with INEC...

Nigeria averages about N1.5bn worth of transactions on...

 

Latest News BREAKING: Gunmen ambush, kill Ex-Defence Chief Alex Badeh Court sacks Kashamu as Ogun PDP governorship candidate Army pulls out five Generals 2019: Any vote for Buhari means insecurity, killings, hunger, Dogara tells North East electorate Maiduguri residents angry over 24 hours electricity supply ‘How bank cashiers aided armed robbers to steal my N2m’ Ogonis go to the polls to elect new MOSOP leadership FCC Director arraigned over N8.8m job scam Buhari accuses NASS of inflating debts payable to states, excluding four states 14 suspected kidnappers, armed robbers nabbed in Kaduna Adeleke faces fresh charges on exam fraud Opposition coalition okays budget presentation by Buhari to National Assembly

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (431,329 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (395,676 views) Shameless Genevieve Nnaji exposes breasts in public (328,524 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (282,813 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (248,516 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,585 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,625 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,834 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (180,321 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,854 views) Lagos plane crash: Journalist releases victims’ names (167,660 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (154,086 views)

 

CBN banner Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,894) Business Verdict (54) Columnists (974) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (681) Global Business Monitor (313) International (2,843) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (79) News (41,567) Opinion (1,154) Pidgin (13) Politics (8,235) Religion (920) Sports (1,831) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera