News
Court Imposes N1.8B Damages On Access Bank Over Unlawful Deductions, Fictitious Accounts
A Federal High Court sitting in Lagos has awarded a damage sum N1.817,690,414. 65 billion against Access Bank Plc for unlawful deductions and opening of fictitious accounts.
Justice Ambrose Lewis-Allagoa ordered Access Bank Plc to pay the sum as damage to the plaintiffs in two separate suits numbered FHC/L/CS/1485/2015 and FHC/L/CS/1493/2015.
The plaintiffs in the suit marked FHC/L/CS/1485/2015 were: MicCom Cables And Wires Limited; Chief Tunde Ponnle; and Commic Holdings Limited, joined in the suit pursuant to the order of Court made on February 16, 2018.
While the plaintiffs in the suit marked FHC/L/CS/1493/2015 are ; Origin Energy Limited and Mr. Abiodun Ponnle.
However, Access Bank is the sole defendant in the two suits.
The bank on it’s part filed a counter-claim of the sum of N1,058,141,649.98 billion in the suit marked FHC/L/CS/1493/2015, against Origin Energy Limited, Mr. Abiodun Ponnle, Chief Tunde Ponnle, MicCom Cables & Wires Ltd and Commic Holdings Ltd. But the counter-claim was dismissed by the court.
Plaintiffs in suit marked FHC/L/CS/1485/2015, in their second further amended statement of claim dated March 8, 2024 and filed on March 12, 2024, filed by their lawyer, Tokunbo Davis, asked the court for 27 reliefs against Access Bank Plc.
Parts of the reliefs sought for include; “a declaration that the balance reflected in the 1st Plaintiff’s statement of account as at 2nd September, 2015 is the true and accurate balance on the 1st Plaintiff’s account.
“A declaration that by virtue of the 1st Plaintiff’s statement of account, as at 2nd September, 2015, the 1st Plaintiff is not indebted to the defendant in the alleged sum of N452, 994,359.45 (Four Hundred and Fifty-Two Million Nine Hundred and Ninety four Thousand Three Hundred and Fifty-Nine Naira Forty-Five Kobo Only) or any sum whatsoever.
“An order directing the defendant to immediately release unconditionally the title documents of the properties located at Plot 2018 Cotonou Street, Wuse Zone 6, Abuja, 21 Odebunmi Street, Egbeda, Lagos, 3 Ponle Street, Egbeda, Lagos, 3/5 Edun-Alaran Road, Ojokoro Agege and 1 Ramat Crescent, Ogudu GRA, Lagos, and any other documents used as a security In the credit facility constituted in the offer letter dated 18th March, 2013, to the Plaintiffs.
“A declaration that the detention/retention of the 3rd Plaintiff’s title documents to the property known as 1, Ramar Crescent, Ogudu, G.R.A, Lagos, despite the fact that the 1st Plaintiff is not in anyway indebted to the Defendant, is inconsistent with the 3rd Plaintiff’s right over the said property and is wrongful.
“Damages in the sum of N500 million, for the unlawful refusal/ failure of the defendant to release to the 3rd Plaintiff the title documents to the property at 1, Ramat Crescent, Ogudu, G.R.A Lagos, from 18th November, 2014 till date.
“A declaration that the alleged debit balance on the 1st Plaintiff’s account no: 0004842444 maintained with the defendants is an aggregate of the imputation of excessive debits, unwholesome charges, compound interest, overcharges and all other illegal and unauthorized charges and interests imputed in the 1st Plaintiff’s Account contrary to the terms of Offer Letters dated 24th May, 2006, 20th September, 2006, 6th April, 2010, 24th December, 2010, and 18th March, 2013 are illegal, null and void.
“A declaration that the unilateral variation of interest applied by the Defendant through its officials without the formal consent and approval of the 1” Plaintiff is illegal and ought to be set aside.
“A declaration that all charges inconsistent with the Offer Letters dated 24th May, 2006, 20th September, 2006, 6th April, 2010, 24th December, 2010, and 18th March, 2013 are illegal, null and void.
“A declaration that the unauthorized, illegal, excessive and unsubstantiated charges, fees, interests, or deductions levied or charged to the accounts of the 1st Plaintiff by the Defendant amount to a fundamental breach and the 1st Plaintiff is entitled to treat same as repudiatory and to rescind from the credit facilities agreement constituted in the Offer Letters dated 24th May, 2006, 20th September, 2006, 6th April, 2010, 24th December, 2010, and 18th March, 2013 are illegal, null and void.
“A declaration that the defendant is not entitled to take any action and or exercise any rights whatsoever arising from any purported right contained in the Deed of Fixed and Floating Debenture, Deed of Mortgage Debenture and/or Tripartite Legal Mortgage in respect of the properties pursuant to the Offer Letter dated 18th March, 2013 towards recovery of the alleged debt of N452, 994, 359. 45 million, or any debt allegedly owed by the Plaintiffs to it whether as primary or secondary debtors.
“A declaration that by virtue of CBN prudential guidelines, the Defendant is under an obligation to reconcile the account of the 1st Plaintiff with the 1st Plaintiff’s auditors and render full and proper account of how funds deposited into, credited to or otherwise due and accruing to the 1st Plaintiff has been managed and applied in respect of the account maintained by the 1st Plaintiff, failing which the defendant is bound by the audit conducted by the 1st Plaintiff.
“An order that the defendant should reverse, deduct or otherwise cancel all unauthorized, illegal, excessive and unsubstantiated charges, fees, interests, or deductions howsoever called which have been levied or charged to the accounts of the 1st Plaintiff’s.
“An order for the immediate refund of the sum of €317, 690, 415. 65 (Three Hundred and Seventeen Million Six Hundred and Ninety Thousand Four Hundred and Fifteen Naira Sixty-Five Kobo) representing unlawful excess and undue interests charges together with interest calculated thereon at the prevailing Central Bank of Nigeria MRR/MPR rates in tine with Section 3.3.5g of the CBN Monetary Credit Foreign Trade & Exchange Policy Circular No. 40 of January, 2014.
“Flowing from above, judgment in the sum of N317,690,415.65 million as already pleaded.”
“In the alternative to 13 and 14 above: an order for the immediate refund of the sum of N69, 614, 238.74 million, representing unlawful excess and undue interests charges together with interest calculated thereon as contained in the CBN Report.
“A declaration that the overdraft interest, commission on turnover, facility fee, management fee other fees, access online fee, balance on comm. + vat BA repayment & interest, loan repayment & interest, import charges are all illegal and excessive charges.
“An order of perpetual injunction restraining the Defendant either by itself, servants, agents or privies howsoever called from exercising any right whatsoever purportedly conferred by the Deed of Fixed and Floating Debenture, Deed of Mortgage Debenture and/or Tripartite Legal Mortgage in respect of the properties pursuant to the Offer Letter dated 18th March, 2013.
“An order of perpetual injunction restraining the Defendant either by itself, servants, agents or privies howsoever called from exercising any right whatsoever purportedly conferred under and by virtue of the Personal Guarantee of the 2nd Plaintiff pursuant to the Offer Letter dated 18th March, 2013.
“An order of injunction restraining the defendant whether by itself, officers, servants, agents and or privies from selling, disposing of or otherwise exercising any right in respect of the properties known as: Plot 2018 Cotonou Street, Wuse Zone 6, Abuja, 21 Odebunmi Street, Egbeda, Lagos, 3 Ponle Street, Egbeda, Lagos, 3/5 Edun-Alaran Road, OjokoroAgege and 1 Ramat Crescent, Ogudu GRA, Lagos.
“An order of perpetual injunction restraining the defendant, its agents or privies howsoever called from harassing, disturbing or otherwise interfering howsoever with the proper running of the commercial operations of the 1st Plaintiff.
“An order of perpetual injunction restraining the Defendant whether by itself, agents, privies or whomsoever acting upon or at the instigation or directives of the Defendant from making or attempting to make representations and/or complaints concerning the 1st and 2nd Plaintiffs account to third parties and/or imputing the financial statement of the 1st and 2nd Plaintiffs or howsoever into the Credit Risk Management System of the Central Bank of Nigeria.
“An order of perpetual injunction restraining the Defendant from howsoever causing the arrest and/or detention of any of the officers or directors of the 1st and 2nd Plaintiffs on account of any alleged indebtedness arising from the credit facilities agreement constituted in the Offer Letters dated 17 May, 2007, 18th March, 2013.
“Damages in the sum of N1 billion resulting from the reputational injury and damage to business suffered by the 1st Plaintiff and loss of access to funds which would have yielded immense profits.
“Interest on all sums due above at the interest rate of 25% per annum from March, 2013 till date of judgment and thereafter at the rate of 10% per annum until final liquidation of same.
“An order that any Judgment sum awarded against the Defendant inclusive of interest thereon shall, within 3 days of delivery of the Judgment, be paid into the 1st Plaintiff’s account below: Account Name: MicCom Cables & Wires Ltd; Bank: Keystone Bank Limited
Account Number: 1006178177.
“Solicitors Cost of this action calculated at 15% of whatsoever monetary judgment this Honourable Court makes.”
Access Bank in it’s opposition to the suit had urged the court to dismiss the suit for being unsubstantiated and frivolous.
Delivering judgment on the suit on October 16, 2024, Justice Lewis-Allagoa, after reading through all the processes filed by the parties and submissions made by their lawyers ordered: “that a Declaration is made the alleged debit balance on the 1st Plaintiff’s account no: 0004842444 maintained with the Defendants is an aggregate of the imputation of excessive debits, unwholesome charges, compound interest, overcharges and all other illegal and unauthorised charges and interests imputed in the 1st Plaintiff’s Account contrary to the terms of Offer Letters dated 24 May, 2006, 20″ September, 2006, 6” April, 2010, 24″ December, 2010, and 18” March, 2013 are illegal, null and void.
“A declaration is made that the unilateral variation of interest applied by the Defendant through its officials without the formal consent and approval of the 1st Plaintiff is illegal and ought to be set aside.
“A declaration is made that all charges inconsistent with the Offer Letters dated 24th May, 2006, 20th September, 2006, 6th April, 2010, 24th December, 2010, and 18th March, 2013 are illegal, null and void.
“A declaration is made the unauthorized, illegal, excessive and unsubstantiated charges, fees, interests, or deductions levied or charged to the accounts of the 1st Plaintiff by the Defendant amount to a fundamental breach and the 1st Plaintiff is entitled to treat same as repudiatory and to rescind from the credit facilities agreement constituted in the Offer Letters dated 24th May, 2006, 20th September, 2006, 6th Apni, 2010, 24 December, 2010, and 18th March, 2013 are illegal, null and void.
“A declaration is made that the Defendant is not entitled to take any action and or exercise any rights whatsoever arising from any purported right contained in the Deed of Fixed and Floating Debenture, Deed of Mortgage Debenture and/or Tripartite Legal Mortgage in respect of the properties pursuant to the Offer Letter dated 18th March, 2013 towards recovery of the alleged debt of N452,994,359.45 million, or any debt allegedly owed by the Plaintiffs to it whether as primary or secondary debtors.
“A declaration is made that by virtue of CBN prudential guidelines, the Defendant is under an obligation to reconcile the account of the 1st Plaintiff with the 1st Plaintiff’s auditors and render full and proper account of how funds deposited into, credited to or otherwise due and accruing to the 1st Plaintiff has been managed and applied in respect of the account maintained by the 1st Plaintiff, failing which the defendant is bound by the audit conducted by the 1st Plaintiff.
“An order is made that the Defendant should reverse, deduct or otherwise cancel all unauthorized, illegal, excessive and unsubstantiated charges, fees, interests, of deductions howsoever called which have been levied or charged to the accounts of the 1st Plaintiff’s.
“An order is granted for the immediate refund of the sum of N317, 690, 415.65 million, representing unlawful excess and undue interests charges together with interest calculated thereon at the prevailing Central Bank of Nigeria MRR/MPR rates in line with Section 3.3.5 of the CBN Monetary Credit Foreign Trade & Exchange Policy Circular No. 40 of January, 2014.
“Flowing from above, judgment in the sum of N317,690,415.65 million, as already pleaded is granted.
“A declaration is made that the overdraft interest, commission on turnover, facility fee, management fee other fees, access online fee, balance on comm. + vat BA repayment & interest, loan repayment & interest, import charges are all illegal and excessive charges.
“An order of perpetual injunction is granted restraining the Defendant either by itself, servants, agents or privies howsoever called from exercising any right whatsoever purportedly conferred by the Deed of Fixed and Floating Debenture, Deed of Mortgage Debenture and/or Tripartite Legal Mortgage in respect of the properties pursuant to the Offer Letter dated 18th March, 2013.
“An order of perpetual injunction is granted restraining the Defendant either by itself, servants, agents or privies howsoever called from exercising any right whatsoever purportedly conferred under and by virtue of the Personal Guarantee of the 2nd Plaintiff pursuant to the Offer Letter dated 18th March, 2013.
“An order of injunction is granted restraining the Defendant whether by itself, officers, servants, agents and or privies from selling, disposing of or otherwise exercising any right in respect of the properties known as: Plot 2018 Cotonou Street, Wuse Zone 6, Abuja, 21 Odebunmi Street, Egbeda, Lagos, 3 Ponle Street, Egbeda, Lagos, 3/5 Edun-Alaran Road, Ojokoro Agege and 1 Ramat Crescent, Ogudu GRA, Lagos.
“An order of perpetual injunction is granted restraining the Defendant, its agents or privies howsoever called from harassing, disturbing or otherwise interfering howsoever with the proper running of the commercial operations of the 1st Plaintiff.
“An order of perpetual injunction is granted restraining the Defendant whether by itself, agents, privies or whomsoever acting upon or at the instigation or directives of the Defendant from making or attempting to make representations and/or complaints concerning the 1st and 2nd Plaintiffs account to third parties and/or imputing the financial statement of the 1st and 2nd Plaintiffs or howsoever into the Credit Risk Management System of the Central Bank of Nigeria.
“An order of perpetual injunction is granted restraining the Defendant from howsoever causing the arrest and/or detention of any of the officers or directors of the 1st and 2nd Plaintiffs on account of any alleged indebtedness arising from the credit facilities agreement constituted in the Offer Letters dated 17 May, 2007, 18th March, 2013.
“Damages in the sum of N1 billion, resulting from the reputational injury and damage to business suffered by the 1st Plaintiff and loss of access to funds which would have yielded immense profits is hereby granted.
“Interest on all sums due above at the interest rate of 25% per annum from March, 2013 till date of judgment and thereafter at the rate of 10% per annum until final liquidation of same is hereby granted.”
“An order that any Judgment sum awarded against the Defendant inclusive of interest thereon shall, within 3 days of delivery of the Judgment, be paid into the 1st Plaintiff’s account below: Account Name: MicCom Cables & Wires Ltd. Bank: Keystone Bank Limited. Account Number: 1006178177.
“Solicitors Cost of this action calculated at 15% of whatsoever monetary judgment this Honourable Court makes is hereby granted.”
In the same vein, Justice Lewis-Allagoa also made the following orders in the suit marked FHC/L/CS/1493/2015; “that a Declaration is made that the 1st Plaintiff is not indebted to the Defendant in the alleged sum of N1,058,141,649.98 billion andor any sum whatsoever.
“That a declaration is made that having not met the conditions precedent for a drawdown on the facility in the offer letter dated 20th August, 2014, the defendant has no right to open, operate, generate or debit an account on behalf of the Plaintiff.
“That a declaration that the fictitious account of the 1st Plaintiff opened and operated by the defendant is fraudulent and illegal.
“That a declaration is made that the unauthorized and illegal account opened by the Defendant on behalf of the 1st Plaintiff amounts to a fundamental breach and the 1st Plaintiff its entitled to treat same as repudiatory and to rescind from the credit facility agreement constituted in the Offer Letter dated 20th August, 2014.
That a declaration is made that the action of the defendant in promptly collapsing the unreconciled purported indebtedness of the 1st Plaintiff into the fictitious and illegal account of the 2nd Plaintiff was accentuated by the desire for illicit profit and to avoid provision for it in its audited account.
“That an order directing the immediate closure of the illegal and fictitious account of the 1st Plaintiff opened and operated by the Defendant.
“That an order directing the defendant to forthwith unconditionally release to the Plaintiffs, all title documents of the properties used to secure the purported facility and or An Order discharging all security documents used as collateral for the purported facility.
“That an order of perpetual injunction is granted restraining the Defendant either by itself, servants, agents or privies howsoever purportedly conferred under and by virtue of the Personal Guarantee of the 2nd Plaintiff pursuant to the Offer Letter dated 20th August, 2014.
“That an order of perpetual injunction is granted restraining the Defendant its agents or privies howsoever called from harassing, disturbing or otherwise interfering howsoever with the proper running at the commercial operations of the 1st Plaintiff.
“That an order of perpetual injunction is granted restraining the Defendant whether by itself, agents, privies or whomsoever acting upon or at the instigation or directives of the Defendant from making or attempting to make representations and/or complaints concerning the 1st Plaintiff account to third parties and/or imputing the financial statement of the 1st Plaintiff or howsoever into the Credit Risk Management System of the Central Bank of Nigeria.
“That an order of perpetual Injunction is granted restraining the defendant from howsoever causing the arrest and/or detention of any of the officers or directors of the 1st Plaintiff on account of any alleged indebtedness arising from the credit facility constituted in the Offer Letter dated 20th August, 2014. And General damages in the sum N500 million.”
Justice Lewis-Allagoa also ordered that the judgment sum awarded against the defendant (Access Bank), inclusive of interest thereon shall, within 3 days of delivery of the judgment, be paid into the 1st Plaintiff’s account details; Account Name: Origin Limited. Bank; Keystone Bank Limited. Account Number: 1006707643.”
News
Trump Announces Pam Bondi For Attorney General after Rep Gaetz Withdrawal
After Republican Rep. Matt Gaetz of Florida abandoned his quest for U.S. attorney general, President-elect Donald Trump wasted no time in choosing another candidate for the position.
On Thursday evening, Trump announced his decision on social media.
“I am proud to announce former Attorney General of the Great State of Florida, Pam Bondi, as our next Attorney General of the United States,” he posted on Twitter. “Pam was a prosecutor for nearly 20 years, where she was very tough on Violent Criminals, and made the streets safe for Florida Families,” according to him.
“Then, as Florida’s first female Attorney General, she worked to stop the trafficking of deadly drugs and reduce the tragedy of Fentanyl overdose deaths.”
News
SAS! 38 Casualtie As Gunmen Ambush Shiite Convoys
No fewer than 38 people, most of them Shiite Muslims, were killed in northwestern Pakistan on Thursday as gunmen ambushed convoys of vehicles that had been under the protection of security forces.
The attack was one of the deadliest in months of sectarian violence in the Kurram region, a scenic mountainous district bordering Afghanistan. Pakistan is overwhelmingly Sunni Muslim, but Kurram’s population of 800,000 is nearly half Shiite Muslim, contributing to a cauldron of tribal tensions.
Conflicts, often rooted in disputes over land, frequently escalate into deadly sectarian clashes. The violence highlights the government’s persistent struggle to maintain control in the region.
The vehicles had been traveling in opposite directions on the main road connecting Parachinar, a Shiite-majority town in Kurram, to Peshawar, the provincial capital 135 miles away.
The road, a vital lifeline for the district, had only recently reopened after being closed for three weeks because of an ambush on Oct. 12 that left at least 16 people dead.
During the closure, residents of Parachinar were cut off from essential supplies, including food and fuel, leading to a growing humanitarian crisis.
News
One Woman, Girl Killed Every 10 Minutes Globally – UN Women
On the International Day for the Elimination of Violence against Women, November 25, the report Femicides in
2023: Global Estimates of Intimate Partner/Family Member Femicides by UN Women and UNODC reveals that femicide—the most extreme form of violence against women and girls—remains pervasive in the world.Globally, 85,000 women and girls were killed intentionally in 2023. 60 per cent of these homicides -51,000- were committed by an intimate partner or other family member. 140 women and girls die every day at the hands of their partner or a close relative, which means one woman or girl is killed every 10 minutes.
In 2023, Africa recorded the highest rates of intimate partner and family-related femicide, followed by the Americas and then by Oceania. In Europe and the Americas, most women killed in the domestic sphere (64 per cent and 58 per cent, respectively) were victims of intimate partners, while elsewhere, family members were the primary perpetrators.
“Violence against women and girls is not inevitable—it is preventable. We need robust legislation, improved data collection, greater government accountability, a zero-tolerance culture, and increased funding for women’s rights organizations and institutional bodies. As we approach the 30th anniversary of the Beijing Declaration and Platform for Action in 2025, it is time for world leaders to UNiTE and act with urgency, recommit, and channel the resources needed to end this crisis once and for all”, highlighted UN Women Executive Director, Sima Bahous.
“The new femicide report highlights the urgent need for strong criminal justice systems that hold perpetrators accountable, while ensuring adequate support for survivors, including access to safe and transparent reporting mechanisms,” said Ghada Waly, Executive Director of UNODC. “At the same time, we must confront and dismantle the gender biases, power imbalances, and harmful norms that perpetuate violence against women. As this year’s 16 Days of Activism Campaign begins, we must act now to protect women’s lives.”
The 30th anniversary of the Beijing Platform for Action in 2025, coupled with the fast-approaching five-year deadline to achieve the Sustainable Development Goals, presents a critical opportunity to rally all stakeholders to take decisive and urgent action for women’s rights and gender equality. This includes ending impunity and preventing all forms of violence against women and girls.
-
News22 hours ago
Judicial Commission suspends four Nigerian judges for drunkenness, forgery
-
News22 hours ago
PDP Senate Caucus insists Ighodalo’s mandate was stolen
-
News22 hours ago
Hisbah Destroys N450l Worth Of Alcohol, Nabs Vendor In Yobe
-
News22 hours ago
Car dealer surprises Davido, gifts him new Escalade car worth N228M as birthday gift, he reacts
-
News5 hours ago
DHQ Gives Updates on on Arrest, Trial of Simon Ekpa in Finland
-
News5 hours ago
Japa: 1 of 4 Nigerians want to leave the country – NBS
-
News4 hours ago
2027: Obasanjo’s knock on INEC reopens push for electoral reform
-
News4 hours ago
Senate mandates military to free LGs under B’Haram control