An Enugu State High Court presided over by Justice Chukwunweike Ogbuabor on Tuesday adjourned a N4 billion lawsuit against First Bank of Nigeria Plc to Jan. 16, 2024, for hearing.

The suit was instituted by a Non-Governmental Organisation (NGO), called Incorporated Trustees of International Vocational Centre (IVC) and Dr Pedro Manuwa.

The adjournment by Ogbuabor followed the absence of defense counsel, Chris Aghanwa in court.

When the matter was called up, Maximus Ugwuoke the Counsel to the Plaintiffs informed the Court that they were ready for the hearing but counsel to the defendant, O.C Njoku who held brief for Aghanwa told the court that Aghanwa had an emergency.

He said he had an appointment with his doctor and as a result was not able to appear in court and sought for adjournment.

The defendant’s counsel, who was not happy with the development, told the court that stalling the case by the defendant had brought more cost on the Plaintiff who flew into the country from the United Arab Emirates purposely for the proceedings.

He, however, requested for a cost against the defendant but Ogbuabor in a ruling, said since today was the first time the case was coming up after the court returned from its national assignment and resumed sitting, he would oblige the defendant with the adjournment sought.

He, therefore, adjourned the matter till Jan. 16, 2024, for a hearing.

It would be recalled that the plaintiff’s former counsel, Mr Chikadibia Anosike, in the statement of claim said that they had in the last five years maintained two accounts with the defendant to wit: 2027073629 (Current Account) and 3091251391 (Savings Account) with the name International Vocational Centre.

They averred that on Feb. 4, 2019, it issued First Bank cheques to several beneficiaries of their education fund but the defendant negligently paid one of the beneficiaries N150,000 as against N15,000.

“There have been incidences of negligence by the defendant in handling the plaintiff’s account which had led to several losses, ridicule and untold hardship on the plaintiffs.

“On account of the said over-payment, some of the cheques issued to those beneficiaries were returned unpaid. Some person(s) colluded with the defendant and have opened account number 3141684991 with the name International Vocational Centre, Niger State chapter,” he said.

The claimants alleged that such person(s) had been demanding and receiving money from the public and prospective beneficiaries of the scholarship funds, thereby, tarnishing their image.

The lawyer said that the plaintiffs had made complaints to the defendant’s Enugu Branch, demanding for the closure of the said account but every complaint fell on deaf ears.

“Many prospective students have been duped by reason of the said illegal account and the plaintiff’s image has been ridiculed and brought into disrepute globally by the reason of the action,” the plaintiffs claimed.

They also averred that they had continued to lose funds for its developmental projects in Nigeria as their donors had started to withdraw their sponsorship on the wrong perception that the plaintiffs had become a dubious entity.

…Exchanges at N771.69 at the Investors and Exporters window***

The Naira appreciated against the Dollar on Thursday as it exchanged at N771.69 at the Investors and Exporters window.

The local currency gained by 0.22 percent compared to the N773.42 it exchanged for the dollar on Wednesday.

The open indicative rate closed at N777.82 to the dollar on Thursday.

A spot exchange rate of N799.90 to the dollar was the highest rate recorded within the day’s trading before it settled at N771.69.

The naira sold for as low as N700 to the dollar within the day’s trading.

A total of US$121.60 million was traded at the investors and exporters window on Thursday. 

The Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja on Thursday imposed a fine of N120 million against  Stanbic-IBTC Bank over the bank’s failure to complete a transfer request for a customer.

it is yet to be determined, if the bank would appeal the decision.

In a split decision of two to one, the tribunal convicted the bank for contravening the provisions of Section 130(1)(a) of the FCCP Act, 2018 and Section 5(2)(8) and (9) of the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers.

The tribunal said the fine was imposed due to the bank’s failure to comply with the 10 minutes or at most one-hour mandatory timeline for failed transfers to be reversed as provided by Sections 154 and 155 of the FCCP Act, 2018.

The lead judgment delivered by Hon. Sola Salako-Ajulo also ordered the bank to pay the claimant, Mr Clement Osuya, the sum of N1 million as the cost of filing the action.

“The tribunal holds that in as much as the defendant (IBTC) failed to comply with the two instructions of the claimant to transfer the sums of N500,000 to another account in Access Bank, as no transfer took place at both times, defines that the defendant breached the banker-customer contractual relationship between the two parties,” Ajulo said.

 The tribunal, however, refused to award the sum of N5 million to Osuya as compensation on the grounds that he failed to prove any injury he suffered as a result of the failure of service delivery by the bank.

Hon. Ibrahim Yakubu concurred with the verdict of Salako-Ajulo while the presiding judge, Hon. Chuma Mbonu disagreed and gave a minority judgment.

Mbonu in his minority judgment held that the tribunal lacked the jurisdiction to entertain the petition.

According to him, the tribunal has the powers of appellate jurisdiction and not of original jurisdiction and he consequently struck the suit out for lacking in merit.

Osuya had filed a petition against the bank challenging the failure of the bank on two occasions to transfer the sum of N500,000 from his IBTC account to his Access bank account.

He claimed that the money was for the payment of school fees for his children.

He told the tribunal that on Sept. 8, 2022, he filled out a form under the NIS Instant Payment option for a transfer of the sum of N500,000 to his Access Bank account.

He held that whereas the money, on both occasions left his IBTC account as the account was debited, it never arrived in his Access bank account because it was not credited.

Osuya told the tribunal that reversal on the first transaction was done after 24 hours while that of the second transaction was reversed after 72 hours.

He further alleged that this neglect of duty of care by the bank caused him trauma, embarrassment, and a dent in his reputation as he was forced to collect a loan.

The bank, through its counsel, Mr. Marcel Osigbemhe had blamed the failure of the transaction on the third-party NIPS service.

Osigbemhe, in a brief remark, expressed his displeasure over the judgment, saying he wondered how his client could be convicted when there were clearly no charges brought against it.

Counsel to the claimant, Ms. Deborah Solomon, for her part, thanked the Tribunal for the well-considered judgment.

The fine is to be paid into the tribunal’s remita account.