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N2.5bn: Skye Bank takes case against Tuns Farm to Supreme Court

Timothy-Oguntayo

Timothy Oguntayo: GMD of Skye bank

Timothy Oguntayo: GMD of Skye bank
Timothy Oguntayo: GMD of Skye bank

The drama between Skye Bank and Tuns Farm Nigeria Plc has taken a new turn. The commercial bank has approached the Supreme Court to overturn a judgment against it by a Federal Court of Appeal sitting in Akure, Ondo state.

It would be recalled that on Tuesday 12 May, the Appeal Court upheld an earlier judgment by an Osun state High Court sitting in Osogbo and ordered Skye Bank Nigeria Plc to pay N2.5 billion as damages to an Osogbo based firm, Tuns Farm Nigeria Plc over breach of contract.

According to sources, a notice of appeal and stay of execution of judgment with an omnibus ground have been filed.

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“The trial court based its finding on particulars of special damages that never existed in the statement of claim of the customer. The Appeal Court, despite holding earlier that it was not part of the record of proceedings, still went ahead to sustain the special damages. Not only that, the valuation report on which the court based its special damages was tendered by a person that the bank’s solicitor had no opportunity to cross examine. Yet the court relied on his evidence and the court of appeal upheld it,” a statement sent to PM News read.

Skye Bank is optimistic that the apex court will rule in its favour. “The respondent believe strongly that the Supreme Court will upturn the decisions of the court of appeal due to all these errors and other. Meanwhile the bank’s solicitors are currently preparing additional grounds of appeal for further filing as allowed by law,” the statement added.

With the steps already taken, parties are required to maintain status quo, particularly the judgment creditor, is prevented from taking any step towards the realization of the judgment until the motion for stay and the appeal are determined.

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