14th October, 2010
A minor, Temosan Olumide-Fusika, suing through her guardian, Mrs. Olanibi Olumide-Fusika,Â has dragged Access Bank Plc before a Federal High Court in Lagos, over alleged failure ofÂ the bank to refund the money for unalloted shares.
In a statement of claim filed before the court by Barrister Olagunju Tomiloba ofÂ Citipoint Chambers, it was alleged that between 23 July and 29 August, 2007, Access BankÂ Plc invited the public to subscribe for its shares of 50 kobo each at N14.90k per shareÂ and supplementary offer of 4,442,501,857 ordinary shares of 50k at N14.90k per share.
In response to the invitation, the plaintiff offered to purchase 50,000 units of theÂ shares for which he paid the total sum of N745,000.
By a letter dated 11 February, 2008, the defendant informed the plaintiff that of theÂ 50,000 units of shares she applied for, only 35,000 had been allotted to her and that sheÂ must have received N223,500 being the value of unalloted shares.
Contrary to the assertion of the bank, the plaintiff has, up till now, not received theÂ N223,500, which is the value for the shares not allotted to her.
The plaintiff then alleged that the bank has continued to withhold the her money, keepingÂ her out of the use of same from 5 August, 2008, while it utilises it in its bankingÂ business of commercial lending.
Consequently, owing to the refusal of the bank to refund the money, the plaintiff hasÂ been compelled to engage lawyers to seek its recovery.
Therefore, the plaintiffâ€™s claims against Access Bank are as follows: N223,500 being theÂ value of the unalloted shares, interest on the said sum at the rate of 23 per cent perÂ annum and N800,000 being counselâ€™s professional and filing fees.