Customer Slams N300m Suit On Sterling Bank
For alleging that Alhaja Monsurat Ajoke Odulana, trading under the name and style of Joke Odulana Nigeria Enterprises is owing N61 million and causing her account in UBA to be frozen, the businesswoman has slammed a N300 million suit on Sterling Bank Plc.
In a statement of defence and counter claim filed before a Federal High Court by a Lagos lawyer, Barrister Bode Olaosebikan, the defendant while, denying almost all the claims of Sterling Bank, alleged that she maintains two accounts with the bank, a term of mortgage facility account operated in her personal name on which a loan of N49 million was granted to enable her complete her house at 17, Layi Bembe Road, Park View, Ikoyi, Lagos.
Another account in her business name on which the bank granted a revolving overdraft of N15 million was secured by the title deeds of a property at Block 13, Plot 7, Osborne Road, Ilubirin Foreshore, Ikoyi, Lagos, while the mortgage account was secured by 17, Layi Bembe Road, Park View, Ikoyi.
The two accounts, she said, have always been administered separately, but unknown to her, the branch manager included the property at Park View worth over N400 million for which she obtained a separate mortgage facility as additional collateral to the initial property provided in securing the N15 million overdraft which was a property at Osborne Foreshore. This, she averred, amounted to abuse of trust.
Alhaja Odulana further alleged that as a result of the trust and confidence she reposed in the bank manager, she introduced her to a finance company, Bills And Cash Ventures, to obtain an overdraft and the manager personally undertook to pay in the event of default and consequently issued two personal postdated cheques to the finance company.
The defendant contended that she never agreed to the merging of the loan, which complicated the entire repayment process and put her under undue pressure, while the bank continued to commit several breaches, charging excessive interest on her account. In addition, no statement of account was issued until the pendency of this case.
It was also averred that when one wing of the duplex in Park View was successfully leased out, the bank requested that the funds be lodged into her account domiciled in the bank, but the defendant refused, insisting that her account be reconciled hence, the money was paid into another account she keeps with UBA over which Sterling Bank Plc obtained a court’s order to freeze.
The loan could have been fully liquidated if the bank had not frustrated the sale of her property at Osborne Foreshore as she had stated her intention that she was ready to liquidate the outstanding balance of the loan, but the bank must resolve the anomalies in her account.
The defendant stated further that the manipulation by merging the two accounts without her permission, charging excessive interest and the high handedness of freezing her account made it impossible for her to either trade or repay the loan, causing complications that have led to the impairment of the facilities.
Consequently, Alhaja Odulana, in her counter claim, is demanding N300 million as damages as well as urging the court to direct that an independent accounting firm reconciles the account and UBA Plc to pay the outstanding balance in her account with it.
The presiding judge, Justice Okon Abang, has adjourned for further hearing.
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