Customer Slams N69m Suit On Finbank


An aggrieved customer of Finbank Plc, Alhaji Ahmed Yinka Aluko, has slammed N60 million suit on the bank over an alleged breach of agreement.

Also joined as co-defendant in the ensuing legal battle is Asset Management Corporation of Nigeria, AMCON.

According to a statement of claim filed before a federal high court, Lagos, southwest Nigeria, by a Lagos lawyer, Barrister A. Bayero, on behalf of the plaintiff, it was alleged that sometime in November, 2007, Finbank Plc through its officers introduced Alhaji Ahmed Yinka Aluko to Finbank Plc investors forum in order to participate in public offer of shares in blue chip companies in return for promise of good earnings through capital appreciation and good dividends and business.

The bank then entered into an agreement with the plaintiff and granted him a short term loan of N90 million while the plaintiff provided N10 million as equity contribution to the purchase.

However, the plaintiff alleged further that, to his chargin and in breach of the agreement between the two parties, the bank failed and refused to diligently invest the aforesaid loan in buoyant and viable blue chip companies.

The bank also failed to either write to the plaintiff or invite him for a meeting to intimate him with the investment made in his name and due to the unsatisfactory way the loan was managed, the plaintiff instituted legal action against the bank at the Lagos State High Court.

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Thereafter, by written agreement, the bank assigned the entire loan and the loan rights of the plaintiff to Asset Management Corporation of Nigeria, AMCON. The assignment was alleged to have been hurriedly done with the aim of avoiding giving account as to how the sum of N100 million marginal loan advanced to the plaintiff was invested or managed.

The plaintiff further stated that the entire N100 million marginal loan has always been in the custody and control of the bank and nothing was released to him.

Strange persons believed to be the agent of AMCON, have been visiting and inspecting the property used as security for the 10 percent equity contribution by the plaintiff for the loan.

Therefore, the plaintiff claims against the defendants jointly and severally are as follows, an order restraining Asset Management Corporation of Nigeria and its agents from giving offer to the bank’s letter of transferring the loan and the loan right of the plaintiff to AMCON same, having been made during the pendency of a suit at a Lagos high court.

General and exemplary damages in the sum of N50 million and another N10 million being the cost of this legal action.

—Akin Kuponiyi

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