Sodiq Adekunle, Osogbo
An Osogbo High Court has sealed off the bank three branches of Skye Bank including the pay point office inside LAUTECH Osogbo , for breaching a contract worth over three billion naira contract with Tuns Farms Nigeria Limited.
It was learnt that transactions were halted in Skye Bank branches by court officials, who had stormed the four branches of Skye Bank around 8.20 a.m.
It was gathered that all the staffs were sent out while cars, generators, and other movable properties of the banks were moved away.
It was learnt that the bank had entered into agreement with Tuns Farm in 2005 when the bank offered a credit facility of N414million to Tuns and the money was accepted to develop the Abuja property projected to earn Tuns a net income of N1.152 billion.
But Skye Bank released only N150 million, thus frustrated the company's project and caused damages for huge loss of investment.
Among the properties moved away was the Honda Accord with registration number Lagos KTU 373 AY, belonging to the Regional Manager of the bank in Fagbewesa Street, Osogbo.
While appealing to the court officials to leave one of his cars, the Regional Manager who was in disarray, said, "My second car at the Alekuwodo branch has been towed away,urging the court officials to leave one for him to enable him move around.
In a Certified True Copy of judgment delivered by Justice A. O. Ogunlade on March 14, 2014, the court held that "I am convinced by overwhelming evidence laid before me that the Defendant (Skye Bank) breached the fundamental terms of the contract in facility 11 of Exhibit PA1 without lawful justification and I hereby make an award of special damage in full to the Claimant, in the sum of N421,384,000, being the loss the Claimant suffered due to the refusal and failure of the Defendant to comply with the terms and conditions of the contract of 17th August, 2005.
"The Claimant through one of the paragraphs of its statement of claim has established the fact that the breach of the terms and conditions of the contract in facility 11 of Exhibit PA1 caused the Claimant's director and shareholders myriad of psychological trauma and emotional breakdown.
"I am in agreement with the assertion of the Claimant, considering the credible and in some areas uncontroverted evidence led before me that general damage should be awarded in this suit. I consider the sum of N25 million adequate, as general damages to the Claimant by the Defendant in this suit."
Also, in the appeal filed by Skye Bank against Tuns International Holdings Ltd and Tuns Properties Ltd, dated May 8, 2015, Justice Mohammed Danjuma of the Court of Appeal held that the Appeal lacks merit and is 'hereby dismissed.'
The court held that "Judgment of the High Court of Osun State delivered by Justice Aderibigbe is hereby affirmed."
Three High Court judges, Justices Oyejide Falola, A. O. Ogunlade and Adeigbe Aderibigbe, have presided over the matter, and gave a similar judgment.
Justice Falola on November 20, 2015 awarded N2.473 billion in favour of the claimant (Tuns Farms), N150 million as general damages, while Justice Ogunlade awarded N421,384,000 and N25 million damages against the defendant (Skye Bank).
Written by NEWSTRAWL ONLINE UPDATE
Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner
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