Transactions were halted in the three branches of Skye Bank including
the pay point office inside LAUTECH Osogbo, Osun state capital, as the
state High Court sealed off the bank for breaching over N3billion
contract with Tuns Farms Nigeria Limited.
Court officials had
stormed the four branches of Skye Bank around 8.20 a.m when the bank was
set to be receiving customers, preventing transactions and other
activities.
All the staffers were sent out while cars, generators, and other movable properties of the banks were moved away.
The Honda Accord with registration number Lagos KTU 373 AY, belonging
to the Regional Manager of the bank in Fagbewesa Street, Osogbo was also
towed away.
While pleading for mercy, the Regional Manager who
was in a totally unsettled to answer questions from journalists, said
his second car at the Alekuwodo branch has been towed away, urging the
court officials to leave one for him to enable him move around.
However, investigation revealed that the bank had entered into agreement
with Tuns Farm in 2005 when the bank offered a credit facility of
N414,000,000 to Tuns and the money was accepted to develop the Abuja
property projected to earn Tuns a net income of N1.152 billion.
It was gathered that Skye Bank turned around and released only N150
million, thus frustrated the company's project and caused damages for
huge loss of investment.
According to the judgment signed on
January 12, 2016 and obtained by our correspondent, the court is to
seize any money, bank notes, cheques, bills of exchange, promissory
notes, bonds or securities for money, found within the Osogbo Judicial
Division of the bank.
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 court further held that
"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
break down.
"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, given 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).
However, all efforts
of the Skye Bank to win the case have been in futility as Justice
Danjuma subsequently dismissed their petition on June 4, 2015.
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