Dipo Olowookere
By Dipo Olowookere
One of the numerous customers of Diamond Bank Plc is asking a Federal High Court sitting in Lagos to compel the bank to cough out the sum of N2.7 billion.
The customer, Gitto Costruzioni Generali Nigeria Limited, a contruction company, accused the financial institution of mismanaging its account domiciled in the bank.
The firm alleged that the lender overcharged it and in one instant, made it to suffered a huge loss.
Consequently, the company wants Diamond Bank to pay for the loss and other things it allowed it to suffer as a result of its actions.
In a statement of claim filed through its counsel, B. A. M Ajibade (SAN), the construction company disclosed that in 2004, it opened an account with Diamond Bank to execute construction projects. As their relationship strengthened over the years, it was able to secure overdrafts, loans and bank guarantees from Diamond Bank.
Gitto further claimed Diamond Bank had voluntarily agreed to stop charging penal fees of one percent in respect of the overdraft facility accounts whenever the account would be in excess of the overdraft facility, while the terms and conditions of the facilities as stated and specified in respective offer letters were subject to the subsisting laws of the land, regulations and conditions imposed by the Central Bank of Nigeria (CBN) in its role as the regulator of the Nigerian banking sector, banking practice, and informal agreements of the parties as clearly documented in the bank statements.
However, things started to fall apart when the bank allegedly began to overcharge the company’s main account with sundry levies including Commission on Turnover (COT), lending fees, bank guarantee fees, transfer fees and interest on loans in a manner contrary to the written agreements the company had earlier signed with the bank.
Also, it alleged that the lender consistently charged interest rates above the rates negotiated and agreed by the parties and over and above the maximum rates stipulated by the CBN in its extant guidelines and directives on bank charges.
The statement claimed further that an audit of the company’s accounts revealed that it had been overcharged to the tune of N1.5 billion by Diamond Bank, which the bank reportedly disputed, but admitted that it was only N246 million it overcharged the account.
The company further claimed that the uncertainty surrounding its accounts with Diamond Bank and the bank’s withdrawal of funds from its accounts through illicit charges caused cash flow problems and delays for the company and contributed to the company’s inability to execute some major projects, including the Akwa Ibom Airport, in a timely and efficient manner.
As a result, the firm wants N564 million in damages for loss of profit, N1 billion in special damages for consequential loss, another 1 billion in general damages for breach of the banker/customer relationship, and an additional N100 million in legal costs.
According to reports, the case has been adjourned by the court till October 15, 2018 for hearing.
