By Kenneth Atavti
A new generation bank, Fidelity Bank, on Monday informed Justice Chinyere Nwecheonwu of High Court of the Federal Capital Territory sitting in Kuje, that it has lodged an appeal challenging the July 18, 2024, judgment of the court, which had ordered it to pay the sum of N34.4m damages and compensation to a Kano-based car dealer, Tripple C Motors.
At a resumed sitting, counsel to Fidelity Bank, Elvis Utulu, informed the court of his intention to withdraw a motion for stay of execution of the judgment, delivered on July 18.
Utulu told the court that he was minded to withdraw the motion because he has filed a notice of appeal at the Court of Appeal, challenging Justice Nwecheonwu’s judgment.
Counsel to Tripple C, Naomi Osezele, did not oppose withdrawal of the motion.
Subsequently, the motion for stay having been withdrawn, Justice Nwecheonwu dismissed it.
Recall that Justice Nwecheonwu gave the order in a judgment on a suit by Tripple C Motors, seeking about N40m compensation against Pagmat Oil and Gas Nig. Ltd; Prudential Steps Savings & Loan, and a new generation bank.
The suit was filed on behalf of the claimant by Ojonimi S. Apeh.
In her judgment, Justice Nwecheonwu had declared that the bank unlawfully withheld the claimant’s money for a period of 43 months without justification.
Consequently, the court resolved the sole issue for determination of the case in favour of the claimant, holding that the claimant was entitled to payment of the N86 Million by the defendant within 30 days of the supply of the cars for and at the instance of the defendant being the value of the cars supplied for and at the instance of the defendant by the plaintiff on 28/12/2018.
The court made, “A declaration that the refusal and failure of the defendants to pay the Claimant the sum of N86 million for supply of cars made by the claimant for, and at the instance of the defendants as at when due, renders the defendants liable to payment of compensation to the claimant for wrongly holding onto the money of the claimant in a commercial transaction.
In addition, the court declared that the refusal and failure of the defendants to pay the Claimant the sum of N86 million for supply of cars it made for, and at the instance of the defendants as at when due resulted in the loss of profits/ earnings to the claimant in the sum of at least N4.3million per month for a period of 43 months culminating in loss of at least N34.4million for that period and thereby rendering the defendants liable to the claimant in damages.
Furthermore, the court made, “An order directing the Defendant to pay the Claimant the sum of N34.4million as projected returns and/or loss of anticipated profits/earnings within the 43 months the money of the Claimant was withheld.
In addition, Justice Nwecheonwu, ordered the payment of 10 percent interest on the judgment sum yearly from the date of judgment until the judgment debt is fully liquidated.
However, the court refused to grant the Claimant’s relief seeking the sum of N6million as cost of suit.
