A High Court of the Federal Capital Territory, FCT, sitting at Kuje, on Thursday, ordered Fidelity Bank to pay the sum of N34.4million as damages and compensation to a Kano-based car dealer, Tripple C Motors.
The court, in the judgement that was delivered by Justice Chinyere Nwecheonwu, said it was satisfied that the Claimant’s money was unlawfully withheld for a period of 43 months without justification.
Aside from the bank, other defendants in the matter were; Pagmat Oil and Gas Nig. Ltd, as well as Prudential Steps Savings & Loan.
According to the court, evidence that was adduced in the matter that was brought before it, established that the Claimant was entitled to a payment of N86m by the defendants, within 30 days after he made a delivery of seven cars on December 28, 2018.
It declared that “the refusal and failure of the defendants to pay the Claimant the sum of N86m for supply of cars made by the Claimant for and at the instance of the defendants as at when due, rendered the defendants liable to payment of compensation to the Claimant for wrongly holding onto the money of the Claimant in a commercial transaction.”
The court further declared that the refusal and failure of the defendants to pay the Claimant the sum of N86m for supply of cars ordered, as at when due, resulted in the loss of profits/earnings to the Claimant in the sum of at least N4.3m per month for a period of 43 months, cumulating in a loss of at least N34.4m for the period and thereby rendering the defendants liable to the Claimant in damages.
Furthermore, the court made an order directing the defendants to pay the Claimant the sum of N34.4m as projected returns and/or loss of anticipated profits/earnings within the 43 months the money of the Claimant was withheld.
Justice Nwecheonwu further ordered the payment of 10 percent interest on the judgment sum yearly from the date of judgment until the debt is fully liquidated.
However, the court refused to grant the Claimant’s relief seeking the sum of N6m to cover the cost he incurred while prosecuting the suit.
The Claimant had in the process he filed through his lawyer, Mr. Ojonimi S. Apeh, told the court that he delivered the vehicles, based on the fact that a Block Funds/Irrevocable Standing Order, dated December 20, 2018, was issued by the Utako branch Manager of Fidelity bank and handed to the Director of the company, Dr. Adamu Kukuri.