By Egena Sunday Ode
Three years after an Abuja High Court awarded N50 million damages against First Bank for fraud against Famag – Jal Nigeria Limited , the bank is yet to comply with the order .
Justice A. M. Talba had in November 2017 in his judgment awarded 50 million damages against First Bank in favour of the company.
The judgment followed a suit filed in the court by a director and shareholder in the company Tafida Isa Mafindi, accusing first Bank of fraud.
According to him the bank gave him a commercial loan instead of agricultural loan he sought for.
The judge in his judgement berated First Bank for acting negligently by conveying a wrong expiration date of 12 months with 6 months moratorium to Central Bank Of Nigeria instead of 46 months inclusive of 6 months moratorium which resulted in the recall of funds granted Famag- Jal Nigeria limited by the CBN offer letter dated January 27,2010.
He also stated that a declaration that the acts of the Bank for refusing to immediately disclose its negligence of conveying a wrong expiration date of 12 months with a six months moratorium to CBN instead of 46 months inclusive of 6 months moratorium to the company which resulted in the recall funds granted the company by the CBN has grossly affected the business of the plaintiff .
He equally declared that the bank fraudulently and knowingly sought to benefit from their negligent act of conveying a wrong expiration date of 12 months with a 6 months moratorium to CBN instead of 46 months inclusive of 6 months moratorium which resulted in the recall of funds granted by the CBN by offering the company another loan on different terms and conditions from that of the loan granted by the CBN aimed at bringing excessive gain to the Bank and causing untold hardship on the company .
