Accountant Engages Sterling Bank In Legal Battle

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Akin Kuponiyi
A Nigerian chartered accountant based in Canada, Dr Adekunle Oladosu, has dragged Sterling Bank Plc before a Federal High Court, in Lagos, southwest Nigeria, over an alleged breach of contract.
In an affidavit sworn to and filed before the court by his attorney, Barrister Olali Emmanuel, the deponent averred that Dr Oladosu of 1, Adebiye Close, Langbasa, Ajah, Lekki, Lagos now resident in Canada, sometime in December 2010 opened a fixed deposit account with Sterling Bank Plc at its headquarters and placed the sum of N29 million investment for a 30-day tenor.
After he deposited the N29 million, the bank wrote him a letter of confirmation of the terms of the investment whereby the bank was to roll over the deposit at maturity. Consequently, acting on the sole instruction, the bank rolled over the investment thirty five times and on two occasions the bank wrote the plaintiff notifying him of the transfer of the sum of N212,847.42 being accrued interest on his investment to his account at Guaranty Trust Bank in line with his instruction.
Yemi Adeola, MD, Sterling-Bank
However, on 11 February, 2014, the plaintiff issued a withdrawal instruction to the bank to the effect that the bank should issue a bank draft for N6 milion from his investment in favour of his solicitors but his instruction was blatantly disregarded by the bank though he had sufficient fund to cover his request.
Mr Olali avered further that on 1 March, 2014, Dr Oladosu issued another instruction that his account with the bank should be closed, but the bank also refused.
Consequently, the plaintiff averred that the flagrant dishonouring of his lawful instruction constitutes a gross breach of the bank’s duty which has occasioned damages.
In his particulars of damages the plaintiff contended that the bank acted with utmost recklessness, malice, cruelty, insolence and deceit when …Read More

Source:: PM Newspaper