A Federal High Court in Abuja has fixed October 7 for trial in a N160 million suit instituted by Victoria Ventures Nigeria Limited (VVNL), a customer of First Bank Nigeria against the bank over its alleged refusal to pay back fixed deposits and interest thereof.
In the suit filed by Dr. Elijah Oluwatoyin Okebukola, the plaintiff is asking for N10m as general damages and N50m as aggravated damages.
Before the relationship between VVNL and First Bank turned sour, officials of the bank were said to have convinced Prof. John Ayoade (VVNL director) of excellent returns on investments for depositor’s funds and the advantages of opening a fixed deposit investment with the bank. According to the plaintiff, by October 2009, a total of N30m was deposited with the bank. It was also alleged that N20m was used to open another investment for Prof. Ayoade himself.
The plaintiff stated in the 57 paragraphs’ statement of claim that one Imam Asiat, an employee of the bank had called Prof. Ayoade at various times to inform him of the maturity of his investment and same rolled over but that she did not send any documentation to relay the information.
Dissatisfied with the bank’s alleged failure to issue appropriate documents, the plaintiff stated that he requested for the liquidation of the investment. 