A firm, Austin Laz and Company has obtained a judgment against the Bank of Industry (BoI) in a loan dispute.
In his lead judgment dated May 17, 2018, Justice Mudashiru Nasiru Oniyangi of the Court of Appeal, Benin, Edo State, set aside the judgment of the Federal High Court, Benin delivered on July 6, 2015, holding that the trial court ruling in favour of BoI was premature and incompetent.
The Appeal Court further ordered BoI to vacate the premises of Austin Laz and Company Limited forthwith, awarding a cost of N100, 000 in favour of the appellants (Austin Laz Company Ltd and Austin Lazarus Asimonye) and against BoI, the respondent.
The Chief Executive Officer of the company, Austin Lazarus Asinmonye, a former National Vice President, Manufacturers Association of Nigeria (MAN), Western Zone, said the company approached BoI in 2011 for N120million five-year term facility to augment the setting up of a new production line of which approval was given. He regretted that the bank could not release the money in full to it which hindered the completion and take-off of the new production plant.
On the ground of disagreement between him and the investment bank, the bank sealed the company two years into the five-year term loan, and four other companies belonging to him through a lower court ruling citing failure to repay the loan instalment.
Contacted, a BOI official, who asked not to be named, said the bank has nothing to add as the matter has been adjudicated upon by a court of competent jurisdiction.