February 4, 2023



Alleged breach of contract: Zenith Financial institution emerges victorious at Enchantment Courtroom

After a number of months of authorized tussle between Zenith Financial institution Plc v Actual Built-in & Hospitality Restricted and State Common Fundamental Training Board (SUBEB) Gombe State, a three-man panel within the Courtroom of Enchantment sitting in Lagos led by Justice Muhammed Sirajo have unanimously upturned the Lagos State Excessive Courtroom judgment of Justice O. O. Abike-Fadipe towards Zenith Financial institution.

Actual Built-in & Hospitality Restricted and State Common Fundamental Training Board (SUBEB) Gombe State had earlier secured judgment towards the financial institution over claims that on March 8, 2022, there was a breach of contract as a result of on October 7, 2011, Zenith Financial institution refused Actual Built-in to withdraw from its Account No. 1012465427.

In her judgment, she directed Zenith financial institution to pay an curiosity of 15 per cent each year on the N872,780,522.84 from Could 17, 2011, when the superior fee ensures expired until judgment and thereafter on the fee of 10 per cent each year till ultimate liquidation.

Nonetheless, in enchantment on CA/LAG/CV/262/2022, Zenith Financial institution’s workforce of counsel led by Prof. Fabian Ajsaid (SAN) and Mr Sylva Ogwemoh (SAN)  challenged Justice O. O. Abike-Fadipe’s determination of awarding N2,500,000 as the price of the motion in favour of Actual Built-in.

The authorized workforce through legitimate argument backed by proofs argued and sought an order setting apart the decrease court docket determination on the bottom that it acted in full compliance with its contractual obligations consistent with the Superior Cost Assure (APG) contract and that the trial court docket was unsuitable.

See also  NAICOM applauds business’s response to claims settlement

The Courtroom of Enchantment, in a unanimous determination on November 23, agreed with the financial institution’s submission and resolved all the problems raised in its favour. It was gathered that; the first Respondent, by way of its Counsel, E.O Jakpa, argued that the financial institution breached the contract whereas SUBEB Gombe State didn’t contest the Enchantment.

Other than the appellate court docket setting apart the judgment of Justice Abike-Fadipe, the decide additionally awarded a value of N200,000 towards Actual Built-in & Hospitality Restricted and in favour of Zenith Financial institution.

The enchantment court docket additional acknowledged that the decrease court docket judgment was upturned on the bottom that the trial court docket was unsuitable to have presumed that the financial institution withheld the total account assertion of Actual Built-in within the gentle of Exhibit C6 (the great Assertion of Account of Actual Built-in), which was tendered by the financial institution for a restricted objective, including that there was no want for the decrease court docket to have invoked Part 167 (d) of the Proof Act, 2011 towards the financial institution.