ACCESS BANK WANTS TO DUPE ME – OBA TEJUOSO

THE Osile of Oke-Ona Egbaland, Oba Adedapo Adewale Tejuoso has slammed a N500 million suit on Access Bank Plc and the Assets Management Corporation of Nigeria (AMCON) before a Federal High Court in Lagos demanding N500 million damages over breach of agreement on a margin loan.

The Ogun State monarch, in the suit with reference number FHC/L/CS/1348/12, accused the bank of mismanaging some shares which were purchased on his behalf, and of failing to render full accounts of the transaction despite several demands. 

Oba Tejuoso also alleged that the bank was grossly reckless and negligent in the management of the shares, which resulted in serious losses and damages to him.

In his statement of claim, the medical-doctor-turned traditional ruler, averred that sometime in October 2007, Intercontinental Bank (now Access Bank) approached him with a proposal to apply for a margin loan to buy shares in some blue chip companies, and that after much pressure, he succumbed and applied for N467,100,000.00 loan for the purpose of buying shares subject to his contribution of ten percent of the loan sum.

By 2007 December, Oba Tejuoso further claimed, the bank made a formal offer of the loan, while his instruction based on the advice he received from the bank and its subsidiary, Intercontinental Securities Ltd (third defendant) was that the money should be used to purchase 8 million units of Zenith Bank and 10 million units of Bank PHB shares. 

He also told the court that he contributed N47, 000,000.00 cash, while the purchased shares were kept in the bank's custody as collateral.

Besides, the monarch told the court that it was the agreement that at any time its value dropped below 130 percent, the bank should sell the shares and credit him with proceeds to pay off the debt.

He maintained that the shares were not under his control and that the bank failed to sell the shares as agreed when the value dropped far below 130 percent.

But before then and after the maturity of the loan, the monarch stressed that when he did not receive correspondence from the bank, he wrote them seeking a clean bill of health and refund of N56, 843, 519 10 and N13, 300, 889.00 being the balance due to him on the loan transaction.

But to his surprise, rather than pay him his balance, the bank wrote him a letter demanding N299, 577, 863 80 purportedly as outstanding sum on the loan.

The monarch again demanded his money from the bank, but it was refused while AMCON took over the loan, and threatened to embarrass him with precipitate foreclosure of his other assets not pledged towards the share purchase loan. 

Oba Tejuoso is, therefore, praying the court to mandate the bank to render full account of its dealings on the loan, and an aggravated N500 damages for failure to carry out the agreement between them.

He also seeks a perpetual injunction restraining the defendants from freezing his bank accounts or taking over the possession of his movable assets without first obtaining judgment against him for a specific sum of money.

But Access Bank has filed a preliminary objection, asking that the matter should be struck out on the ground that the court lacked the jurisdiction to entertain the suit.

The bank said AMCON has taken over the loan hence there is no reasonable cause of action against it any longer.

Source: Compass