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  • Industrial Court [Indebted Loan] Industrial Court orders ex-banker to pay Keystone Bank N4.4million
    2020-05-29 00:00:00

    [Indebted Loan] Industrial Court orders ex-banker to pay Keystone Bank N4.4million

    His Lordship, Hon. Justice Ikechi Nweneka of the National Industrial Court Lagos Judicial division has ordered ex-banker Mr. Emmanuel to pay its former employer Keystone Bank the sum of Four Million, Four Hundred and Seventy –Six thousand, Fifty-Nine Naira, Twenty Kobo indebted as a result of the facilities granted to him on 1st July 2009 and 28th October 2009. 

    The Court further directed that the sum shall bear interest at the rate of 10% per annum from the date of the judgment until fully liquidated with N50, 000 costs of action.

    From facts, the bank had submitted with evidence that Emmanuel has refused, failed and/or neglected to pay back for the said various loan facilities till date despite having utilized same, urged the Court to award interest on the amount claimed at the rate of 19% per annum from 1st April 2016 until judgment and thereafter at the same rate until final liquidation of the entire debt.

    However, despite serving processes on the Defendant in accordance with the Rules of the Court, the defendant - Emmanuel did not enter an appearance or file any defence or take part in the proceedings even though there was evidence of service of hearing notices at his last known address.

    Delivering judgment, the presiding Judge, Justice Nweneka after carefully fully considered the pleading, witness deposition; exhibits and the written submission held that Keystone Bank has discharged the burden of proof thrust on it. 

    “It is trite law that where a Defendant served with Court processes refuses to defend the claim, the burden of proof on the Claimant is minimal.

    “However, this Court is empowered by Order 47 rule 7 of its Rules to award post-judgment interest at a rate not less than 10% per annum. This is what the Claimant is entitled to and this is what it will get.” Justice Nweneka ruled.

    For Full Judgment, Visit Judgment’s Portal