Bank, customer bicker over N75.5m facility

BY ABDULWAHAB ABDULAH A N75.5 million suit has been filed before a Lagos High Court against Diamond Bank Plc over alleged breach of contract from one of its customers.
In a suit filed by Angel’s Eye Nigeria Limited, the company was praying the court to declare that the alleged failure of the bank to honour the restructured loan agreement it had with it constitutes a breach of contract.
In its defence, Diamond Bank Plc stated that it took all its actions “in accordance with the terms of the offer letter and that it was the act of the claimant (Angel Eye) that vitiated the contract.”
It agreed that though, it restructured the earlier loan granted to the company, the company failed later to fulfil its financial obligations in accordance with the terms of the restructured offer letter.
accordance with the terms of the restructured offer letter.
Culled: Vanguard