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.

SOURCE: https://brandspurng.com/boi-losses-court-case-in-loan-dispute/

Gbese re o...

Fff

fear BOI

How would he pay back the loan when the plant is not completed? Some lower courts in Nigeria is a disgrace

If it were to be politicians seeking for loans from them now, they will grant them more than what they requested for.

Useless entity.

Nigeria where nothing works


Our past heros Laboured in vain amen

BOI.
What's up with the YES-P? Any beneficiary yet?

Useless bank.

Austin Laz makes the best cooling freezers for industrial ice block. It is amazing BOI cannot release 120 million in full for the loan. Yet, they will say they are encouraging industry. They would rather give loans to celebrities.

Thank God now this great company can dome up and employ more people as it used to do in the past with their products being the best in the country. A God fearing company who respects its workers and customers who are all like a family.
Love this company

Fair ruling

Nigerian banking loans are, many times set up to fail so they'll take possession of your collateral. From the incessant delays in funds disbursement to the several hidden charges. These guys need serious organisational restructuring.

darlib:
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go and sleep.

after the referendum then what?

why sign a loan contract without getting the loan?
something is amiss

Mr. Asimonye, asim Kam jukene gi! This money was not released on time for your use, that's not good. But why didn't you start repayment from when the money was released to you? At best, you should have rushed to BOI to earlier inform them to stop, that you have secured loan from another source, because I know it would be difficult to return loan within few day after disbursement. You don't spoil opportunities for other entrepreneurs by showing the bank that people can run away with loans by running to the courts. This is my point.

Interesting

I need a loan of 2 million kpere

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