TVIO Solutions files N100m suit against Sterling Bank over ‘intellectual theft’

Sterling Bank, one of Nigeria's foremost banking institutions, are currently embroiled in an intellectual theft scandal having been accused of implementing an idea which they originally dismissed and declined.

TVIO Solutions, a leading Fintech Firm in Nigeria, developed a pay by instalment platform named tvioafrica.co where customers can purchase goods and pay later in 4 instalments at different online and in-store accredited agents at 0% interest.

The idea was discussed with Sterling Bank in September 2019 and the bank, having bought into the idea, requested and sought for a proposal to acquire more information about the project.

TVIO Solutions sent in a proposal as requested, soliciting for equity or debt from the bank as potential partners in the project.

After receiving the proposal they demanded for, the bank declined to respond to emails, calls and SMS from TVIO Solutions seeking updates on the deal. After a while, and with no communication from the bank, it was assumed the bank had withdrawn interest and TVIO Solutions seemingly moved on.

But to the astonishment of TVIO Solutions, Sterling Bank launched a carbon copy of the same initiative and idea sold to them earlier by TVIO Solutions. This launch happened precisely in December 2020.

This is considered a breach and theft on the part of Sterling Bank, who have gone ahead to launch an idea they declined interest in, without recourse to the progenitor of the idea, TVIO Solutions.

According to sources associated with TVIO Solutions, they have evidence of every conversation and meetings held with Sterling Bank in regards to Paywithspecta(code name for the project).

TVIO Solutions have approached the courts to seek redress and are seeking damages in the sum of #100,000,000.

In a suit filed by TVIO solution with Suit Number LD/ADR/3652/2021 filed at the Federal High Court, Lagos, the Fintech company is seeking damages against Sterling Bank

Following the resumption of the courts after a nationwide strike, TVIO are seeking damages to the tune of 100,000,000 from Sterling Bank for intellectual theft

Sterling Bank are yet to respond to the allegations as at press time.

Source: https://www.thecable.ng/tvio-solutions-files-n100m-suit-against-sterling-bank

Usual case of big organisations in Nigeria.



The painful part is how they suddenly begin to ignore your mail & calls

This is embarrassing on the part of Sterling bank. This is why it's difficult to share your ideas and thoughts with brands in Nigeria.

They will steal it in broad daylight

TVIO should really take this court case very seriously and make sure Sterling bank pays that 100,000,000 for intellectual thef...

I don't understand why most corporate body involve themselves in this kind of scandal. Sterling bank should pay up the money.

Cases like this are very common in this part of the world. This should serve an example for other banks.

God oooo

I am sure one Oga at the top went behind open his own company and now sold the TVIO proposal ( since he has all the info) to the bank. Given that the Oga at the top works at the bank, he will facilitate both the payment to his company and implementation by Sterling Bank.

TVIO should also involve CBN to look into the practices of sterling Bank and dealings of the management.

TVIO should contact EFCC as well to investigate all the directors and senior management of sterling Bank.

O su mi o

dettolgel:
Y

as old as you are

It is indeed an intellectual theft. Let's hope they would be able to defend themselves.

Just say u wan to take over dere bank...


How much be sterling bank if we sell am sell dere staffs and their customers sef....

Ennyholar:
Cases like this are very common in this part of the world. This should serve an example for other banks.

lol

Sue their asses and make sure u don't agree to an out of court settlement...idiots.

This seems to be a trend with corporate organisations. I understand that greed is often the factor but then liable companies need to pay up. It brings to mind a creative agency that claimed First Bank intellectually stole from them. IP theft needs to be taken seriously in Nigeria.

Sterling Bank shouldn't only pay the damages, but the officials incharge of the intellectual property theft should be sacked and jailed!
What nonsense!

Hmm. That's why as a computer programmer, I get worried sometimes when an employer or an investor ask for my business ideas. Our business is just to vulnerable to this kind of theft!

Bodmum:
as old as you are

Na your old age abi my own. Why you dey cry for me ni?

AlmaIganishire:
This is embarrassing on the part of Sterling bank. This is why it's difficult to share your ideas and thoughts with brands in Nigeria.

They will steal it in broad daylight

My brother it's very worrying but not even Nigerian companies. In 2009 I sent an email to Google informing them what to do to improve some products, they implemented everything I told them without even replying my message.

I now have an idea of a company and service that can bury google and WhatsApp but the problem is how to go about it. Sell the idea to someone and they'll run away with it.

I once submitted a Proposal to a state Government. And months later I saw them implementing my business idea. But unknown to them, I only gave them 10% of the idea. The essential details that will make the project work I didnt give them. I wasnt surprised when the entire venture was a colossal waste of funds and time. It was abandoned.
Pls dont give them the essential trade secrets.

N100M is too small na

Hustler Fintech.

I hope they win. These banks are all big time criminals

Can you imagine nonsense. 100millions is just too small for this kind of theft. 10 billion should be minimum.

Ok

If they had a non-disclosure agreement and non-compete clause included, they would have had a chance to win in court.

There was no binding agreement. And Nigerians hardly ever work with one before they sign huge contracts.

So its a tough one to win, especially going against a bank.

Sterling makes a chunk of money from tech businesses especially fintech. So their connections in the central bank stretch far and wide. And one phone call can destroy any fintech company (eg. revoking your license for no reason after awhile), especially if they are not backed by a head honcho.

I pray TVIO wins though

Just #100M?

alright

Why is everyone out to eat everyone in Naija? Makes living here stressful