₦airaland Forum

A multinational Oil company, Petrocam Trading Nigeria Limited, has slammed N6.75 suit on Union bank of Nigeria Plc over an alleged negligence and breach of contract.

In a statement of claim filed before a Lagos High Court on behalf of Petrocam company by a Lagos lawyer, Gboyega Oyewole SAN, it was alleged that the company and Union bank in the course of ordinary business, entered into joint venture agreement with marketers to jointly collaborate in opening letter of credit confirmation lines for the importation of petroleum products from foreign sellers of the product.

The joint venture accounts are domicile with the bank.

In executing the letter of credit confirmation lines, the bank is expected to use the Naira sum in the account in bidding and purchasing foreign exchange (FOREX ) for liquidation of mature letters of credit.

Sometimes in 2014, the company was said to have approached the bank for an import finance facility line of $45 million in its favour to finance the importation of petroleum products, upon securing the finance facility, various letters of credit were raised to utilize the dollar facility. The import finance facility was later increased to $100 million.

The letters of credit were to be paid back with sales proceeds and subsidy reimbursement. Bank Guarantee were provided as security for the sale proceeds.

However, the bank was alleged to have failed, neglected and refused to perform its duty as an agent between the company and Central Bank of Nigeria and as a bank to secure foreign exchange for the liquidation of matured letters of credit as at when due.

The bank, rather than make bids on behalf of the company within the period of 2014/2015 in the first quarter of the transaction when the letter of instructions were given by the company, was only able to purchase forex to liquidate these mature letters of credits within the period of 2016/2017,whereas 90% of the transactions were done in 2014/2015 when dollar was at the rate of N155-N160 per Dollar.

However, the company failed to bid on these transactions until when foreign exchange has moved to N288-N320 per dollar.

The company averred further that over N4 billion was domicile with the bank in the joint venture account as at February, 2015 and over N2.4 billion in Petrocam current account for purchase of foreign exchange to liquidate these matured letters of credit, but that the bank was only able to secure bid for $21,625,935.30 within the period of 90 days when they were expected to liquidate the full value of $76,369,569.30 which exposed the company to heavy losses as a result of the failure to bid as at when due by the bank within the transaction cycle.

By reason of the several acts of gross negligence and breach of the banker-customer relationship subsisting between the company and the bank, the company joint venture account maintained with the bank for the funding of trade facility has been allegedly unlawfully debited with a total sum in excess of N6,704,918,533.71.

The company also averred that the various exorbitant charges made on the company’s account by the bank was revealed by the report of the independent consultant engaged by the company.

Wherefore the company claims against the defendant are as follows:

*An order directing Union bank to credit or reverse the wrongful debit on the company’s current account maintained with the bank for the funding of the letter of credit totaling the sum of N6,704,918,533.71 arising from the bank’s breach of its duty to the company, interest on the said sum of N6,704,918,533.71 at the rate of 22%per annum being the prevailing interest rate from commencement of this suit to the date of judgement, and thereafter 7% interest from the date judgement is given till the final liquidation of the judgment sum.

*N50 million as general damages in favour of the Petrocam company.

Union bank did not file any defence to this suit, rather it has filed another suit against Petrocam Trading Company Limited and its Managing Director, Mr Patrick Ilo before a Federal High Court in Lagos claiming the sum of N10,062,643,928.72 and $5,247,693.82 plus interest at the rate of 27% per annum and N20 million as cost of instituting the said legal action against Petrocam Trading company and its Managing Director.

Meanwhile, Petrocam company and its Managing Director has filed preliminary objection against the suit, drawing the attention of the court to their own pending suit against the bank at a Lagos High Court.

https://www.pmnewsnigeria.com/2018/05/13/n6-7bn-suit-slammed-on-union-bank-over-alleged-negligence-breach-of-contract/

I have done that already, bro,
waiting for your reply, tnx

sleekysoft:
Send Pm boss

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elijahdre:
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ShammahBarnabas:
Thanks boss. Stream 1 or 2 please?

You are reporting to camp, April 27, meaning Stream 2

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Thanks

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elijahdre:
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and how long will it take

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Specifications:
Basic Information
Model Elephone G5
Band 2G: GSM 850/900/1800/1900MHz
3G: WCDMA 900/2100MHz
Sim Card SIM+micro SIM card,dual standby
Service Provide Unlocked
Style Bar
Color Black/white
Shell Material Brushed-metal finish

System
OS Android 4.4.2
CPU MTK6582, Cortex A7 quad core, 1.3GHz; GPU: Mali-400
ROM 8GB
RAM 1GB

Screen
Display Size 5.5 Inch
Type IPS, capacitive screen
Resolution 1280 x 720 pixels HD screen

Support Format
Ringtones Type Polyphonic/MP3
Audio File Format MP3/WAV/AMR/AWB
Video File Format 3GP/MPEG4
Image File Format JPEG/BMP/GIF/PNG/GIF
E-book Format TXT/CHM/DOC/HTML
FM Radio Yes
Earphone Port 3.5mm
Card Extend Yes, support TF card up to 32GB

Data Transfer & Connectivity
Data transfer USB/Bluetooth
Mobile internet WAP/WiFi

General
Camera/Picture Resolution Dual Cameras, 5.0MP front camera; 13.0MP back camera with flashlight and auto focus, up to 3264 x 2448 pixels, support panorama, multi angle view, face beauty, smile shot, HDR
Language Multi languages
Phonebook 500
Message SMS/MMS
Input Handwrite/Keypad
TV No
GPS Yes, built in, also support A-GPS
With EPO assistance to speed up postioning
JAVA No
WIFI Yes, 802.11 b/g/n
Bluetooth Yes
Gravity Sensor Yes
Multi-Touch Yes, 5 point touch
Dimensions 155*78.5*7.5mm
Net Weight(Including battery) 157g
Standby Time About 2~3 days
Other Feature 3G, WIFI, GPS, FM, Bluetooth, Ebook, Email, Messaging, wallpapers,
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