Banking
Court Flings Skye Bank Suit Against Centrespread Advertising
By Dipo Olowookere
The suit brought against Centrespread Advertising by Skye Bank at a Lagos High Court has been dismissed for lack of admissible evidence.
Skye Bank had filed a preliminary application for an order compelling Centrespread Advertising to pay N525 million as outstanding indebtedness to it.
In a motion for interlocutory injunction in suit No: LD/2362GCMW/16 in which Centrespread is challenging Skye Bank’s claim of its continued indebtedness, counsel to the lender, Mr Solomon Mbadiwe, had prayed the court rule that Centrespread had, in a letter dated June 16, 2015 and Claimant of Affidavit of June 22, 2016, admitted and proposed the payment of the sum of N525 million to Skye Bank as final settlement of the loan agreement between the two parties.
He had asked the court to compel Centrespread to make full payment of the stated sum to Skye Bank while hearing continues in the original suit.
But in his judgement on the application at the resumed sitting of the court in May, the trial judge, Justice A. M. Lawal, threw out the Skye Bank application on the ground that it was based on inadmissible evidence.
He held that, “The letter dated June 16, 2015, from the caption and the contents of the letter, it is written towards settlement of the dispute existing between the parties.
“Letters written towards settlement are classified as ‘without prejudice’ and the privilege that attends ‘without prejudice’ communication will not be denied to a document simply because it is not captioned without prejudice.
“As the letter of June 16, 2015 was written with proposals for the settlement of the loan dispute, such is not admissible and cannot be the foundation of an application for Judgment upon admission.”
The trial judge noted that the court was not unmindful that the figure of N525 million said to have been admitted by Centrespread are found at paragraphs 5, 6 and 16 of the Claimant’s pleadings and paragraphs 9, 11 and 13 of the Claimant Affidavit of June 22, 2016 filed in support of the motion of June 22, 2016 for Interlocutory Injunction.
He, however, added that ‘a readings of these traced the source of the said admitted figure of N525 million to no other source other than the letter of June 15, 2016”, adding that “since the letter is not admissible being covered by the ‘without prejudice’ privilege, the said paragraphs of the pleadings and Affidavit are also not admissible for the purpose of an application for judgment based on admission”.
In the Statement of Claim filed by Centrespread in the originating suit, the frontline advertising agency averred that while it is true that a transaction was carried out between it and Skye Bank Plc in 2007, it had made good on the terms of the agreement to pay back the principal borrowed loan which, according to the terms of agreement, would expire in the year 2020.
Centrespread further averred that a few years ago, when it felt that it was being subjected to exorbitant charges by Skye Bank, it employed the services of forensic financial analysts who confirmed its concerns as true.
Centrespread is therefore praying the Court to, among other reliefs, declare Skye Bank’s claim that it still owes the total amount declared in its record as null and void since, according to it, a substantial part of the figure being touted as standing against its name has been discovered to be illegal charges.
Alternatively, the Claimant is also praying the honourable court to compel Skye Bank to release the claimant’s loan account statement and for the loan account statement to be analyzed by a forensic analyst to be appointed jointly by both parties for the determination of the Claimant’s actual indebtedness to the defendant.
Further hearing in the matter was adjourned till August 12, 2017.
By Modupe Gbadeyanka
The chief executive of TeamApt Limited, Mr Dennis Ajalie, has called for a robust collaboration in the digital payments ecosystem, saying banks and fintech companies should not see themselves as rivals.
Mr Ajalie said the industry’s regulator, the Central Bank of Nigeria (CBN), has delineated what each entity should do and how they should function in creating a successful payment ecosystem that protects consumers and enables businesses, which he admitted to be complementary and not competitive.
Touching on the imperative of borderless transactions and the solutions for implementation concerning the framework, he said, “Borderless transactions have to happen because we’re becoming more interconnected by the day and by the minute.”
“We still have a lot of siloed implementations among key stakeholders and unless we recalibrate our systems, borderless remains beyond our reach and a mirage,” Mr Ajalie stated at the Committee of e-Business Industry Heads (CeBIH) conference in Lagos themed Payment System Vision 2030: Navigating Contemporary Issues in Driving Future Growth.
“There’s the fierce urgency of now that demands that we find solid ways to interconnect, and once we’re able to interconnect within ourselves, reconcile properly, especially on the local front, then we can present a single, unified front that will enable us to push transactions and receive transactions from outside.
“We cannot go forward without fixing these internal challenges,” he added at the event, where he was one of the panellists.
TeamApt, a subsidiary of Moniepoint Incorporated, facilitates payment processing across many industries while enabling reliable payments for banks and their customers while reducing operating costs.
Wrapping up his thoughts, the TeamApt boss reiterated the need for industry-wide collaborations in fighting the menace of fraud.
“If we are able to all share information and collaborate seamlessly, we’ll find out that it becomes disinteresting for these bad faith individuals to use the collective technology commonwealth that we have all built to commit nefarious activities.
“So, it goes back to collaboration among fintechs, the banks, NFIU, infrastructure providers, the telcos, and switches. We’ve all got to come together to say, enough is enough and that this present situation threatens all of us rather than just one of us,” he added.
By Modupe Gbadeyanka
An innovative web banking platform to provide customers with an additional digital channel to manage and carry out uninterrupted daily transactions on their phones, laptops and other devices has been introduced by Bankit Microfinance Bank (MFB).
The emerging small financial institution said it came up with this platform to break barriers and empower individuals and businesses to manage their finances with confidence.
With this, Bankit MFB is redefining convenience and security in banking, ensuring uninterrupted access to financial services, time-saving functionalities, efficiency, real-time account updates, 24/7 availability, and faster transactions.
“In today’s fast-paced digital age, connectivity is everything in banking, and for us, it’s all about improving customer experience with simple banking options and empowering our teeming customers to live their best lives.
“We are revolutionizing the Fintech landscape in Nigeria, and we have developed this solution to empower our customers to bank securely, anytime, anywhere, conveniently.
“We are committed to leveraging technology to enhance the banking experience for all our customers,” the chief executive of Bankit Africa, Mr Yen Choi, stated.
“Bankit’s web banking platform reaffirms one of the bank’s core values – Innovation and sets a new standard for accessibility and security in the banking industry.
“As part of our ongoing commitment to excellence, Bankit Africa will continue to evolve its offerings to meet and exceed the needs of its rising customer base.
“Some key features of this web banking platform include: a simple way to send money, buy airtime, and pay bills with no extra fees or hidden charges,” he added.
Bankit MFB is a licensed financial institution dedicated to providing innovative, customer-centric financial solutions to individuals, businesses, and communities in Nigeria, with a focus on simplicity, convenience, and security.
By Dipo Olowookere
Banking operations at the branches of most financial institutions in Nigeria will end earlier than expected today, Tuesday, December 31, 2024.
The majority of them have sent messages to their customers to inform them of this development.
Business Post sighted some of these notices sent by the banks to their customers via electronic mails (e-mails).
One of them from Guaranty Trust Bank (GTBank) Limited said transactions at its Lagos branches will close for the day and year by 3 pm while in other branches at 2 pm, encouraging customers to use its digital channels for their financial transactions.
“We would like to inform you that all our branches nationwide will close to customers early on Tuesday, December 31, 2024.
“During this period, we encourage you to take advantage of our digital channels for banking needs,” the notice read in parts.
On its part, United Bank for Africa (UBA) Plc said its branches would close for the day at 2 pm across the nation.
“As we prepare for the New Year celebration, our branches will close by 2 pm on Tuesday, December 31, 2024.
“While our branches take a break, our digital channels, the UBA Mobile Banking, Leo, *919# or internet banking are available 24/7 for all your banking needs.
“Your security is our priority. We will never ask for your BVN, card number, PIN or personal details. Suspect anything fraudulent? Call our Fraud Help Desk,” the message from the lender read.
As for Fidelity Bank Plc, it plans to stop banking services at its branches nationwide today by 2 pm to resume on Thursday, January 2, 2025.
“Please be informed that our branches will close at 2 pm on Tuesday, December 31, 2024, ahead of the New Year holiday.
“As always, our digital channels; Mobile Banking, USSD Bank (*770#), PoS, ATMs, Cards, and Ivy Chat, will be available 24/7 for all banking transactions.
“Please note that normal operations will resume at 8 am on Thursday, January 2, 2025,” the bank said in its message to customers.
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