Finbank Sued N200m For Failing To Return Client’s C of O After Liquidation Of Debt!

Finbank Plc, headed by Suzanne Iroche just got slammed with a N200M law suit.

And the reason for this simple- the bank failed to return the Certificate of Occupancy of a property used for a loan facility years after the debt has been paid.

This is the basis of the unfolding scenario between Finbank Plc and one of it’s clients, Hugh Investment Limited.

According to information available to www.societynowng.com, some time in 2007 Huge Investment Limited requested for and obtained a loan from the Finbank. The arrangement was perfected via the bank’s branch office at Capricorn Block, Eleganza Plaza , Wharf road Apapa Lagos. Suzanne Iroche, MD Finbank Plc

The collateral submitted for the loan were the original of a Deed of Assignment made in it’s favour in respect of a property situated at No 12 Pelewura Close Apapa,as well as a Certificate of Occupancy dated 25 June 1997 and registered in Lagos State

According to the claims of client in slamming the N200M suit- years after paying off the loan, the bank is yet to return it’s collateral!

Huge Investment Limited stated that ‘the defendant , under cover of it letter dated 20 may 2009 returned the applicant ‘s Deed of Assignment only .The defendant (bank), however , failed , neglected and refused to release the Certificate of Occupancy’

Huge Investment Limited is appealing to the court for ‘order of mandatory injection compiling the defendant its affiliates, servants, agent or privies to hand over the original of the Certificate of Occupancy dated 25 June 1997 and registered as No100 in Volume 1997k of the Lagos State land registry office ,in respect of the property situated at No 12 Pelewura Close ,Apapa Lagos State in compliance with the terms of the agreement between the Applicant and the defendant Counsel’

The sum of N1Million is being sought as cost of legal action and N200m as damages against Fin bank.

The case suit is on at a Lagos State High Court Igbosere.

Bank’s spokesperson, Mr Rafiu Muhammed refused to comment or avail us the bank’s defense in the case.