STANBIC BANK T LTD VS BOAZ SAIMON ILOMO COMM CASE NO
The defendant-counter claimant breached the loan facility agreements by failing to repay the loan as contracted. The plaintiff bank breached the banker-customer fiduciary relationship by making unauthorized deductions and failing to communicate the basis for such deductions or exchange rates applied. No sufficient evidence was provided to establish wrongful advice by the 2nd counter defendant. Reliefs are granted accordingly, offsetting the unauthorized deduction from the outstanding loan amount.
Source excerpt
- Loan facility agreements
- Banker-customer relationship
- Breach of contract
- Fiduciary duty
- International funds transfer