The Imo State High Court sitting in Owerri, presided over by Justice J.M. Njaka, has ordered Fidelity Bank Plc to pay N337,905,965 to its customer, Ifeco Communications Limited, as refund for excess deductions on its account.
According to the judgment, N327,905,965 represents wrongful charges, including excess Commission on Turnover (COT), legal fees, and management fees debited from account number 4010471004, while N10 million was awarded as damages.
In suit number HOW/260/2016, Ifeco Communications Ltd (1st plaintiff) and Pretoria City Hotel and Resort Ltd (2nd plaintiff) challenged the deductions, relying on an audit report prepared by Ambrose Ekoh & Co. The plaintiffs argued that Fidelity Bank breached trust and confidentiality by unilaterally withdrawing funds from the 1st plaintiff’s account to offset alleged indebtedness of the 2nd plaintiff.
Defence counsel, Tochukwu Maduka, SAN, contended that the audit reports were inadmissible, having been prepared during the pendency of the suit without the bank’s involvement. He further argued that the plaintiffs had initially admitted indebtedness but altered their position after changing counsel.
Delivering judgment, Justice Njaka held that the audit reports were credible and consistent with both documentary and oral evidence before the court. He found that Pretoria City Hotel was indebted to Fidelity Bank only to the tune of N101,732,109.46, thereby reducing the excess charges against Ifeco Communications to N327,905,965.
The court dismissed Fidelity Bank’s counter‑claim, ruling that reliance on unexplained statements of account and disputed entries without adequate oral evidence was fatal to its case. Justice Njaka concluded:
“The defendant has failed to provide sufficient and credible evidence to prove the sum claimed. Accordingly, the counter‑claim is unproven and is hereby dismissed.”
