The statement of claim filed by B. A. M Ajibade (SAN) averred that the deponent had sometime in 2004 opened a main account with Diamond Bank to execute construction projects. Moreover, in the course of the normal relationship between bank and customer it was able to secure overdrafts, loans and bank guarantees.

According to a copy of the statement of claim obtained by Lagos Times, trouble began when the bank allegedly began to overcharge the company’s main account with sundry levies including Commission on Turnover (COT), lending fees, bank guarantee fees, transfer fees and interest on loans in a manner contrary to the written agreements the company had earlier signed with the bank.

The statement claimed further that an audit of the company’s accounts revealed that it had been overcharged to the tune of N1.5 billion by Diamond Bank. It further claimed that Diamond Bank voluntarily admitted to having charged excessively to the tune of about N246 million.

The company further claimed that the uncertainty surrounding its accounts with Diamond Bank and the bank’s withdrawal of funds from its accounts through illicit charges caused cash flow problems and delays for the company and contributed to the company’s inability to execute some major projects, including the Akwa Ibom Airport, in a timely and efficient manner.

It is therefore claiming N564 million in damages for loss of profit, N1 billion in special damages for consequential loss, another 1 billion in general damages for breach of the banker/customer relationship, and an additional N100 million in legal costs.