Last week, precisely May 12, 2015, an Ondo State Federal Court of Appeal, Akure, ordered Skye Bank Nigeria Plc to pay Alhaji Tunde Badmus' company, Tuns Farm the total sum of #2.5billion, for general and special damages and breach of contract that the both parties had earlier entered into.
The Justice Denton West led three-member panel of judges, having looked into the matter critically, dismissed Skye Bank Plc appeal against the earlier judgement of Justice Oyejide Falola of Osun State High Court, Osogbo. Where the total sum of #2billion was awarded in favor of Tuns Farm, against Skye Bank Plc for poor handling of a loan put in their care for disbursement by the Central Bank of Nigeria (CBN).
In his March 14, 2014 ruling, Justice Oyejide Falola stated that the management of Skye Bank Plc failed to fulfil a contractual agreement it entered into on a loan facility of N2 billion with Tuns Farm.
Last year Tuns Farm dragged an Osogbo branch of Skye Bank Plc to court for failing to release #1.7 billion balance of #2 billion loan the company secured from the Central Bank of Nigeria (CBN), through a special loan facility called Commercial Agric Credit Scheme (CACS).
It was reported then that Skye Bank Plc released only #300 million out of #2 billion of the said loan to Tuns Farm and all effort of the company to get the balance were frustrated by the management of the bank.
The bank was said to have claimed that it had used the balance to offset a loan previously obtained by the farm.
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