Justice Olumuyiwa Martins of the Lagos High Court has ordered an old generation bank to pay N75 million in damages for breaching a contract with Comfort Stevens Nigeria Limited and its CEO, Dr. John Nwankwo.
The court awarded N50 million as damages and N25 million as the cost of the legal action. The claimants in this case are Comfort Stevens Nigeria Limited and Dr. Nwankwo.
Justice Martins found that the bank had violated the terms of the Confidentiality Deed dated September 16, 2019, and the Non-Disclosure and Non-Circumvention Agreement dated October 3, 2019.
The bank engaged in a project with a third party without the claimants’ consent or full disclosure.
Justice Martins declared: “The breach of the confidentiality deed dated September 16, 2019, and the non-disclosure and non-circumvention agreement dated October 3, 2019, is deemed unlawful and unjustifiable.”
The court also issued a perpetual injunction to prevent the bank, its personnel, and agents from violating the terms of the agreement again. She said: “An order of perpetual injunction is granted in favour of the claimants to prevent the defendant, its personnel, and agents from directly or indirectly committing or engaging in any act prohibited by the terms and conditions of the non-disclosure and non-circumvention agreement dated October 3, 2019.”
The claimants had planned a N10.5 billion project involving footwear and shoe component technology in Aba.
