Court Orders Globus Bank Ordered To Pay Abuja Firm ₦256m for Contract Breach
An Abuja High Court has ordered Globus Bank Ltd to pay ₦256 million to Haril Global Solutions Ltd for breaching a contractual agreement. Presiding Justice Christopher Oba delivered the judgment after finding the financial institution liable for violating the terms of its contract with the Abuja-based firm.
The substantial monetary award serves as compensation for the damages incurred by the claimant due to the bank’s breach. This judicial directive concludes the legal battle between the corporate entities, firmly establishing the bank’s financial accountability in the contractual dispute.
The legal battle unfolded through a suit marked FCT/HC/CV/1456/2026, which was initiated by Haril Global Solutions Ltd by way of a Writ of Summons. In its writ, the claimant company raised serious complaints against Globus Bank Ltd, accusing the financial institution of a severe breach of contractual agreement. The firm specifically highlighted wrongful deductions running into millions of naira from its accounts by the bank, prompting it to seek judicial intervention to recover the lost funds and secure damages for the financial breach.
In response to the lawsuit, Globus Bank Ltd filed a robust counterclaim aimed at shifting liability and expanding the scope of the dispute. The bank officially listed Haril Global Solutions Ltd alongside individuals Chinedu Mba and Idris Olayiwola, as well as the Economic and Financial Crimes Commission (EFCC), as defendants to its counterclaim. This strategic legal move sought to challenge the claimant’s initial grievances, turning the litigation into a complex multi-party dispute involving both corporate individuals and the federal anti-graft agency.
Delivering judgment on the matter, Justice Christopher Oba cleared the legal ambiguity by declaring that a valid and subsisting contract firmly bound both parties. The court ruled that this binding legal relationship was clearly established pursuant to the letter of offer of facility dated July 4, 2023, which was signed by both the claimant and the defendant.
Justice Oba further emphasized that the Overdraft Facility Agreement executed between the claimant and the defendant on that same date explicitly solidified the bank’s contractual obligations, rendering its subsequent actions a direct violation of the agreed terms.
Subsequently, the Court made a declaration that the Claimant is entitled to the return of the Debt Service Reserve Fee Sum of One Hundred and Nine Million Naira (N109M) wrongfully withdrawn by the Defendant from the Claimant’s Debt Service Reserve Account with account number 4000006572 and transferred to the Claimant’s Overdraft with account number 1000085336 on December 29, 2023, contrary to the Overdraft facility Agreement executed between the Claimant and the Defendant dated July 4, 2023 and the letter of offer of facility dated July 4, 2023.
The Court also mandated the Defendant to return the sum of Twenty-Six Million, Seventy-Six Thousand, Three Hundred and Eighty-Eight Naira Thirty-Two, kobo (N26,076,388.32) wrongfully withdrawn on January 31, 2024, from the account of the Claimant with account number 1000085336 as interest despite the fact that a Post-No-Debit has been placed on the Claimant’s account as a result of which the Claimant could not carry out his business.
In addition, the Judge ordered Globus Bank to return the sum of Fifteen Million Naira (N15,000,000.00) wrongfully withdrawn from the account of the Claimant on February 6, 2024, with account number 1000085336, with interest despite the fact that a Post-No-debit has been placed on the Claimant as a result of which the Claimant could not carry out its business.
The Court equally ordered the Defendant to pay the Claimant Five Million Naira (N5M) as general damages for breach of contract, as well as pay the Claimant the sum of One Million Naira (N1m) as the cost of this suit.
According to the Court, the Defendant breached the accepted Letter of offer of facility dated July 4, 2023, overdraft facility agreement executed between the Claimant and the Defendant dated July 4, 2023.
