Haril Global Solutions Seeks N10bn in Damages from Globus Bank Over Alleged Contract Breach

**Haril Global Solutions Seeks N10 Billion in Damages from Globus Bank**

Haril Global Solutions Limited demands N10 billion in damages from Globus Bank Limited, asking the Federal Capital Territory High Court to rule in its favor over an alleged breach of loan contract and related issues. This request is outlined in the writ of summons for case number CV/1456/2024.

The claimant asserts that Globus Bank conducted multiple transactions on its account without authorization or knowledge, failing to adhere to the loan agreement’s terms. Pelumi Olajengbesi Esq., representing the claimant, claims that despite the bank breaching the contract, it informed Access Bank, Fidelity Bank, and Wema Bank with allegedly misleading information.

As a result, these banks placed a “post no debit” order on all of Haril Global’s accounts with them.

Oluwaseun Onobun, a Director at Haril Global, swears in an affidavit that on December 7, 2021, Globus Bank offers an overdraft loan facility of N500 million to support the company’s working capital for one year. The offer letter, which Haril Global signs, specifies a 16% annual interest rate and requires maintaining a Debt Service Reserve Account (DSRA) with at least two months’ interest cover.

The offer also states that if funds are withdrawn from the DSRA to cover a debt service shortfall, Haril Global must restore the DSRA balance to two months’ interest within two days, or risk defaulting.

Due to a strong relationship with Globus Bank and Haril Global’s adherence to contract terms, the bank increases the overdraft facility from N500 million to N1 billion on July 14, 2022, to meet the company’s operational needs. The facility is later raised to N5 billion, then N7 billion, and finally to N8 billion in August 2023.

Haril Global reports that from 2021 to 2023, during which the overdraft loan is initiated and adjusted, it promptly pays all rates, charges, and interest, including N734.2 million between April 2023 and January 2024. However, on November 22, 2023, the company notices a drastic drop in the overdraft balance from over N4 billion to N223 million.

On December 13, 2023, Haril Global receives a doctored account statement from Globus Bank, containing unfamiliar transactions. After seeking clarification in an email on December 14, 2023, the claimant requests detailed information on all transactions. The bank’s response on December 21, 2023, is incomplete, suggesting intentional omission.

Globus Bank later confirms an erroneous transfer from the overdraft account to the operating account. Haril Global requests transaction details via email based on the bank’s disclosure.

During a subsequent meeting, Globus Bank promises to restore Haril Global’s Corporate Internet Banking profiles to manage liquidation, view balances, and download statutory reports, but fails to do so. Despite these issues, the bank continues to collect undue interest, restricting the claimant’s ability to conduct business due to suspicious transactions.

Haril Global claims that the “post no debit” orders result in a loss of client goodwill and a total loss of N10 billion. The company urges the court to award N10 billion in damages and to refund the withdrawn amounts. The claimant’s lawyer argues that the bank’s claims of erroneous transactions are questionable, noting that restrictions were in place from the start.

The claimant maintains a Debt Service Reserve of at least N100 million as a precaution against default, which the company never committed. In response, the bank denies the allegations and argues that the claim is unjustified. Tamunosiki Wakama, a litigation clerk for the bank, asserts that the relief sought is not in the interest of justice and should be dismissed. The court has scheduled hearings for January 13 and 14, 2025.