A Lagos businessman, Rev. Chukwuemeka Ngubo and his company, Elim Motors Nigeria limited have filed a suit against Ecobank Nigeria limited for allegedly buying United States Dollar on his behalf at the rate of N475 per US Dollar whilst the Central Bank approved rate was at N300 to one Dollar as at the time of purchase.
By wrongfully sourcing foreign exchange from the parallel market, Ecobank exposed the Plaintiffs to the sum of over N2Billion loss.
By the provision of the Foreign Exchange (monitoring and miscellaneous Provisions) Act, Cap F34 laws of the Federation of Nigeria 2004, Ecobank ought not to have sourced foreign exchange from the parallel market
The plaintiffs further averred that the action of the bank is in flagrant breach of the Central Bank of Nigeria’s extant rules regulating the conduct of foreign exchange transactions in Nigeria which has adversely affected the credit rating and financial credibility of the company of the plaintiff to the benefit of the bank.
The bank, in its defence is claiming that the plaintiffs are owing the bank the sum of N4,523,008,414.05 (N4.5Billion).as at 28th of February, 2016.
Meanwhile, a Federal high court sitting in Lagos south west Nigeria has adjourned the case till 10th of December, 2018 for report of settlement or trial if amicable settlement fails.