Justice Olumuyiwa Martins of the Lagos High Court has ruled in favor of Comfort Stevens Nigeria Limited and its CEO, Dr. John Nwankwo, awarding them N75 million in damages against Sterling Bank Plc.
The judgment follows the bank’s breach of a non-disclosure and non-circumvention agreement.
The court granted N50 million in damages for the breach and N25 million to cover legal costs.
This decision addresses the bank’s unlawful circumvention of agreements dated September 16, 2019, and October 3, 2019, which were designed to protect the claimants’ interests in a proposed N10.5 billion footwear and shoe component technology project.
Justice Martins declared that Sterling Bank’s actions violated the agreements’ terms by engaging with a third party without consent.
A perpetual injunction was also issued to prevent further breaches by the bank.
This ruling emphasizes the legal protection of confidential business agreements and reinforces the commitment to uphold contractual obligations.
