A CBN-licensed fintech company filed a ₦10 billion lawsuit against Fidelity Bank over an alleged fraudulent chargeback.
During the proceedings, the Plaintiff secured an interim order directing Fidelity Bank Plc to deposit ₦800 million into an interest-yielding account, said to represent the sum claimed. We swiftly challenged this development by filing applications for a stay of execution and to set aside the interim order, on the basis that it effectively amounted to a final determination of the issues by prematurely casting the Plaintiff as a creditor and the Bank as a debtor. We also robustly opposed the Plaintiff’s application for an interlocutory injunction.
At the last adjourned date, the Honourable Court dismissed all pending applications and directed that the matter proceed to trial on its merits, where the substantive issues will be fully ventilated.
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