By Bartholomew Madukwe
A Lagos High Court has awarded N275 million damages against Spring Bank Plc, in favour of  S & S Wireless Limited, Mrs. Tope Olusola and Mr. Seinde Olusola, whose fundamental  rights were violated, following police and Economic and Financial Crimes Commission, EFCC, arrests.

The Olusolas’ were said to have been arrested by the Assistant Inspector General of Police- Zone II, on the direction of Spring Bank Plc on or about November 25, 2004 in Surulere, Lagos.

The applicants had argued that their arrest constitutes a flagrant violation of their fundamental rights guaranteed under Sections 35, 38, 40 and 41 of the Constitution of the Federal Republic of Nigeria, 1999 and Articles 4, 5,6, 9, 12 and 14 of the African Charter on Human and People’s Rights ( Ratification and Enforcement) Act, Laws of the Federation of Nigeria, 2004.

The trial judge, Justice E. Adebajo, in his judgment, noted that the resultant effect of the non-filing of a counter affidavit to the suit, was hat the respondents are deemed to have admitted the facts averred in the affidavit in support of the originating motion.

“I believe that  Justice Molokwu had determined suit No. FHC/L/SC/1170/2004 by striking out the suit which is the proper order to make in law. That being so, I hold that the originating motion is  properly before me and this court has jurisdiction to hear this matter,” the judge said.

The facts of the case before the court was that the applicants contracted a finance agreement with Spring Bank  for an overdraft facility of N150 million, to finance the purchase of sim-packs and recharge cards for resale and distribution.

The banking relationship was going well until the applicants noted overcharges and arbitrary increases in interest rates and engaged consultants to examine their banking transactions and discovered overcharges of N47.1million.

Vanguard gathered that when resolution seemed impossible, the applicants turned to the High Court of Lagos State, while Spring Bank turned to the police and later, the EFCC. The applicants were arrested and their business was heavily affected, with their property ceased.