What appears to be a debt wrangle has ensured between the management of the International Bank limited, the Guarantee Trust Bank and Sirr Marketing's Chairman Israel Akinsanya.
Both banks have won a US$900,000 and US$700,000 law suit respectively against Mr. Akinsanya, but the defendant has since contested with subsequent lawsuit filed against the IB bank for US$20 million in damages.
Although Mr. Akinsanya's house has been ordered sized by the court in fulfillment of the GT Bank debt owed, and also taken an appeal to the Supreme Court in response to the IB case, Mr. Akinsanya claimed in his new lawsuit that his account was illegally double debited by the IB for a period of 10 months.
"Plaintiff says that this abnormal pattern of debits and credits actually started in October 2009," the writ said. Mr. Akinsanya described the bank action as a 'corporate gangsterism' given the length of time the transaction took place.
He argued that during the period an amount of US$400,000.000 was "unprofessionally unauthorized and illegally debited" to plaintiff's overdraft account in the amount of US$349,000.00 without prior notice.
The plaintiff said IB violated his fiduciary responsibility to properly manage and maintain his account in contrast to the principle of corporate governance which provided that the defendant is obliged to adhere to transparency and fiduciary responsibility.
"Plaintiff says that the defendant caused plaintiffs specific damages in the amount of US$1, 843, 421, which includes a 12 percent herein marked as P/3 in Bulk," the indictment read.
Mr. Akinsanya has also demanded not less than US$20,000,000.00 in General damages which will be decided by the jury and UD$5,000,000 in punitive damages.
But the IB bank responded describing his lawsuit as "frivolous." "Absolutely, we will be ready to face him at the bank .It is a frivolous case. Because this case is an attempt by Mr. Isreal Akinsanya to just delay the judgment against him.
"If the case is called tomorrow, IB is ready and prepared to defend her case in court. He has no case against the bank. It is just intended to delay the justice because we have a judgment against him already," said Mr. Henry Saamoi, IB's Chief Executive Officer.