In a thrilling legal triumph, Osuya & Osuya Law Firm, one of the leading commercial law firms in Nigeria, under the guidance of their distinguished senior partner, Clement Osuya FCIArb; UK (who is the Secretary-General of the International Law Association, Nigeria Branch and the President of the World United Consumer Organization), emerged victorious in a groundbreaking case. The Competition and Consumer Protection Tribunal (CCPT) has imposed a staggering fine of N120 million against Stanbic-IBTC Bank for its failure to complete a transfer request for a customer, the claimant in this case.
This remarkable achievement highlights the exceptional legal expertise and strategic acumen demonstrated by the Law Firm. Their unwavering dedication to their client’s cause, combined with their profound knowledge of commercial law, has resulted in this resounding victory.
The CCPT, sitting in Abuja, delivered a split decision, with two out of three judges ruling in favor of the claimant, Mr. Clement Osuya. The tribunal convicted Stanbic-IBTC Bank for contravening key provisions of the FCCP Act, 2018 and the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers. Hon. Sola Salako-Ajulo, in the lead judgment, emphasized the bank’s breach of the banker-customer contractual relationship, which prompted the significant fine ($154,539) and cost of filing the action.
The details of the case between Clement Osuya and Stanbic IBTC are as follows: The claimant, who is a customer of the defendant, physically visited the defendant’s office and filled out an instruction on a transfer receipt form provided by the bank. This incident occurred on September 8, 2022. However, between September 8th and 12th, the money was not transferred to the designated account as requested by the claimant. In fact, the claimant was debited twice without receiving any value. This left the claimant in a desperate situation as he urgently needed the money for his children’s tuition fees, but was unable to access it. Despite sending a demand letter, the defendant did not respond positively. As a result, the claimant had to seek resolution through the tribunal.
This landmark ruling signifies the remarkable legal prowess of Clement Osuya FCIArb; UK and his team at Osuya & Osuya Law Firm. As a senior partner with extensive experience in international arbitration, Clement Osuya FCIArb; UK’s expertise and dedication to protecting his client’s rights have been instrumental in this triumph. His membership in the Chartered Institute of Arbitrators (UK) further underscores his stature and global recognition in the legal profession.
Osuya & Osuya Law Firm, renowned for its excellence in commercial law, has once again showcased its remarkable capabilities. With an unwavering commitment to delivering exceptional legal services, the firm has solidified its position as one of the leading commercial law firms in Nigeria. This victory serves as a testament to their relentless pursuit of justice and the protection of their clients’ interests.
