Justice Olumuyiwa Martins of a Lagos High Court has awarded N75 million in damages against an old-generation bank for breaching a non-disclosure and non-circumvention agreement with Comfort Stevens Nigeria Limited and its CEO, Dr. John Nwankwo.
The court specified that N50 million was awarded as damages, while N25 million covered the costs of the action initiated by the claimants, Comfort Stevens Nigeria Limited and Dr. Nwankwo.
Justice Martins ruled that the bank's actions in circumventing the Confidentiality Deed dated September 16, 2019, and the Non-Disclosure and Non-Circumvention Agreement dated October 3, 2019, by engaging in the same project with a third party without the claimants' consent and full disclosure, were wrongful and unlawful.
"The breach of the confidentiality deed dated September 16, 2019, and the non-disclosure and non-circumvention agreement dated October 3, 2019, is deemed unlawful and unjustifiable," Justice Martins declared.
The court also issued an order of perpetual injunction in favor of the claimants, preventing the bank and its personnel from directly or indirectly engaging in any acts prohibited by the non-disclosure and non-circumvention agreement.
In her ruling, Justice Martins awarded N50 million as damages for the breach and N25 million for the costs of the action.
The claimants had planned to embark on a N10.5 billion footwear and shoe component technology and automation project in Aba.
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