TAJ BANK IN COURT OVER BRIBERY ALLEGATIONS

The National Industrial Court sitting in Lagos has fixed March 19, 2025 to begin trial in a suit between Oluseyi Owolabi and TAJ Bank limited over a bribery allegation.

The court presided by Justice Essien adjourned the case following an application by the defendant for extension of time within which to file its defence.

Counsel to the parties are; A.I. Obinyan for the claimant and Z. Folami for the defendant.

At the resume of the hearing, counsel to the defendant prayed the court for a more time so as to serve its defence.

The defendant’s prayer was however unopposed by the claimant’s counsel.

Following the development, the judge granted the defendant’s prayer was however and thereafter adjourned the case.

Justice Essien further ordered the parties to file all processes ahead of the adjourned date.

The claimant Oluseyi Owolabi, had had dragged the defendant, TAJ Bank to court over allegations that he solicited bribes from customers to expedite credit facility applications with the bank.

Oluseyi Owolabi was the Head of Agribusiness in the Bank was said to have introduced several customers to the bank who have benefitted substantial credit facility from the bank.

Meanwhile, the claimant in his response to the defence’s statement filed before the court and dated November 11, 2024 stated that the malicious falsehood and
spurious claims by defendant alleging a conflict of interest are entirely baseless, and he did not provide any misleading information to the Defendant about Farm Zone Limited’s, or any other customer’s capacity.

He added that the standard procedure for all Agric officers is to identify viable agric transactions, refer them to responsible account officers for account opening and onboarding where the proper KYC protocols are followed. That rather than the Defendant’s management to conduct a thorough retrospective/review on the transactions, the Defendant has very poorly chosen to make me a scapegoat and unwisely spared the responsible account officers and facility approving officers.

He added that he was subjected to constant public, emotional abuse and threats by the Defendant’s management over the Farm Zone transaction.

“In one instance, while I was on vacation in August 2023 attending to my bed-ridden father, the Defendant’s Managing Director, Hamid Joda who is also the chair of the Criticized Assets Committee, forcibly got me to attend the daily online meeting and subjected me to a mentally tortuous ordeal after making so many threats.

“The Defendant’s records show that I did everything within my power at that point to prevent the deterioration of the Defendant’s agric portfolio and it is on record, that I and a colleague named Uchechukwu Mbamah deployed our personal resources in helping the Defendant recover its funds from a customer named Mama Benz Limited, in Kaduna.”

The Defendant also averred that the disciplinary hearing was premeditated to absolve the business unit of direct responsibility contrary to the standard practice across banks where account officers are the focal point of every transaction.

The Defendant has instead conspired to make me the fall guy as a result of nepotism on the part of the Defendant’s management team. All of this, despite the fact that is also on record that during my stint with the Defendant as its head of agribusiness, some of the most notable/viable names in the agribusiness sector in Nigeria were on boarded and the Defendant enjoyed significant income and profit from these customers.

“The averments contained in the Defendant’s Statement of Defence afford no defence to the Claimant’s suit.”

He however urged the Court to grant all the reliefs sought by the claimant (him) in the interest of justice and fairness.