Kaduna: Monarch Sues Keystone Bank Over Alleged N11m Unauthorized Loan, Seeks N100m Damages
The Bugwam Kurmi and Paramount Ruler of Kurama, His Royal Highness Yakubu Iliya Sauri, has filed a suit against Keystone Bank Limited at the Kaduna State High Court sitting in Saminaka, alleging that the bank unlawfully created an overdraft and loan facility of N11,030,341.49 in his account without his knowledge, consent or authorization.
In the suit, the monarch is seeking several declaratory and injunctive reliefs, as well as N100 million in damages, over what he described as fraudulent, unlawful and oppressive banking practices.
According to the court documents, Sauri alleged that officials of Keystone Bank had on several occasions approached him with loan offers, all of which he declined. He claimed that he was later shocked to receive a debit alert reflecting a negative balance of over N11 million on his account.
The claimant further stated that after writing to the bank's headquarters in Lagos to demand an explanation, Keystone Bank responded that a system-related glitch had occurred over several weeks. The bank allegedly explained that the incident resulted in the unauthorized loan entry, although Sauri maintained that no corresponding credit was ever reflected in his account, while the disputed amount continued to appear as a debit.
Sauri argued that the bank breached its contractual obligations by creating a loan or overdraft facility without his mandate, insisting that he neither applied for nor accepted any such facility. He also contended that his account statements did not show any credit entry corresponding to the alleged system glitch but only reflected the disputed debit.
The monarch further alleged that the bank concealed the transaction, issued conflicting account balances and later attributed the incident to a system malfunction. According to him, the development damaged his reputation and portrayed him as someone involved in fraudulent activities or capable of compromising the bank's information technology systems.
Among the reliefs sought, Sauri is asking the court to declare the alleged loan and overdraft null and void, order the bank to remove the disputed liability from his account, and award him N100 million in general damages for the alleged financial loss, reputational damage and emotional distress.
The matter is pending before the Kaduna State High Court, and Keystone Bank is expected to respond to the claims in accordance with the court process.
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