How First Bank mismanaged my margin loan account, by Agbakoba
Agbakoba, who is equally a Senior Advocate of Nigeria, had
dragged First Bank before Justice James Tsoho claiming N1 billion damages over
alleged banking malpractices performed on the margin loan deal he had with the
bank.
On Wednesday, Agbakoba was led in evidence by his lawyer,
Chinedu Nneke, where he claimed that the malpractices performed on his account
caused him to loose billions of naira on his investment in the margin loan.
Agbakoba further accused the bank of negligence and
deliberate mismanagement of the said loan, which resulted in substantial loss.
Margin loan is a loan taken to finance the purchase of
securities, usually the purchase of stock, which is also known as equity.
Agbakoba had attempted to tender his statement of account,
written statements on oath and other documents to prove the case, but the move
was objected by First Bank's lawyer, Gbolahan Ellias, SAN.
Out of the five documents attempted to be tendered as
exhibits, four were admitted in evidence, while parties took arguments on the
admissibility of the fifth document.
Trial judge, Justice Tsoho consequently fixed February 21,
for ruling on the admissibility of the document and continuation of trial.
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