N15m debt: ITF drags Commerzbank Representative Nigeria to court

N15m debt: ITF drags Commerzbank Representative Nigeria to court

Tuesday, April 30, 2019 5:00 pm



Akin Kuponiyi

The Industrial Training Fund Governing council and its Director General have dragged Commerzbank Representative office Nigeria Ltd before a Federal High Court in Lagos South West Nigeria over alleged failure to pay statutory contribution.

In a statement of claims filed before the court on behalf of the plaintiffs by a Lagos lawyer Dr Clifford Okoye, it was alleged that Commerzbank Representative office Nigeria Limited is an employer of labour, service provider carrying on business in Nigeria, with its head office on 5th Floor Wing A Banana island, Ikoyi Lagos. The company has an annual turnover of over N50million and so liable to contribute to the Industrial Training Fund for the year 2011and 2016.

However, despite repeated demands made on the bank by the ITF and the fund’s external solicitors, Dr Clifford Okoye, to pay the outstanding balance of the ITF statutory contributions for the year 2011 to 2016 amounting to a total sum of N15,074,048.36.due and owed by the bank to ITF, The defendant has neglected and has refused to do so, without any justification whatsoever.

Wherefore, the plaintiff’s claim against Commerzbank representative is as follows:
A liquidated debt of N15,074,048.36.being the total outstanding balance of statutory contribution due and owed by the bank to the plaintiffs for year 2011 to 2016.

Interest at the rate of 5% per month on the outstanding debt, commencing from 7th of August, 2017 until Judgement is delivered in the suit and thereafter at the same rate of interest until the entire sum is liquidated.

Cost of instituting this legal action.
The presiding Judge, Saliu Saidu, has adjourned the matter till 21st of May 2019.

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