Justice Olumuyiwa Martins of the Lagos High Court has ordered an old-generation bank to pay N75 million in damages for breaching its non-disclosure and non-circumvention agreement with Comfort Stevens Nigeria Limited and its CEO, Dr. John Nwankwo.
The court awarded N50 million for damages and N25 million to cover the legal costs incurred by the claimants.
Justice Martins found that the bank’s actions—violating the Confidentiality Deed dated September 16, 2019, and the Non-Disclosure and Non-Circumvention Agreement dated October 3, 2019—by engaging a third party in a project without the claimants’ consent or full disclosure, were both wrongful and unlawful.
This conduct constituted a serious breach of the agreement’s terms.
She declared: “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.
“An order of perpetual injunction is granted in favour of the claimants to prevent the defendant, its personnel, and agents from directly or indirectly committing or engaging in any act prohibited by the terms and conditions of the non-disclosure and non-circumvention agreement dated October 3, 2019.
“The sum of N50 million is awarded as damages for breach of the non-disclosure and non-circumvention agreement dated October 3, 2019, in favour of the claimants.”
“The sum of N25 million is awarded as the costs of this action in favour of the claimants. This is the Judgment of the court.”
The claimants had sought to embark on a N10.5 billion footwear and shoe component technology and automated project in Aba.
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