In a significant blow to the “Commercial” banking reputation of Nova Bank Limited, plastic manufacturer Sunrise Products Limited has dragged the lender to the Federal High Court in Lagos. The manufacturer alleges a systematic pattern of “illegal charges,” manipulated records, and the enforcement of non-existent liabilities stemming from a 2020 import finance facility.
In its statement of claim, filed by its lawyer, Barrister Sivbone Edu, Sunrise Products alleged that the bank manipulated its account records and issued conflicting debt figures in a bid to wrongfully recover funds.
This lawsuit comes as Nigerian manufacturers, already struggling with ₦1,700 diesel costs and $150 oil threats, face increasing friction with financial institutions over forex-linked loan repayments.
The $1.5 Million Facility Dispute
The root of the conflict is a $1.5 million import finance facility granted in February 2020 for the procurement of essential raw materials (polyethylene and polypropylene).
| Plaintiff’s Claim | Bank’s Alleged Action | The Discrepancy |
| Account Status | Positive balance of ~₦14m (May 2022) | Demanded $2.16 million by March 2024. |
| Forex Backing | Full Naira backing provided for Form M/LCs. | Attempted to convert Naira at prevailing 2024 rates. |
| Debt Figures | $225,781 claimed in Jan 2023. | Surged to over $2 million by Aug 2023. |
Forensic Audit & Bankers’ Committee Ruling
To challenge the bank’s fluctuating figures, Sunrise Products engaged Bizancom Support Services for a forensic audit. The findings were reportedly damning:
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Unexplained Debits: The audit uncovered undocumented charges that the bank allegedly failed to clarify.
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Ethics Sub-Committee Verdict: The matter was escalated to the Bankers’ Committee, which found that Nova Bank had indeed applied unlawful charges.
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The Refund: Following the committee’s intervention, the bank reportedly refunded ₦3.88 million (including interest) in excess charges. However, Sunrise claims the bank is still attempting to enforce a “debenture agreement” to seize its assets despite this ruling.
The “Debenture” Standoff
Sunrise Products is seeking a court declaration to restrain Nova Bank and Emerging Africa Trustees Limited from enforcing a May 2020 debenture trust deed.
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Control of Assets: The manufacturer argues that the bank is using a “disputable” debt position to assert control over its factory and operations.
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Damages: The company is seeking ₦10 million in general damages and ₦5 million in legal costs, citing the financial misrepresentation as a threat to its operational resilience.
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