Wetech Industry Limited seeks N500 million in damages against Mega Microfinance Bank over alleged credit fraud 

This is outlined in the suit, marked CV/4867/2024, which claims that the bank, without its knowledge or consent, obtained a credit report from the First Central Credit Bureau on 28/12/2023, under the guise that the claimant had applied for a credit facility from the defendant.

The claimant’s lawyer, Eloka Okoye, averred that his client has never, either through itself or any of its agents, applied for a credit facility from the bank.

A credit report is a statement that provides information about one’s loan repayment history and the status of one’s credit accounts.

In his court processes, seen by Naijaonpoint, Okoye told the court that the claimant does not have any form of relationship with the bank.

“Upon realizing that the bank unlawfully obtained a credit report against the claimant, the claimant, through its counsel, wrote to the defendant, requesting the alleged application that necessitated its obtaining the credit report from the First Central Credit Bureau.” 

“The claimant further avers that, to date, the defendant has neither responded to the claimant’s letter nor reached out to the claimant through any other means.” 

“The claimant asserts that the credit report was obtained under false pretenses, as the claimant has never applied for a credit facility from the defendant,” he stated.

He urged the court to declare that “the subscription to First Central Credit Bureau for a credit report on the claimant by the defendant, under the guise that the claimant applied for credit in their organization when, in fact, there was no such application, amounts to fraudulent misrepresentation.” 

“A declaration by this Honourable Court that the credit report obtained from the First Central Credit Bureau by the defendant through fraudulent misrepresentation was illegally obtained and therefore unlawful.” 

“An order of perpetual injunction restraining the defendant, its servants, privies, or agents from further obtaining and possessing any credit report from the credit bureau.” 

Naijaonpoint could not immediately get a comment from the defendant.

According to the court documents, Wetech Industry Limited is a company, duly registered under the extant laws and whose address is at 169, Ajaokuta, Itobe Expressway, before Niger Bridge, Lokoja, Kogi State while the defendant is a Micro Finance Bank that offers credit facility including loans to applicants.

The court will then review the evidence presented before it to make a final pronouncement on the dispute.