Wetech Industry Sues Mega Microfinance Bank For N500m Over Alleged Unlawful Credit Report

In the suit, marked CV/4867/2024, Wetech Industry claims that the bank obtained a credit report from the First Central Credit Bureau on December 28, 2023, without the company’s knowledge or consent. The bank allegedly claimed that Wetech Industry had applied for a credit facility from them, which the company denies.

Eloka Okoye, the lawyer representing Wetech Industry, stated that his client has never applied for a credit facility from the bank, either directly or through any of its agents. He argued that the credit report was obtained under false pretenses and that the company has suffered significant loss due to the bank’s actions.

Wetech Industry is seeking a declaration from the court that the bank’s subscription to the credit bureau under the guise of a credit application amounts to fraudulent misrepresentation. The company also wants the court to declare that the credit report was illegally obtained and is therefore unlawful.

Furthermore, Wetech Industry is seeking a perpetual injunction to restrain the bank, its servants, privies, or agents from further obtaining and possessing any credit reports from the credit bureau.

The case is scheduled for hearing on February 13, 2025, before Justice B. Abubakar of the High Court of the FCT in Apo. Naijaonpoint attempted to reach out to Mega Microfinance Bank for comment but did not receive an immediate response.

Wetech Industry Limited is a company registered under the extant laws of Nigeria, with its address at 169, Ajaokuta, Itobe Expressway, before Niger Bridge, Lokoja, Kogi State. Mega Microfinance Bank Limited is a financial institution that offers credit facilities, including loans, to applicants.