A Swedish company, FSA FORTEX AB has dragged Heritage bank Plc before a Federal high court sitting in Lagos, Nigeria, over an unpaid sum of funds totaling N156,232,01.

The foreign firm, in a bid to seek redress over a breach of contract, dragged Heritage bank alongside Ofolix international limited to the court.

According to a statement of claim accompanied by witness statement on oath of the Executive Director of the Swedish company, Jorgen Ohlander, he alleged that his company manufactured and supplied its products dual-purpose writing/printing papers to Ofolix International limited in Nigeria.

The statement filed before the court by FSA FORTEX AB’s lawyer, Barrister Victor Ibharalu, further stated that before the dual papers were supplied to the company, the company provided three separate letters of credits which were open with Heritage bank Plc.

Ohlander averred further that the said letter of credit opened by the Nigerian company was meant to be solely financed by the company for the purpose of the Swedish company’s products.

Over the years and following several meetings with the defendants, the Nigerian company Ofolix international made some payments separately and at different times on the letter of credit but for reasons unknown to the plaintiff Heritage bank has refused to fully meet its obligations owed the Swedish company.

Meanwhile, as time went on the Nigerian company equally made some direct cash remittances to the Swedish company leaving an outstanding sum of N156,232,011 which has remained unpaid till date, despite the fact that, in a letter written to the Nigerian company by Heritage bank, the bank acknowledged the full discharge of the Nigerian company obligations under the said letter of credit.

The Swedish Director alleged further that his company has made several demands and entreaties on Heritage bank to fulfill its own obligations owed to it but Heritage bank has refused and neglected to do so to date.

After endless waiting and obvious frustration, his company instructed his solicitors V. E. Ibharalu and the company to demand and received the said outstanding sum of N156,232,011 on the letter of credit.

The plaintiff’ Solicitors wrote a letter to Heritage bank to demand and receive the said outstanding sum which the bank refused and neglected to respond to till date.

Ohlander states that the defendants are possibly exploiting the plaintiff ‘s helpless Position in the matter since both the goods and the money are in the possession of the defendants.

The plaintiff, therefore, claims against the defendants jointly and severally as follows :

The sum of N156,232,011 being the outstanding balance on the letters of credit

Interest on the said sum at the rate of 21% per annum until the final determination of the suit and thereafter at the of 6%per annum until the final liquidation of the debt.

Swedish company drags Heritage bank to court over unpaid N156million outstanding balance of letter of credit.

Interest on the said sum at the rate of 21% per annum until the final determination of the suit and thereafter at the of 6%per annum until the final liquidation of the debt.