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This seems like an interesting development because if they win then you can expect a very strong precedent which should scare the wits out of banks. I just scooped this story from Proshare….

A number of aggrieved customers of First Bank of Nigeria (FBN), including Dr. Olisa Agbakoba, SAN, have filed a major class action against the leading Nigerian bank, claiming gross mismanagement of their margin loans running into billions of naira.

The claim of the customers is that the Bank failed to use its professional expertise and skills to manage, operate and control the loans as clearly stated in its product offer and terms of contract. The customers further claim that it was the responsibility of the bank to manage the risks of the loans and that its subsequent failure led to colossal losses.

Read the rest of the Story in Proshare’s website==>>

FBN faces Class Action Suit over Mismanagement of Margin Loans