Justice Olumuyiwa Martins of the Lagos High Court has awarded N75 million in damages to Comfort Stevens Nigeria Limited and its CEO, Dr. John Nwankwo, due to a breach of their non-disclosure and non-circumvention agreement by an old-generation bank.
The court allocated N50 million for damages and N25 million to cover legal costs. Justice Martins ruled that the bank violated the Confidentiality Deed dated September 16, 2019, and the Non-Disclosure and Non-Circumvention Agreement dated October 3, 2019, by engaging in a similar project with a third party without the consent or disclosure to the claimants.
This action was deemed both wrongful and unlawful, resulting in a substantial breach of the agreement.
She declared: “The breach of the confidentiality deed dated September 16, 2019, and the non-disclosure and non-circumvention agreement dated October 3, 2019, is deemed unlawful and unjustifiable.
“An order of perpetual injunction is granted in favour of the claimants to prevent the defendant, its personnel, and agents from directly or indirectly committing or engaging in any act prohibited by the terms and conditions of the non-disclosure and non-circumvention agreement dated October 3, 2019.
“The sum of N50 million is awarded as damages for breach of the non-disclosure and non-circumvention agreement dated October 3, 2019, in favour of the claimants.”
“The sum of N25 million is awarded as the costs of this action in favour of the claimants. This is the Judgment of the court.”
The claimants had sought to embark on a N10.5 billion footwear and shoe component technology and automated project in Aba.