Nwuche Sues GTB Over N300m Share Loss

Former Deputy Speaker of the Federal House of Representatives, Prince Chibudom Nwuche, has sued Guaranty Trust Bank (GTB) in a High Court in Port Harcourt for damages resulting from losses of his equity shares totaling N300 million acquired in 2008, through WSTC Financial Services, the second defendant.

In suit number PHC/2026/2010, brought before Justice Boma Diepiri, the former Deputy Speaker is claiming the sum of N250 million as special and general damages, as a result of negligence and unprofessional manner the bank handled the transaction leading to collapse in claimants’ investment.

Prince Nwuche is also seeking the court to put a perpetual injunction on the bank from recovering any purported debts arising out of the margin facility.

A breakdown of claims by the Deputy Speaker shows that he is seeking N100 million for his equity contribution and N150 million for general damages.

According to Prince Nwuche’s counsel, George Stevenson, his client is seeking to mitigate his losses over an equity shares acquired from the court.

Barrister Stevenson told the court that his client was miffed by the selling of the shares in 2008 during  stock crash without due consultation by the bank.

He argued that the 1st defendant had put its financial interest above that of the claimant as it failed to protect the interest of the claimant.

Worried with the bank’s action, Prince Nwuche told the court that he had written to them in 2008 but they went ahead to sell the shares in November 2008 despite his protest.

He claimed that the bank sold the shares at a net loss compelling him to liquidate the facility after his contribution has been eroded.

However, after the first mention of the case on Wednesday Justice Boma Diepiri adjourned the matter till 25th July for a pre-trial conference between the parties.