Bank debt: Arthur Eze files N400bn suits against bank, media house

Business mogul and renowned philanthropist, Prince Arthur Eze has instituted a N200 billion suit against Wema Bank Plc as damages for alleged false and defamatory publication of his name among the debtors of the bank in a national daily on August 7, 2015.
He is also demanding N200 billion from a national newspaer, for publishing his photograph and circulating the “highly defamatory and injurious falsehood” to the effect that he (Eze) was among the directors of a debtor company, Genesis Electricity Ltd that owed Wema Bank Plc N136.93 million.
Prince Eze, who wrote through his counsel, Chief Tagbo Ike of Ike, Ike and Associates, said the contentious publication captioned “Arthur Eze’s firm among Wema Bank loan defaulters” and published along with his photograph was totally false and untrue as he (Eze), had nothing to do with the alleged debtor company.
The letters dated August 7, 2015, copies of which were obtained by journalists in Enugu, read: “It is our instruction that on 7th day of August 2015 you caused to be published and circulated in a daily newspaper, a highly defamatory and injurious falsehood to the effect that our client is among the debtors of a debtor company, Genesis Electricity Ltd, which owes your bank N136.93 million.
“To bring home to the reading public, you caused the said publication to be made, along with the photograph of our client inserted in the most conspicuous front-page of the said newspaper.
“In the said publication, you put up a screaming headline on the front cover of the said publication to wit “Arthur Eze’s firm among Wema Bank loan defaulters.”
The details were contained on page 25 of the said publication, to this effect:
“Genesis Electricity Limited, a firm in which a business mogul, Prince Arthur Eze, is listed among its directors, is said to owe Wema Bank Plc N136.93m, according to the list of delinquent debtors published by the bank on Friday.”
Continuing, Ike stated: “The said publication is as fallacious as it is utterly false and untrue as our client has nothing to do with the alleged debtor company, Genesis Electricity Limited.  Indeed, our client is neither a shareholder nor a director of the said company. It is obvious that you deliberately set out on a mission to unleash public opprobrium on him, defame and ridicule our client before the public, the state and Federal Governments of Nigeria, and indeed the international community and cause them to shun and distance themselves from him.
“To assuage your libelous publication and defamation of our client, we demand payment of N200 billion to this chambers within seven days of the date of this letter, along with publication of our retraction and public apology inserted in at least three national dailies, one of which shall be in the said newspaper, and given equal prominence, like the offensive publication. In default of your compliance as herein before demanded, we shall surely as the night follows the day seek legal redress against you, along with your collaborator, the national newspaper.”