The High Court of Lagos State has ruled in favor of Mr. Ajibola Olajide in his lawsuit against Ecobank and CRC Credit Bureau, declaring that the false credit report published against him was defamatory. The court, presided over by Justice Safari, ordered both defendants to retract the report, issue a public apology, and pay ₦2,000,000 each in damages.
The case, Suit No. LD/1345GCMH/2015, stemmed from an incident in 2014 when Mr. Olajide applied for an auto loan from Diamond Bank Plc (now Access Bank) to acquire high-powered mechanical vehicles and hardware for lease. Despite meeting all requirements, his loan application was denied due to a negative credit report supplied by Ecobank to CRC Credit Bureau, which subsequently published the false information on its portal.
Efforts by Mr. Olajide to have Ecobank correct the misinformation were unsuccessful. Despite assurances that his name would be removed, the defamatory credit report remained on CRC Credit Bureau’s database, affecting his reputation and financial credibility.
In its judgment, the court found that Ecobank’s report was false and defamatory and that CRC Credit Bureau’s publication of the report amounted to a fresh act of defamation. Justice Safari granted a Perpetual Injunction, preventing the defendants from further publishing or repeating the false statements and ordered them to immediately remove the credit report from their records.
Additionally, the court directed both Ecobank and CRC Credit Bureau to publish a formal letter of apology in The Guardian and Punch Newspapers to correct the damage done to Mr. Olajide’s reputation.
Reacting to the judgment, Mr. Olajide described it as a victory for justice and consumer rights, stating, “This ruling reinforces the need for banks and credit bureaus to act responsibly and ensure that individuals are not unfairly blacklisted based on false information.”
Legal experts view the judgment as a significant precedent in holding financial institutions accountable for the accuracy of credit reports and ensuring that consumers are protected from reputational harm caused by erroneous financial data.
