In 1983, Engr. Banji Daramola, who is now 80 years old, took a loan of N210,000 from the Nigerian Industrial Development Bank (NIDB), now the Bank of Industry (BoI).

Daramola told FIJ that the loan was to buy and import raw materials and plant machinery for production from abroad for his factory at the time called Industries General Nigeria Limited in Okemesi, Ekiti State.

He said his trouble began when BoI changed their currency of payment from Naira to the United States Dollar without prior notice. He said he objected to this new contract, which not only sank him deeper into debt but was also implemented without his notice.

“In 1983, I borrowed N210,000 from BoI, formerly NIBD, to buy raw materials and plant machinery from Germany and India,” Daramola told FIJ.

“I took two loans from them: one for the purchase of raw materials and the other for working capital. The working capital loan, $111,841, was taken in 1991.

“I had finished servicing both loans when BoI announced that they were changing the currency of servicing loans from Naira to Dollar, which was not part of the agreement.

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“I protested with a letter that I had finished paying both loans. They refused, and this was the beginning of our legal battle. I refused to honour their new terms and conditions.”

The former managing director said BoI not only locked his factory, Industrial General, but also sold it to Agbonna Industries Limited, which became the new owner of the property.

Industrial General was in the production of carbon brushes for industries and the maintenance of motors, generators and circuit breakers before its sale by BoI.

“After I refused to agree to their new terms of contract, they locked the company. A short while after, I heard from people that my factory had been sold to Agbonna Industries Limited.

“This caught me by surprise because BoI had no right to sell my company without my permission. They sold it without putting it up for advertisement or bidding.

“Also, BoI sold the factory with all my personal effects intact in it after six years of operation.”

The octogenarian said following the sale of this factory, he proceeded to the Federal High Court in Ikoyi, where the case was first heard on February 2, 2000.

“I was not satisfied with how they treated me, so I sought to seek redress. But this has dragged on in court for nearly 24 years now,” he told FIJ.

“More than seven judges have sat over the case since it began, and a new judge was assigned last Friday. The case has dragged on for long because some of the judges have retired or even died.

“My lawyer said that the new judge, Justice Allagoa, will hear the case all over and then if everything goes well, he will give a ruling.”

Engineer Daramola said at the point of registering the company, he did so with Dada, one of his cousins, who is now deceased. He said they both used the certificates of occupancy of their properties as collateral for the loans.

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“At the point of registering Industries General, I could not on my own create a limited liability company. I needed someone to join me to do that,” said Daramola.

“This was how my cousin came into the picture. We used his certificate of occupancy to secure the working capital loan, while the certificate of occupancy of my personal property was used as collateral for the raw material loan.

“However, when the case began, I found out that he was on the opposing side and was supporting the people who sold the factory and refused to release our document.”

Daramola, who was only 57-year-old when the case began, still has a gait in his steps. He uses no glasses, despite the shock of white hair on his head. He handles his chores with an ability that is alien to some young people. Daramola still keeps the antiques of his equipment, files and tools from his time running Industries General.

“After NIBD locked my company and sold it, I built a shed behind my house to store them with hopes that the court case wouldn’t drag on for long,” he told FIJ.

“But the rain came and destroyed the shed. I have built another one now, but the tools are mostly unusable due to the natural elements. They are now all rusty and dusty.

“It has been 24 years. NIDB ruined my life. They have made me spend nearly one-third of my life in court.

“It didn’t just affect my finances but my psychological well-being. NIDB ruined my life beyond my imagination.”

To cushion the ruin BoI has done to him, Daramola is demanding the return of his and Dada’s certificates of occupancy alongside N50 million for the illegal closure of his factory and its sale.

FIJ sent an email to BoI on Thursday for comments but is yet to receive a response from the financial house.