Slok Nigeria Limited, also known as FIB Bank and FIB Group Limited in The Gambia, has filed an appeal in the Court of Appeal challenging a ruling by the High Court that dispenses Liliums the payment of contract dues following the acquisition of Gambia branch of First International Bank (FIB) from Slok Nigeria Limited.

The appellants argue that Justice Ebrima Jaiteh committed a legal error by reviewing and overturning a judgment delivered by Honorable Justice Martin U. Okoi on 14 January 2021.

They argue that the proper procedures were not followed, and that Justice Jaiteh erroneously concluded that Justice Martin U. Okoi’s 2017 judgment lacked merit.

They also question Justice Jaiteh’s authority to review and criticize another judge’s decision.

The appellants request the Court of Appeal to overturn the ruling and dismiss the respondents’ application for review, along with an award of costs.

It should be noted that Lilium Grays Limited and Lilium Holdings Limited entered into a deal to acquire First International Bank (FIB) from Slok Nigeria Limited. This agreement, dated November 26, 2015, was implemented by two separate share transfer deeds, recorded at the Ministry of Justice’s Office of the Registrar General.

The two Lilium groups were compelled to take possession of the bank and pay the contract price of four million dollars ($4,000,000) to Slok Nigeria (FIB).

Initially, the parties followed the terms of their agreement, but difficulties emerged when the contract money became due.

Slok Nigeria then pursued the Liliums for payment, but the Liliums declined, citing investments made in the bank.

Consequently, Slok Nigeria Limited successfully initiated legal proceedings in the High Court of Gambia, accusing the Liliums of breaching the contract.