TVIO Solutions Files N100 Million Suit Against Sterling Bank over Intellectual Theft – Sterling Bank, one of Nigeria’s foremost banking institutions, are currently embroiled in an intellectual theft scandal having been accused of implementing an idea which they originally dismissed and declined.
TVIO Solutions, a leading Fintech Firm in Nigeria, developed a pay by instalment platform named tvioafrica.co where customers can purchase goods and pay later in 4 instalments at different online and in-store accredited agents at 0% interest.
The idea was discussed with Sterling Bank in September 2019 and the bank, having bought into the idea, requested and sought for a proposal to acquire more information about the project.
TVIO Solutions sent in a proposal as requested, soliciting for equity or debt from the bank as potential partners in the project.
After receiving the proposal they demanded for, the bank declined to respond to emails, calls and SMS from TVIO Solutions seeking updates on the deal. After a while, and with no communication from the bank, it was assumed the bank had withdrawn interest and TVIO Solutions seemingly moved on.
But to the astonishment of TVIO Solutions, Sterling Bank launched a carbon copy of the same initiative and idea sold to them earlier by TVIO Solutions. This launch happened precisely in December 2020.
This is considered a breach and theft on the part of Sterling Bank, who have gone ahead to launch an idea they declined interest in, without recourse to the progenitor of the idea, TVIO Solutions.
According to sources associated with TVIO Solutions, they have evidence of every conversation and meetings held with Sterling Bank in regards to Paywithspecta(code name for the project).
TVIO Solutions have approached the courts to seek redress and are seeking damages in the sum of #100,000,000.
In a suit filed by TVIO solution with Suit Number LD/ADR/3652/2021 filed at the Federal High Court, Lagos, the Fintech company is seeking damages against Sterling Bank
Following the resumption of the courts after a nationwide strike, TVIO are seeking damages to the tune of 100,000,000 from Sterling Bank for intellectual theft
Sterling Bank are yet to respond to the allegations as at press time.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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