TVIO Solutions Files N100m Suit Against Sterling Bank Over Alleged ‘Intellectual Theft’

TVIO Solutions, a fintech company, has filed a N100 million
lawsuit against Sterling Bank over alleged intellectual theft.

In a statement, the company said it filed a case against
Sterling Bank at the federal high court in Lagos for allegedly
implementing an idea without recourse to the progenitor (TVIO
Solutions).

TVIO Solutions said it developed a pay by instalment platform
where customers can purchase goods and pay later in four
instalments at different online and in-store accredited agents at
0% interest.

It said 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 said it sent in a proposal as requested,
soliciting for equity or debt from the bank as potential partners
in the project.

After receiving the proposal, Sterling Bank was said to have
declined to respond to emails, calls and SMS from TVIO Solutions
seeking updates on the deal.

In December 2020, Sterling Bank was alleged to have launched a
carbon copy of the same initiative and idea proposed to them
earlier by TVIO Solutions.

Sources associated with TVIO Solutions said they have evidence
of every conversation and meetings held with Sterling Bank in
regards to ‘Paywithspecta’ (code name for the project).

In an email response to TheCable’s enquiry, Sterling Bank said:
“We are aware of the suit and it is currently pending adjudication
at the Lagos High Court.”

“As a law-abiding institution, we believe the responsible course
of action is to withhold from further commentary on a matter that
is sub-judice and await the Court’s decision.”

TVIO Solutions, a fintech company, has filed a N100 million
lawsuit against Sterling Bank over alleged intellectual theft.

In a statement, the company said it filed a case against
Sterling Bank at the federal high court in Lagos for allegedly
implementing an idea without recourse to the progenitor (TVIO
Solutions).

TVIO Solutions said it developed a pay by instalment platform
where customers can purchase goods and pay later in four
instalments at different online and in-store accredited agents at
0% interest.

It said 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 said it sent in a proposal as requested,
soliciting for equity or debt from the bank as potential partners
in the project.

After receiving the proposal, Sterling Bank was said to have
declined to respond to emails, calls and SMS from TVIO Solutions
seeking updates on the deal.

In December 2020, Sterling Bank was alleged to have launched a
carbon copy of the same initiative and idea proposed to them
earlier by TVIO Solutions.

Sources associated with TVIO Solutions said they have evidence
of every conversation and meetings held with Sterling Bank in
regards to ‘Paywithspecta’ (code name for the project).

In an email response to TheCable’s enquiry, Sterling Bank said:
“We are aware of the suit and it is currently pending adjudication
at the Lagos High Court.”

“As a law-abiding institution, we believe the responsible course
of action is to withhold from further commentary on a matter that
is sub-judice and await the Court’s decision.”