A Lagos High Court sitting has awarded N3 billion damages against Zenith Bank.
The sitting at Court 44, Commercial division, Osborne Foreshore, Phase2 Court House awarded the sum of N2, 000,000,000.00 (Two billion naira ) against Zenith bank PLC in favour of Tsami Babi Nig. Ltd, Amsamay Ltd and M A.Y Fine Fragrance as damages over illegal restriction placed on their accounts operated with the bank.
Presiding Judge, Justice (Dr.) Rasul Oriyomi Olukolu declared the restriction on the accounts as illegal and unlawful prior to a subsisting court order.
Justice Olukolu ordered that the restriction be removed, since the court order dated 16th November 2022 on the said accounts had since expired.
ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!
READ ALSO: Zenith Bank MD, Adaora Umeorji Donates Multi-Billion Naira Building to Church For Mother’s Healing
The president judge also awarded an exemplary damage of N1,000,000,000 (N1 billion) against Zenith Bank in favour of another customer of the bank who had suffered the same fate.
He also ordered for the payment of a 10% interest on the claimants account balance before the illegal restriction was placed on the accounts.
READ ALSO: CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide
The judgement is expected to inspire more confidence in the judiciary as the appropriate place to go to seek redress in matters like this.
The development is coming in a time Nigerians have continued to lament the amount of illegal charges, failed bank transfers, inability to access their accounts and failed remittances experienced with commercial banks in the cause of their banking activities.
