The Federal High Court of Nigeria ruled that Zenith Bank must pay three billion naira damages for unlawfully restricting customers’ accounts.
Tsami Babi Nig. Ltd, Amsamay Ltd, and M A.Y Fine Fragrance filed a lawsuit against the bank after it imposed unauthorized restrictions on their accounts, preventing them from accessing their funds.
The news of the court’s decision was met with widespread satisfaction and excitement, as Nigerians have been complaining about various issues with some commercial banks, such as illegal charges, failed bank transfers, difficulties accessing accounts, and remittance failures, for several months.
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Lagos High Court declares judgement
in a recent ruling, the Commercial Division of Lagos High Court, located at Court 44 in Osborne Foreshore Phase 2, ordered Zenith Bank PLC to pay N2 billion as damages to Tsami Babi Nig. Ltd, Amsamay Ltd, and M A.Y Fine Fragrance for the unlawful restriction imposed on their accounts held with the bank.
The presiding judge, Justice (Dr.) Rasul Oriyomi Olukolu declared that the bank’s action was illegal and violated a court order that was still in force. As a result, the court ordered Zenith Bank to remove the restriction immediately, as the court order that was its basis had expired since November 16th, 2022.
In addition, the judge awarded exemplary damage of N1 billion to another customer of the bank who had also suffered from similar restrictions. This ruling is expected to increase public confidence in the judiciary as a reliable avenue for seeking justice in cases like this.
Reactions: This bank deserves to pay
People were happy as their faith in the judicial system is revived. Let’s have a look at some of the comments:
@ifymelo : Just N3 billion alone.. it’s too small abeg that bank deserve to pay 100 billion for all the disgrace the have brought to their customers.
@dbrown231 2h: How we go take share this money na
@millyboy: This money suppose reach me ooo Them hold my own too
@chopsense :Who dey receive the money?
@mane_t.o.y.o : Good for dem
@petite_ernie: I’m in a very toxic relationship with this bank. Reply
tosinjuls :It is well deserved, the complaints has just been too much
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Old N200, N500, and N1,000 banknotes Remain Legal Tender
In another news, the Central Bank of Nigeria (CBN) says the old N200, N500, and N1,000 banknotes remain legal tender.
The apex bank made this known amid pressure from Nigerians following the Supreme Court verdict on the naira redesgn policy.
In a statement by its Ag. Director, Corporate Communications, Isa AbdulMumin, on Monday, March 13, the CBN directed all concerned parties to conform accordingly.
