Banking, Economy & Money

Court Awards N2b Damages Against Zenith Bank For Illegal Restriction on Customers’ Account

A Lagos High Court sitting at Court 44, Commercial division,Osborne Foreshore, Phase2 Court House has 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 for the illegal restriction placed on their accounts domiciled in the bank.

The presiding Judge, Justice (Dr.)Rasul Oriyomi Olukolu declared that the restriction placed on the account is illegal and unlawful prior to a subsisting court order.

The court thereby ordered that the restriction be removed, since the court order dated 16th November 2022 on the said accounts had expired.

Justice Olukolu also awarded an exemplary damage of N1, 000,000,000 against the bank in favour of another customer of the bank who had suffered the same fate.

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