'Zenith Bank acted illegally by restricting customer's account'—Court

•As judge awards N1bn damages against financial institution 

A damage sum to the tune of N1bn (One Billion Naira) has been awarded against Zenith Bank for restricting its customer’s bank account without a valid and subsisting court order authorizing such.

The damage sum was awarded against Zenith Bank by the High Court of Lagos State, presided over by Justice Rasul Oriyomi Olukolu, while delivering judgment on a suit instituted against the bank by one of its customers, Hajia Sa’daatu Ramallan-Yaro.

Justice Olukolu, who maintained that the freezing of, and restriction placed on the claimant’s account by the defendant without a valid and subsisting court order is illegal and unlawful, ordered Zenith Bank to immediately unfreeze and remove any restriction placed on the claimant’s account number 2282692638.

According to the judge, “Interest of ten percent (10%) per annum on the entire sum in the claimant account from the date of judgment in this suit until the restriction placed on the claimant’s account is removed is hereby refused.

“Cost of this action for Fifteen Million Naira (N15,000,000) is hereby granted, having been proved via the affidavit evidence and exhibit ‘D’ attached to the application is hereby granted”.

“Exemplary damages in the sum of N1, 000,000,000.00 (One Billion Naira) against the defendant is hereby granted”.

All rights reserved. This material and other digital volumes on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from THE NEWS ACCELERATOR NETWORK.

For advert placement, please contact thenewsacceleratornetwork@gmail.com or 08033599492.