Illegal Restriction On Customers’ Accounts: Courts Awards N3bn Damages Against Zenith Bank

For months now, Nigerians have continued to lament the amount of illegal charges, failed bank transfers, inability to access their accounts and failed remittances experienced with some commercial banks in the cause of their banking activities.

Despite the hardship this has caused, many banks still continue to make life more miserable for the customers by denying them access to their money. 

But in rather exciting turn, 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 place 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.

This judgement is expected to inspire more confidence in the judiciary as the appropriate place to go to seek redress in matters like this.