Again, Court Punishes Zenith Bank, Awards N3 Billion Against It Over Fraudulent Restrictions On Customers’ Accounts

Zenith Bank has a various uncountable times have been caught in the web of fraud and illicit transactions, drawing the IRS of the public and hapless institutions.

There have been barrage of complains over deductions from customers accounts for monies remitted in their accounts.

Recall that while the effect of Covid -19 had brought untold hardship to every sector of economy globally, Imo State Government had a case where over N111.5 billion of its money was alleged to have been fraudulently stashed away through mindless charges, which came up in June, 2020.

The said mindless and inappropriate charges were superintended by no other financial institution than Zenith Bank Plc.

This misnorma has continued unabated. For months, 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, Phase 2 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.

No doubt, Zenith Bank has continued to position itself in the Nigeria’s economy by its huge investment in the system.

More so, some have argued that the banking institution may have been sponsoring loyalists into various elective offices and juicy appointments for protection.

With the recent development, it will be an aberration if the Federal Government does invoke its punitive measures against Zenith and other banks caught in the web.