April 17, 2024

Zenith Bank in Trouble as Courts ask to Pay Customers N3b for Infractions

Spread the love

Zenith Bank in Trouble By Reporter 

As Nigerians continue to suffer from the epileptic services of banks, a Lagos High Court has slammed Zenith Bank Plc with Two Billion Naira damages as compensation to two of its customers.

Nigerians confronted daily with unsatisfactory services provided by banks, with attending economic losses due to illegal charges, failed bank transfers, inability to access their accounts and failed remittances.

Last week, May 4, 2023, a Lagos High Court sitting at Court 44, Commercial Division, Osborne Foreshore, Phase 2 Court House came to the rescue, and awarded the sum of Two Billion Naira against Zenith Bank Plc in favour of Tsami Babi Nigeria Limited, Amsamay Limited and MAY Fine Fragrance as damages for the “Illegal Restriction” placed on their accounts domiciled in Zenith Bank.

Zenith Bank in Trouble
Zenith Bank in Trouble as court as to pay customers

The presiding Judge, Justice Dr. Rasul Oriyomi Olukolu declared that “the restriction place on the accounts was illegal and unlawful prior to a subsisting court order.”

The court Midwest Herald learnt, ordered that the restriction be removed, as the court order dated 16th November 2022 on the said accounts had expired.

Justice Olukolu went ahead to award” an exemplary damage of One Billion Naira against the bank in favour of another Zenith customer whose account was illegally restricted.

The Central Bank of Nigeria, despite its regulations and warnings to banks on their excesses, has failed to monitor and efficiently sanction the banks.

Leave a Reply

Your email address will not be published. Required fields are marked *