Illegal Restriction On Accounts: Court Awards N3Bn Damages Against Zenith Bank

For placing a restriction order on some customers’ accounts, Zenith Bank has been ordered to pay N2 billion in favour of Tsami Babi Nig. Ltd, Amsamay Ltd and M A.Y Fine Fragrance as damages.

A Lagos High Court sitting at Court 44, Commercial Division, Osborne Foreshore, Phase2 Court House, gave the order.

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

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

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