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Court awards N5m in damages against Ecobank for account restriction
The Court of Appeal sitting in Owerri has delivered a landmark judgment affirming that Ecobank Nigeria Limited acted unlawfully in restricting a customer’s account without a court order.
It described the bank’s actions as a gross violation of customer rights and a breach of fiduciary duty.
The judgment arose from an appeal filed by Ecobank against a decision of the trial court, which had earlier ruled in favour of the Respondent, its customer, and awarded N10 million in general damages.
Justice Ntong Ntong, who delivered the lead judgment, agreed with the lower court’s findings but reduced the damages to N5 million, deeming the original sum excessive in light of the evidence presented.
In resolving the first issue, Justice Ntong emphasised that no bank has the power to freeze or restrict a customer’s account without a valid court order, regardless of internal policies or compliance procedures such as the Central Bank of Nigeria’s Know Your Customer, KYC, regulations.
The court held that while Ecobank claimed it acted under regulatory obligations after a $65,000 cash deposit raised red flags, it failed to demonstrate that such compliance required unilateral restriction of the account.
It cited relevant precedents, including FBN v. DKN Investments Ltd and GTB v. Joshua, to reinforce the principle that banking institutions must operate within the confines of the law, warning against the use of internal policies to override constitutional rights.
On the second issue, the appellate court found that Ecobank had no legal or contractual basis to assert a right of lien over $10,000 in the respondent’s account, which was allegedly owed to a foreign trading partner, Unique International Trading Ltd.
The bank had argued that it restricted the funds to protect itself from potential litigation threatened by the trading firm.
However, the court ruled that Ecobank’s reliance on the threat of legal action by a third party could not justify the exercise of any lien, especially in the absence of any contractual agreement or court order to that effect.
“Self-help has no place in the civilized world,” the court warned, rejecting the bank’s justification as “misconceived and untenable in law.”
On the final issue, it affirmed that Ecobank had breached its duty of care by unlawfully restricting access to the customer’s funds and dishonouring cheques.
However, it found no sufficient evidence to support the customer’s claim of lost business and goodwill due to the restriction.
Accordingly, the appellate court reduced the general damages from N10 million to N5 million, emphasising that while there was a breach warranting compensation, the initial sum was excessive.
Nigeria’s 10th Senate president, Godswill Akpabio, dismissed claims that he collapsed and was flown to a hospital in London for treatment.
Kenny Okolugbo, Consultant on Communications and Strategy to the Senate President, said the claim about Akpabio’s health wealth was false.
When contacted by Ekwutosblog on the development, Okolugbo simply said, “It’s a lie, fake news,” without further details.
This comes amid a report on Monday by an online news platform that alleged the Senate president collapsed and was flown on a private jet to London for treatment.
President Bola Tinubu felicitates Senator Ifeanyi Godwin Ararume, astute politician and accomplished businessman, on his birthday, December 16.
Senator Ararume’s odyssey in politics began in the late 1980s, when he served as the State Treasurer of the Liberal Convention in old Imo State. He later joined the National Finance Committee of the defunct National Republican Convention.
He represented Imo North in the 9th National Assembly. He was first elected in May 1999 and re-elected in April 2003. He also served on several committees and held other official roles.
President Tinubu commends the former senator for his years of service to the nation and contributions to its peace, unity, and progress.
The President describes Senator Ararume as a resolute and shrewd politician, highlighting his courageous and remarkable political journey through the years.
President Tinubu wishes Senator Ararume a happy 67th birthday and prays that God Almighty will grant him more years of good health and strength.
Entertainment
Daddy Freeze hosts actress Doris Ogala as she opens up on alleged relationship with Pastor Chris Okafor
Daddy Freeze went live with Nollywood actress Doris Ogala as she shared her side of the ongoing controversy involving Pastor Chris Okafor, whom she claims she dated for years before things fell apart.
According to Doris, her relationship with Pastor Chris began in 2017, long before the public drama. She said they met by chance in Abuja and that he told her he was divorced at the time. She also claimed she didn’t even know he was a pastor when they first connected.
Doris said their relationship quickly became serious. She alleged that Pastor Chris introduced her to his parents, invited her to his village in Anambra State, and treated the relationship like a real commitment. She described their bond as emotional, physical, and deeply personal, insisting it was genuine love, not a casual affair.
She further claimed that while Pastor Chris preached publicly, he was privately very dependent on her, calling her often, sharing personal struggles, and even relying on her for medical prescriptions through her doctor.
Addressing why she later married another man, Doris said family pressure played a major role. She explained that her eventual husband was someone from her past who resurfaced during a vulnerable period after her father’s death. Despite not being in love, she said her family pushed her into the marriage.
Doris admitted that while her marriage was ongoing, she remained emotionally connected to Pastor Chris. She openly acknowledged engaging in phone intimacy with him during that period but maintained that there was no physical sexual relationship between them while she was married.
She described her marriage as abusive and toxic, alleging repeated physical violence and emotional distress. According to her, Pastor Chris remained her emotional support during that time, which is why communication between them never completely stopped.
Doris also claimed she has evidence to back up her story, including chats and videos, which she says Pastor Chris later shared with his lawyers.
https://www.instagram.com/reel/DSUdp3OjZll/?igsh=OTR2MjZlOG1rbWQy
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