Tuesday, May 19, 2015

Court orders GTbank to return N5.3b illegally withdrawn from customer's account

A High Court of the Federal Capital Territory (FCT) sitting in Apo yesterday found Guaranty Trust Bank (GTB) guilty of illegally withdrawing N5.3billion from an account owned by one of its customers, Dr. Ted Iseghohi Edwards of Edwards and Partners Law firm.
Justice Valentine Ashi, in a judgment, held that GTBank was without any defence to its action and ordered the bank to pay the money – N5,240,516,186.21 to the owner through his Zenith Bank Plc account.          
The judge further ordered that the N5.3billion should attract 10 per  cent post-judgment interest, and another 21 per cent interest from December 12 last year when GTBank illegally withdrew the money, until the bank eventually paid Dr. Edwards.
ustice Ashi, in his judgment, faulted GTBank for betraying the banker/customer relationship between it and Edwards.
He noted that it was wrong for GTBank to have withdrawn from the customer’s account without his knowledge and consent.
The judge held that GTBank’s claim that it was helpless and that the withdrawal was at the instance of CBN was of no substance. He wondered whether GTBank would have obeyed a similar directive even if it was illegal.

The Nation

3 comments :

  1. Yawa do gas. A whole GTB withdrew such huge amount of money from its customers' accounts? Nawaaaa
    www.alabekee.blogspot.com

    ReplyDelete
  2. Yawa do gas. A whole GTB withdrew such huge amount of money from its customers' accounts? Nawaaaa
    www.alabekee.blogspot.com

    ReplyDelete
  3. all these banks and their indiscriminate withdrawals.
    i told my dad to apply for alert buh he didnt answer me,ohk

    bolateethole.blogspot.com

    ReplyDelete