An Enugu High Court, presided over by Hon. Justice V.C Ajogwu, has ordered First Bank PLC to pay the sum of 5million naira damages to a Couple, Chief and Mrs. Jerry Ugwu for freezing their account unlawfully.
The judgment was delivered on 9th, December in Suit No: E/579/2018 Wherein the plaintiffs Chief Jerry Ugwu and his wife Cornelia Sandra Ugwu commenced the action vide Writ of Summons through their counsel C.D Ezeh (Esq) Against Mr. Egbo Sydney, First Bank Plc and Guaranty Trust bank plc.
Our Correspondent reports that the bank incurred the wrath of the Court, following it’s alleged freezing or ‘post no debit’ instructions placed on the 1st plaintiffs bank account No: 3030903024 domiciled with First Bank Plc.
Delivering the judgment, which lasted for over an hour, the Court held that the 2nd defendant First Bank PLC, has “breached the fiduciary trust of banker customer relationship with the 1st plaintiff when they placed a lien or freeze’ on the bank account of their customer without a verified court order and allowed same to exist for months without doing the needful act.
Justice Ajogwu, therefore, made the following consequential orders:
A declaration that the post no debit instruction on the 1st defendant’s account number: 3030903024 was unlawful and amount to breach of trust.
A declaration that the failure of First Bank Plc to give the 1st plaintiff cogent reasons for the post no debit instructions on his account was unlawful and amount to breach of fiduciary trust.
The Court equally made a declaration that first bank plc being the banker of the 1st plaintiff is duty bound to keep the 1st plaintiff informed of the goings on in his account and reasons for any contrary decision.
It further made an order directing first bank plc to de-freeze with immediate effect the post no debit instructions placed on the 1st plaintiffs bank account.
The Court equally issued an order of perpetual injunction restraining first bank plc, it’s agents or surrogates from putting further restrictions or freezing in the 1st plaintiffs bank account number 3030903024.
It also pronounced a general damages of Five Million Naira only to the plaintiffs.
Reacting to the judgment, Counsel to the Plantiffs, C.D Ezeh (Esq) described the Court verdict as a scholastic one intended to serve as deterrence to bankers against acts of impunity and arbitrariness.
Also commenting on the judgment, the over joyed plaintiff, Chief Ugwu, expressed appreciation to Almighty God for wiping away his tears at last.
