This
directive was given by a Lagos High Court presided over by Justice Morenike
Obadina. The court based the ruling on a revelation that Union Bank failed to
support claims that the N34m deduction were remitted to the Central Bank of
Nigeria for “series of foreign transaction between the customer and foreign
partners.”
The customer identified as Prince
Nwokocha Ezikpe and his company- Felimex Nigeria Limited, instituted the court
action against the bank when the Central Bank denied receiving the remittances.
Union Bank claimed the deductions by
installment were for goods imported by Felimex Merchantile Nigeria Limited- one
of the two companies that transformed into Felimex Nigeria Limited- the other
is Sobatex International- but the financial institution couldn’t provide proof
to the customer and also in court.
The court ordered the bank to refund the
illegal deduction and also awarded N3m in favour of the customer for breach of
contract.
The Central Bank of Nigeria had accused
commercial banks of defrauding through various illegal deductions, many of
which was reversed at the instance of the Central Bank.
Credits
to news.naij.com
