The Federal High Court in Abuja has ordered United Bank for Africa (UBA) Plc to pay N30 million in damages to Micoz Bluelink Enterprise for unlawfully restricting its account for over a year.
In a judgment delivered on July 25, Justice Peter Lifu also directed the bank to refund $163,592 it wrongfully withheld from the company’s domiciliary account.
The court held that UBA had no legal basis to freeze the account or withdraw funds without the customer’s consent or a valid court order, describing the action as “illegal, unconstitutional, and a breach of banker–customer relationship.”
The judge criticised the bank’s defence that the transaction was “suspicious,” noting that its evidence did not mention fraud and failed to justify the withdrawal. He added that the restriction caused significant economic loss to the business.
The court further awarded post-judgment interest of 10% on the damages until full payment is made.
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