Justice Alexander Owoeye of the Federal High Court in Lagos has ordered Zenith Bank Plc to pay Christomax Concept Limited the sum of N30 million as general and aggravated damages for fraudulently and illegally debiting the firm’s accounts.

The plaintiffs—Christomax Concept Limited, Chris Integrated Company Limited, and Mr. Christopher Adayi—filed suit number FHC/L/CS/2039/2024 through their lawyer, Adetunji Adedoyin-Adeniyi of AAA Chambers, seeking a declaration that the bank’s failure to refund the fraudulently deducted sum constituted a breach of fiduciary duty.

They also requested an order compelling Zenith Bank to immediately refund the N10.6 million.

They further sought:

An order for the bank to write off the balance of a loan granted to the 1st plaintiff on May 27, 2022, since the illegal deductions were not refunded.

An injunction restraining Zenith Bank from taking any action to recover the loan or from harassing or intimidating the plaintiffs.

A directive for the bank to pay N500 million in damages for breach of fiduciary duty.

However, Zenith Bank, in its defense, argued that the suit was wrongly filed as an Originating Summons instead of a Writ of Summons and should be struck out.

The bank contended that the N15 million allegedly deducted was partially recovered, with N5,068,290.00 salvaged from Kuda Microfinance Bank.

The bank further argued that declaratory reliefs could not be granted without solid evidence and urged the court to dismiss the plaintiffs’ claims.

Justice Owoeye, in his judgment, pointed out that Zenith Bank had admitted to issuing a debit card linked to the plaintiffs’ accounts.

He stated that as the card issuer, the bank was responsible for authorizing transactions made with the card, taking action in case of fraud to stop further unauthorized use, and reversing fraudulent transactions when advised or directed.

The judge criticized the bank for failing to act after the fraud was reported on July 13, 2022, describing its conduct as “oppressive and high-handed.”

The court also ruled that the bank’s failure to refund N10,631,710.00, which was fraudulently deducted from the plaintiffs’ accounts, resulted in loss of business and goodwill, amounting to a breach of fiduciary duty owed by the bank.

The court ruled in favor of the plaintiffs and ordered:

An immediate refund of N10,631,710.00 deducted from their accounts.

A payment of N30 million in damages for breach of fiduciary duty, loss of business, goodwill, embarrassment, inconvenience, and hardship caused to the plaintiffs.

This judgment reaffirms banks’ duty to protect customers’ funds and take swift action in fraud cases.

An Abia businessman, Eke Agbai Eke, has sued First Bank of Nigeria over an alleged fraudulent withdrawal of N55 million from his fixed deposit account at the bank’s former Abiriba branch, now relocated to Uzuakoli.

In his lawsuit, filed by his lawyer,Ebuka Nwaeze, the claimant stated that First Bank has refused to return his deposit, which he originally placed at the Abiriba branch to help sustain the bank’s presence in his community.

The claimant stated that as a community leader, he viewed the deposit as a contribution to local development.

The alleged fraud came to light in December 2023 when Eke discovered he could no longer access his personal account through the bank’s mobile app and was unable to reach the Business Development Manager. Upon visiting First Bank’s Gwarinpa branch in Abuja, he was reportedly informed that N55 million had been withdrawn from his fixed deposit in six consecutive transactions—even though he was in Umuahia at the time of the unauthorized deductions.

Following this discovery, Eke demanded the liquidation of his fixed deposit, but months passed without any action from the bank.

After multiple complaints, First Bank launched an internal investigation, which resulted in the dismissal of fewer than nine senior officials allegedly linked to the fraud.While First Bank’s legal counsel declined to comment, the plaintiff’s lawyers have publicly addressed the matter.

Justice Ayokunle Faji of the Federal High Court, Ikoyi, Lagos, on Thursday, March 6, 2025, ordered the final forfeiture of $1,426,175.14 ( One Million, Four Hundred and Twenty Six Thousand, One Hundred and Seventy Five United States Dollars, Fourteen cents)  linked to a former Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.

The order followed a motion filed by the respondent seeking to set aside the court’s final forfeiture order of June 25, 2024.

The court had given the final forfeiture order after a motion on notice filed and argued by Bilkisu Buhari, counsel for the EFCC, which went uncontested by any interested parties.

The motion was supported by an affidavit deposed to by David Jayeoba, an investigating officer with the EFCC who stated that investigation carried out showed that the fund was reasonably suspected to be proceed of unlawful activities “warehoused” in Donatone Limited’s  (DL)’s Titan Trust Bank account.He stated thus: “The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.“Of the total sum of $26,552,000.00 USD received by the firm, the balance standing in the said account as of today is the sum of $1,426,175.14 million USD.

It is the balance in the account that the applicant seeks to forfeit to the Federal Government of Nigeria, which has been traced to be the proceeds of unlawful activities of erstwhile Central Bank Governor of Nigeria, Mr. Godwin Emefiele and his cronies.“Investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period.“The signatories to the account warehousing the sum of $1,426,175.14 USD sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.”Subsequently, the court granted the order.

However, in a counter-affidavit by solicitors for Donatone Limited dated November 25, 2024, they argued that the depositions contained in paragraphs four to 18 of the affidavit deposed to by Jayeoba were not correct.Responding to the counter-affidavit, the EFCC in an affidavit dated November 29, 2024 countered their claim with more evidence.Subsequently, Justice Faji held that: “Anyone laying claims to the fund, must show the lawfulness of the acquisition and not that the said fund is not proceeds of crime.“Having listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support, the motion is hereby granted.”

Consequently, Justice Faji granted the application for final forfeiture of the fund.