Court orders GTBank to refund N5.3b illegally withdrawn from customer’s account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.

The judge struck out the Central Bank (CBN), the Accountant-General of the Federation (AGF), Jonah Otunla, Minister of State for Finance  Ambassador Yuguda, Anaocha Local Government Area and the Incorporated Trustees of Association of Local Governments of Nigeria (ALGON) from the suit as defendants on the ground that they were not necessary parties.

Edward initiated the suit marked FCT/HC/CV/939/2015 in January, this year after GTBank carried out the illegal withdrawal of the money on December 12, last year.

The money was paid into Dr. Edwards’ law firm’s account with GTBank on January 2, last year by the AGF as a settlement of a judgment got by his clients, Impecca Services Limited and His Royal Highness, Eze Samuel Ezekwo against ALGON for the consultancy services they rendered to the 774 local governments.

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