Court Orders Zenith Bank To Pay Over N2.3 Billion for defrauding customer

A High Court sitting in Lagos State, has ordered Zenith Bank PLC to pay the sum of N2.5 billion to Real Integrated and Hospitality LTD for 11 years the bank allegedly held the the Claimant the sum of N872, 780, 552.84 million illegally.

The court presided over by Justice O.O. Abike-Fadipe, in her judgement on 8th March 2022, justice came the way of Real Integrated and Hospitality Ltd in judgement delivered in their favor in suit No: LD/ ADR/186/2014, in which the judge ruled that Zenith Bank Plc was found to have criminally benefitted itself by defrauding its clients.

According to the judge, “the 1st Defendant (Zenith Bank) has been the beneficiary of the malevolent game of chess that plunged both claimant (Real Integrated and Hospitality Ltd) and 2nd Defendant (Subeb) into, holding the sum of N872,780,552.84 (Eight Hundred and Seventy Million Seven Hundred and Eighty Thousand Dive Hundred and Fifty Two Naira and Eighty Four kobo) in its custody without paying interest thereon from 17th February 2011 until 2nd February 2016 when the Court ordered that the money be paid into an interest yielding account in the name of the claimant and the 2nd Defendant pending determination of the suit, which order was curiously varied…. so that the money remained in the 1st Defendant’s custody without interest”.

Justice Abike-Fadipe, ruled that “The act of Zenith Bank Plc was unconscionable and detrimental to the goodwill of the claimant and its trade with its customers. It was a deliberate and malicious act against the interest of the claimant… and continues to enjoy the largesse in bad faith” the court ruled.

Zenith Bank, placed a lien on the account of it’s customer Real integrated and Hospitality Ltd illegally and refused the company to withdraw from its account despite the fact that the said account was In enough credit to cover the withdrawals sought to be made.