justosee:

The banks in their defence said the letters from the IG office were accompanied with a document called a "bankers order" from a magistrate court

TGM2015:

From the news, the IG never issued order to freeze any account, he only presented the order document. Hence, the name of Police or IG was not included in the judgment order as quoted in the post.

It will be good to remove IG from the thread title as it does not represent the content of the thread. It should read "Magistrate Courts have no..."

Idadurun:
Get understanding. Wisdom is profitable. You're not familiar with the case so keep mum, read and pass

litigator:


We actually sued a bank last month for breach of fiduciary and quiscecare duty of care in this regard, and the matter was settled out of court sharply. What happened, in this case, was that the court didn't even grant any Order. There was no court order.

All that existed was an application for a bankers order, and bam! the bank placed a PND restriction on my client's account.

We will be filling another action this week against a new generation bank. They placed a PND on that account in 2016 and have refused to lift it despite all entreaties. You can imagine denying a customer usage and access to the funds in his account for 4 years plus. We wrote to the bank, and it didn't even offer any shred of response or explanation for its perpetual PND on the account.

People have been suing, but the banks keep making the same mistakes over and over again.

But the truth is, how many folks can afford the services of a banking and finance litigator?

It doesn't come cheap and litigation needs patience. Imagine the lenght of time and resources expended on this case before judgment.

TGM2015:

The Document called "bankers order" was from...?
A. IG Office
B. Magistrate court
C. IG Office and Magistrate Court

If I write a letter to you and a courier service agent delivered it to you. Who send (write) you the letter, myself or the courier service or both of us?

nedekid:
Good one, but what happens if there is fraud commited against and account. The money is moved to another. Does it mean the beneficiary account cannot be frozen to recover the stolen money?
Lawyers in the house pls explain.

Asquare84:


The effects of this ruling will favor fraudster

TGM2015:

From the news, the IG never issued order to freeze any account, he only presented the order document. Hence, the name of Police or IG was not included in the judgment order as quoted in the post.

It will be good to remove IG from the thread title as it does not represent the content of the thread. It should read "Magistrate Courts have no..."

justosee:

The banks in their defence said the letters from the IG office were accompanied with a document called a "bankers order" from a magistrate court

TGM2015:

The Document called "bankers order" was from...?
A. IG Office
B. Magistrate court
C. IG Office and Magistrate Court

If I write a letter to you and a courier service agent delivered it to you. Who send (write) you the letter, myself or the courier service or both of us?

litigator:

By the existence of a bankers/customer relationship, the bank has a fiduciary duty to protect their customer or if you like, act in the best interest of their customer.

This is the reason the banks often get sued. When a customer feels the bank did not act in his/her best interest, then there is a breach of this fiduciary duty which leads to a law suit against the banks.

perryy:


So, under what condition(s) can a magistrate court grant an order to freeze personal account? Can a magistrate court order the bank to release details of their customer whose account was credited in error , especially if the customer withdrew the money that was thus sent to his account?

TGM2015:




Look at the discussion trail and tell me how your last reply answered the question I asked you.
Or is there anything missing in between the replies?

Asquare84:
People that are praising this judgement does not know the effect, take my case for example, I gave someone over 200 k since last year for a job. What did the artisan did, he change his shop location ran away with my money till date all effort to recover my money has failed. For what is my sin, patronize someone to do a job for me. Now the only way to recover my money is to place the suspect account under know debit alert through the court and police. What this ruling means is that arresting fraudster will becoming increasing difficult.

litigator:


I didn't see the trail. Simply saw your response and replied. My bad.

litigator:

By the existence of a bankers/customer relationship, the bank has a fiduciary duty to protect their customer or if you like, act in the best interest of their customer.

This is the reason the banks often get sued. When a customer feels the bank did not act in his/her best interest, then there is a breach of this fiduciary duty which leads to a law suit against the banks.

TGM2015:

Really! I am as guilty as you are. Never take notice of the moniker self, I was thinking it was the same moniker though.



Now to your post, you are actually partially correct, now let me help you to complete the first paragraph.

"By the existence of a bankers/customer relationship, the bank has a fiduciary duty to protect their customer or if you like, act in the best interest of their customer", in accordance with valid and current laws of the land including court orders

The petitioner didn't take the bank to court because they acted against their fiduciary duties to them as a customer but that the document on which the bank acted was not valid as the institution that grant the order did not have such power under the existing and enabling laws to do so.

They went to the court to vacate and void the bankers order not to the court to prove that the bank acted illegal or against their fiduciary duties.

litigator:


Read the full judgment. You can look for it online. Or I will send you a copy of the one I referenced.

It always boils down to breach of fiduciary duty of care and damages does follow at the end of the day. Send me your email address and I will send you a CTC of the judgment I referenced.

Asquare84:
People that are praising this judgement does not know the effect, take my case for example, I gave someone over 200 k since last year for a job. What did the artisan did, he change his shop location ran away with my money till date all effort to recover my money has failed. For what is my sin, patronize someone to do a job for me. Now the only way to recover my money is to place the suspect account under know debit alert through the court and police. What this ruling means is that arresting fraudster will becoming increasing difficult.

Amarisco:
Court rules this, court rules that. Nothing go fit change

litigator:


Conditions Precedent

There must be an existing suit that will avail the affected customers of an opportunity to defend themselves.

PND is just an interim application to protect the subject matter of dispute, pending the outcome of an investigation in a criminal matter or to protect the RES, pending the determination of an interlocutory or a substantive suit.

Hence, the life span of such interim order is usually short-lived, depending on how the prayers were phrased.

But this is not so in the case of a banker's order. In this case, a perpetual PND is placed on an account via an interim/ exparte application without according the customer the opportunity or possibility of defending the suit. The bank, therefore, has a duty to furnish the customer with the rationale for the PND.

In the case of a criminal matter wherein such notification might jeopardise the outcome of an investigation, the bank, in furtherance to its exercise of the fiduciary duty of care it owes its customers, has a duty to follow up with the investigating agency to ensure that they do the needful, and promptly vacate the PND when its no longer necessary.


But this is not always the case. The bank simply places the PND and goes to sleep without averting its mind to the position of the law or the fiduciary duty it owes its customers.

Now to your question.

Yes! The court can order the bank to disclose such a customer's details. It's an exception to the NDA contract between the bank and the customer.

But what is the point?

You can simply bring an application for a sweeping order mandating all the banks within the country to use such a customer's BVN to sweep their accounts and recover your funds.

Yes!

The banks can help you recover your money if there is a court order to that effect. This is a hybrid of a reversal order because reversal usually works when the money is still in that account.
Ok
Please I need answer to this,
In my own case I run a POS biz and a customer walk in, to make a deposit of 5k to someone which, I did d transfer from my access bank personal account, few day later I went to UBA to make withdrawal and I was told that my account has been frozen and arrest on sir has been place on my account and I was arrested and locked up for 4day it was at dat point I was notified that the guy that came to send money at my place is a froudstar and I need to provide him and I have no right to use my personal account to make transfer.
this is what am trying to know d account that I use for the transfer was access bank and my UBA account was frozen
1) do the police have the right to freeze my UBA account that has not commit any offence and leave my access bank acc
2) is it true that I have no right to use my personal account to transfer.

TGM2015:

From the news, the IG never issued order to freeze any account, he only presented the order document. Hence, the name of Police or IG was not included in the judgment order as quoted in the post.

It will be good to remove IG from the thread title as it does not represent the content of the thread. It should read "Magistrate Courts have no..."

Obdk:
read and understand first..
What they mean is that the bankers order gotten by the IG team from the IG is illegal.. Nobody is fighting IG...

The police have no right to freeze accounts without order from court that has jurisdiction..

The magistrates dont have the power to freeze accounts

litigator:


Conditions Precedent

There must be an existing suit that will avail the affected customers of an opportunity to defend themselves.

PND is just an interim application to protect the subject matter of dispute, pending the outcome of an investigation in a criminal matter or to protect the RES, pending the determination of an interlocutory or a substantive suit.

Hence, the life span of such interim order is usually short-lived, depending on how the prayers were phrased.

But this is not so in the case of a banker's order. In this case, a perpetual PND is placed on an account via an interim/ exparte application without according the customer the opportunity or possibility of defending the suit. The bank, therefore, has a duty to furnish the customer with the rationale for the PND.

In the case of a criminal matter wherein such notification might jeopardise the outcome of an investigation, the bank, in furtherance to its exercise of the fiduciary duty of care it owes its customers, has a duty to follow up with the investigating agency to ensure that they do the needful, and promptly vacate the PND when its no longer necessary.


But this is not always the case. The bank simply places the PND and goes to sleep without averting its mind to the position of the law or the fiduciary duty it owes its customers.

Now to your question.

Yes! The court can order the bank to disclose such a customer's details. It's an exception to the NDA contract between the bank and the customer.

But what is the point?

You can simply bring an application for a sweeping order mandating all the banks within the country to use such a customer's BVN to sweep their accounts and recover your funds.

Yes!

The banks can help you recover your money if there is a court order to that effect. This is a hybrid of a reversal order because reversal usually works when the money is still in that account.