A High Court of the Federal Capital Territory in Apo, Abuja, on Monday ordered Guaranty Trust Bank Plc to refund N5.3bn illegally withdrawn from the account of one its customers, Dr. Ted Edwards.

Justice Valentine Ashi, in his judgment, ordered that the N5.3bn should attract 10 per cent interest from Monday, when judgment was delivered, till the time the money was paid back to the owner.

The court also ordered that the money should attract another 21 per cent interest from December 12, 2014 when GTB allowed the illegal withdrawal, until the fund was eventually paid back to Edwards.

The judge, while reviewing the case in his judgment, held that the bank did not have any defence to its action of the withdrawal of the total sum of N5,240,516,186.21 from the customer’s account and thereby ordered the bank to pay the money to the owner through his Zenith Bank Plc account.

Edward, a lawyer of Edwards and Partners Law Firm, had initiated the suit, FCT/HC/CV/939/2015, in January 2015 following the alleged illegal withdrawal of the money on December 12, 2014.

The money was paid into the plaintiff’s law firm’s account with the GTB on January 2, 2014 by the Accountant-General of the Federation, Jonah Otunla.

The money was said to be for the settlement of a judgment got by his clients, Impecca Services Limited and His Royal Highness, Eze Ezekwo, against the Association of Local Government of Nigeria, as cost of consultancy services they rendered to the 774 local governments.

But in his judgment on Monday, Justice Ashi struck out the Central Bank of Nigeria, the Accountant General of the Federation, Minister of State for Finance, Anaocha Local Government Area, and the Incorporated Trustees of ALGON from the suit as defendants on the grounds that they were not necessary parties.

The plaintiff stated, in the suit’s originating processes, that shortly after the money was paid into his account on behalf of his clients, GTB made some disbursements from the account as directed, but that he was only informed on December 12 by an official of the bank that the Central Bank of Nigeria had withdrawn the N5.3bn.

He said that when he enquired from the bank why it made deduction from his account without his consent, he said GTB only insisted that the withdrawal was made in obedience to CBN directive, which it could not disobey.

Justice Ashi held in his judgment that GTB betrayed the banker-customer relationship between it and the plaintiff.

The judge held that it was wrong for GTB to have made withdrawal from the customer’s account without the customer’s knowledge and consent.

The judge held that GTB’s claim that it was helpless and that the withdrawal was at the instance of CBN was not tenable.


http://www.punchng.com/news/court-orders-gtb-to-refund-customers-n5-3bn-2/
Cc Lalasticlala Seun

hmmnn hmmnn

Na waao,just like that

Which kain case settlement go reach 5 billion?? I smell fraud.

We Will pay on behalf gt bank

se o ti tan

******THERE IS MORE TO THIS STORY************

*******5.3BILLION IS OVER 60MILLION DOLLARS*******

1-WHO IS TED EDWARDS
2-WHO IS HE FRONTING FOR
3-WHAT KIND OF HUMAN PARTS. ....SORRY I MEAN SERVICES DID HE RENDER
4-CAN EFCC INVITE MR EDWARDS FOR TEA
5-LATER THEY WILL SAY NIGERIA IS BROKE......WHO ARE THEY FOOLING...TED EDWARDS IS HE NOT A NIGERIAN?


GMB/PYO
2015.

PS:APC NO SHAME US OHHHHH
WE DON TOO TEAR MOUTH.......SAY APC "CHANGI"
MEANWHILE WHEN WE SLEEP FOR NIGHT NA THE SAME PDP FACES WE DEY SEE FOR APC.................

I pray oo...were dem wan see that kind of money?

how do i remove my 750 naira from my GTB account now?

True definition of gobe!

Oboy see money.

Wish it was me.




I don hammer danu danu

Jk.

Well he must have that amount of money in his account for the court to order gt bank to pay him back.

O boy see levels, So someone actually have more than 5 billion in his account wasting of to the extend that they illegally took out 5.3 billion and the fellow didnt die. Like seriously, five point three billion naira


Choi and some broke niggas will come here and start shouting the guy must have stolen money, keep hating and dying in poverty

Poverty he no go better for you. I curse you with every breadth in me, O boy see levels they took someone 5 billion and he didnt even burn down their bank he just took them to court,

I could remember one day that one man almost burnt down Access bank in ikeja for what reason? the bank illegally took 90 naira as SMS charge and 1,000 for ATM and the dude only has about 2,056 naira when they removed the money the dude has less than 1,000 and ATM only gives 1,000 cash, o boy see raking. he swore to burn down their bank that day and threatened to kill every body in the bank.

God please this is the stage i wanna get to and also connect me with people like this not those ones that still wanna finish the few small small money wey i dey gather dey do fine boy

Gbese re o!!

Make I quick clear my account before dem from my money pay dis man.

Na wa oooo... 5Billion?

So my #636 is not safe

I STARTED THIS THREAD SINCE YESTERDAY!!

https://www.nairaland.com/2322260/court-orders-gtb-refund-customers#33872382

Wow!
How robust in terms of security are Nigerian banks and their accounts?

interesting. that serves them right.that WL go a long at serving as a deterrent to others who want to thread such path..the Nigerian financial sector really nds to be scrutinized n erring individuals shud be made to face the full wrath of the law.
Dad's February pension arrears at Ecobank is stl with them..he has bn there several times to lay complaints but nothing has bn done..its evident that they have already shared the money amongst themselves .

WHAT!!? 5 Billy? Where TF are they gonna get that? But really, people make this much from court cases? Men! That's some crazy ish! Anyway,if you have problem lasting long in bed, hit me up on BBM- 7C22F6EC.

This is definitely going to hit the bank big time .

But they should have a clue of where the money went.

Bet why GtB remove the money before?

Heading to Gtb right away.

The money in the 1st place is fraudulent ,if the FGN can pay N5.3b as consultancy fee then why is our minimum wage N18k ?

Wetin the man defend to earn 5billion? did he defend Jesus?

Wetin konsain me,


Hustling things.. .

ABEG come patronize me nairalanders

Abeg oo Pay me my N5000 naira you guys stole from me.



God punish them.

I just like GTB.......

This is definitely going to hit the bank big time .

But they should have a clue of where the money went.

Hmmmm
i see na for customer body gtbank wn take see the money abi..
Becos dem jus deduct 100naira from my acct last nite.. Wthout any backup..
Deir is God ooo..

Remain 14naira for inside the acct nw..
If una like una fit go ahead and deduct that one too..

Thunder wey go fire Gtbank still dy do press up...