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Linacres vs Access Bank
This is a Banker-Customer dispute that commenced before the Federal Capital Territory High Court Coram: U.P Kekemeke.J wherein the claimant challenged the Post-No-Debit (PND) and/or Freezing Order placed on its account domiciled with the Bank without an Order of court. pleadings were filed and exchanged and the matter proceeded to trial.
The learned trial judge acceded to the claimant’s reliefs and entered judgment in a whooping sum of N20,000,000.00 (Twenty Million Naira) only as exemplary damages.
1. THE EFCC HAS NO POWER TO DIRECT A POST-NO-DEBIT ON A CUSTOMERS ACCOUNT WITHOUT A VALID ORDER OF COURT.
2. A BANKER OWES A CUSTOMER A FIDUCIARY DUTY TO DISCLOSE RELEVANT INFORMATION TO THE CUSTOMER PERTAINING HIS ACCOUNT.
3. FAILURE TO HONOUR A CUSTOMER’S CHEQUE WHEN THERE IS SUFFICIENT FUNDS IN THE CUSTOMERS ACCOUNT AMOUNTS TO NEGLIGENCE ON THE PART OF THE BANK AND ATTRACTS DAMAGES AT LARGE.
4. THIRD PARTY PROCEEDINGS ARE A DISTINCT INDEMNITY PROCEEDINGS BETWEEN THE DEFENDANT AND THE THIRD PARTY.
5. A BODY CREATED BY STATUTE MUST ACT WITHIN THE CONFINES OF THE STATUTE CREATING IT.
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The Electoral Act of 2022 is indeed commendable and a welcomed development in the Nigerian sphere; it has brought in several innovations and refinement that are aimed at deepening democaracy in Nigeria.
In the last few years, Nigeria has experienced a rapid shift in technological growth and advancement impacting the country’s economy positively through unprecedented investment in the sector. According to the Nigerian Startup Ecosystem Report 2022, it was reported that Nigeria is Africa’s most popular investment destination, the report also revealed that between 2015 and 2022, 383 Nigerian tech Startups raised a total of $2Billion, higher than any other country.