By Ameh Ejekwonyilo
Abuja
Justice Valentine Ashi of an Abuja High Court sitting at Apo in the Federal Capital Territory (FCT) yesterday declared Guaranteed Trust Bank (GTB) guilty of illegally withdrawing N5.3b from an account owned by one of its customers, Dr. Ted Iseghohi-Edwards, of Edwards and Partners Law firm.
Justice Ashi, in a judgment held that GTB was without any defence to its action and ordered the bank to pay the money – N5, 240,516,186.21k – back to the owner through his Zenith Bank Plc account.
The judge further ordered that the N5.3 billion should attract 10 per cent post judgement interest, and another 21 per cent interest from December 12, 2014 when GTB illegally withdrew the money, until the bank the fund is eventually paid to Dr. Edwards.
Edward initiated the suit marked FCT/HC/CV/939/2015 in January, this year after GTB carried out the illegal withdrawal of the money on December 12, 2014.
The money was paid into Dr. Edwards’ law firm’s account with GTB on January 2, 2014 by the AGF as a settlement of a judgement 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 government.
Dr. Edwards said 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, in his judgment yesterday, faulted GTB for betraying the banker/customer relationship between it and Dr. Edwards.
He noted that it was wrong for GTB to have made withdrawal from the customer’s account without his 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 of no moment.