GTB Court orders bank to repay N5.3bn to customer

The money in question was said to have been illegally withdrawn from the account of one Ted Edwards by the bank.

  • Published:
Guaranty Trust Bank play

Group Managing Director of Guaranty Trust Bank (GTB), Bank Segun Agbaje

(Business Daily)
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A High Court in Abuja has ordered Guaranty Trust Bank Plc (GTB) to return a sum of N5.3bn to one of its customers.

The money in question was said to have been illegally withdrawn from the account of one Ted Edwards by the bank.

Justice Valentine Ashi also ruled that the bank would pay 10 per cent interest from Monday, May 18, 2015, when the judgment was given, till the money is paid back to the owner.

The money was paid into Edwards’ account in January 2014 and the sum was withdrawn without his consent or knowledge in December.

GTB is said to have told Edwards that the money was withdrawn by the Central Bank of Nigeria (CBN) and that it was powerless to stop it from being taken.

Justice Ashi however held that the bank’s defence was not valid and that it had betrayed the banker-customer relationship between it and the plaintiff.

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