In a ruling by Justice Chukwujekwu Aneke of the Federal High Court in Lagos, a commercial bank has been ordered to immediately pay ₦811,174,229.25 to the Chief Registrar of the court.
This sum represents the principal amount claimed by a fintech company, Shago Payments Limited, against the bank.
The trial judge directed that the money be held in trust in an interest-yielding account by the Chief Registrar, in either First Bank Nigeria Limited, Zenith Bank Plc., or Guaranty Trust Bank Limited, pending the hearing and determination of the suit against the bank and two others by the fintech firm.
In his ruling on an ex parte application by Dr Oladapo Olanipekun (SAN) representing the plaintiff, Justice Aneke ordered the bank to file an affidavit within three days of receiving the order, detailing its compliance with the directive to pay the money to the Chief Registrar, and to serve the same on the plaintiff's counsel.
The court also granted an interim injunction restraining the bank from taking any further action regarding the alleged chargeback claims between June 2023 and August 2023, particularly by setting off the credit balances in the plaintiff's accounts or misrepresenting the plaintiff as a debtor.
The plaintiff, Shago Payments Ltd., alleges that the bank caused unauthorized debits amounting to ₦940,321,051.58 from its account, with ₦811,174,229.25 representing debits due to chargeback fraud.
The company claims the bank was negligent and fraudulent in managing its account, breaching multiple duties and obligations.
The other defendants in the suit are Global Accelerex Ltd. and Interswitch Ltd. The case has been adjourned to August 1, 2024 for mention.
