Zenith Bank in ‘mess’ as court awards N10m damages over delayed transaction

A High Court sitting in Anambra State has ordered Zenith Bank Plc to pay one Iwuchukwu Okeke the sum of N10 million as damages for delaying his transaction for 10 days and in the process making him incur losses in financial terms and business reputation.

Mr Iwuchuckwu Okeke of Okeke P.C Stores had during the hearing told the court that he deposited the sum of N500,000 into the account of Nigerian Bottling Company Limited domiciled with the bank through electronic transfer and was issued receipt of payment but that the bank failed to credit the customer, blaming its failure to act on network failure.

He also told the court that his attempt to pacify the bank to effect the payment failed forcing him to write through his lawyer requesting that the money be remitted to him in addition to payment of N5 million as compensation failing which he will be forced to seek justice in the court of law in order to save his business which has suffered financial losses as a result of the failure by Zenith Bank Plc to act.

He told the court that his business has suffered irreparable damages and that the reputation of the business which he has built all over the years is on the line and urged the court to compensate him generously for his loses and to serve as deterrent to the bank and other banks.

He told the court that he ran out of stock when Zenith Bank Plc failed to act and that he had no money to order new products from Nigerian Bottling Company.

In his judgement, Justice M.N.O Okonkwo ordered the bank to pay the sum of N10 million to the plaintiff within 30 days as damages for the 10 days Zenith Bank Plc held the money as reputation and business damages.