Court Orders Fidel Bank to Refund N3.38m to Customer

The Imo State High Court, presided over by Justice J.M. Njaka, ordered Fidel Bank PLC to pay Ifeco Community Limited a total sum of N3,327,905,965, which represents excess charges wrongfully deducted from their account number 4010471004.

The case, identified as suit number 260/2016, involved the plaintiffs, Ifeco Community Limited and Pretoria Citi Hotel Resort Limited, seeking a declaration from the court regarding the alleged excess charges. The plaintiffs' legal counsel, Ben Osaka SAN and Charl Agusiobo Esq, argued that the bank had breached trust by withdrawing funds without consent.

The court noted that the audit report prepared by Ambros Ekoh was credible and reliable. Ultimately, the court found that the bank failed to provide sufficient evidence to counter the plaintiffs' claims and ordered the refund of the excess charges, including legal and management fees.