Court Orders Okonjo-Iweala’s Sister-in-law to Pay $97,982 Overdraft, Bank Entitled to Interest
The Federal High Court in Lagos has ordered Okonjo Udokanma, the sister-in-law of Ngozi Okonjo-Iweala, to pay Providus Bank Plc $97,982 over an overdraft. The court affirmed that Udokanma fully utilized the overdraft facility linked to a World Elite Card.
Justice Ambrose ruled that Udokanma voluntarily agreed to the terms and authorized the bank to recover the outstanding balance with interest. The court upheld the bank's claim of indebtedness at a 26% interest rate, which was deemed excessive and reduced to 10% per annum until the debt is fully settled.
The judgment highlighted the bank's entitlement to charge interest on the overdraft without court intervention.
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