A court in Lagos has ordered a customer to pay Zenith Bank the sum of N6,382,334,421.04.
The order was given by Federal High Court in Lagos against a Zenith bank customer, Olusola Anthony Adejugbe and his company Tonique Oil Services Limited to pay Zenith Bank Plc Justice Ayokunle Faji upheld the bank’s counter-claim in a suit by the plaintiffs – Adejugbe and Tonique Oil Services.
In the suit numbered FHC/L/CS/1584/2012, they had prayed the court for a declaration that the bank cannot charge interest on any facilities granted to them beyond the official approved policy rate of the Central Bank of Nigeria.
They sought a declaration that any purported interest charged beyond the CBN officially-approved policy rate by any bank is null and void.