Zenith Bank offers to compensate customer over 7,941 Euro transaction

Paul Iyoghojie

The management of Zenith Bank Plc has offered to compensate the management of Emil Watson Nig. Limited with 7,941 Euros to end the protracted legal dispute spanning about four years.

The Legal Adviser to Emil Watson Nig. Ltd. Patrick Mbanefoh Odozi had dragged the management of Zenith Bank Plc before an Igbosere magistrates’ court, Lagos for allegedly refunding 7,941.33 euros paid into his client’s account domiciled in Zenith Bank by their overseas business partner back to them without the consent of his client.

Odozi, in the claims, had informed the court that his client, Emil Watson Nig. Ltd., is a company duly incorporated under the laws of the Federal republic of Nigeria with office at 4 Liberty Close, Baruwa, Ipaja, Lagos. He said the claimant is in the business of import and export of goods and services including the export of special African charcoal to its business partner and customers abroad.

Odozi noted his client maintains corporate accounts at the Dopemu branch of Zenith Bank as follows: Account number 50701883464 as dollars domiciliary account, 10106252249 current account and 5080038435 as euro domiciliary account. He told the court that the case of his client against the defendant came up on 11 July, 2012 when his client’s domiciliary account with the defendant was credited from the claimant’s overseas customer with the sum of 7,941.33 euros which is equivalent to N1,573,179.30 which represents the proceeds for a forty feet container of African charcoal exported by the claimant to its customer DHG Poska, Spain Poland.

Odozi said on the same 11 July, 2012, the Managing Director of the claimant, Mr. Adewale Robinson Adebanwo received a telephone call from the bank branch account officer at the Dopemu branch of the defendant, Mr. Tunde Terebo, that the euro account of the sum of 7,941.33 has been received into the company account and that the bank wanted to know if the claimant was expecting any payment in foreign currency, and the claimant confirmed the enquiry and said yes.

He said the account officer of the bank requested for documentary evidence to show that the company has a business transaction with the sender of the money and the documents were presented to him. Odozi said on 17 July. 2012, the claimant went to the bank to access the money but was shocked to learn from one Ms Yetunde and Mr. Tunde Terebo that the money has been sent back to the sender in error.

He said the man promised to do everything possible to contact the sender to return the money back, adding that the claimant approach the court when the money was not forthcoming. The defendant, in its statement of defense then had denied almost all the claimants claim but admitted that they received an overseas inflow in the sum of 7,941.33 euro on 10 July, 2012 meant to be applied for the claimant.

But while the claimant had closed their case and expecting the defendant to open their defense, the principal counsel to the Zenith Bank Plc in the case, Mr. Ademola Obayomi, wrote a letter tagged WITHOUT PREJUDICE on 6 March, 2017 to the claimants counsel and the court about his client’s proposal to settle the claimants with the sum of N500,000 as final settlement.

In his response in a letter dated 8 March, 2017, Odozi informed the Zenith Bank counsel and the court that “if you are sincere with amicable settlement of the case at hand, my client will request that you pay the principal claims, leaving the element of the interest.” Magistrate Mr. W. B. Balogun adjourned the case to 16 April, 2017 for the continuation of the trial.