An Imo State High Court sitting in Owerri has ordered Fidelity Bank Plc to refund N337,905,965 to Ifeco Communications Limited over excess charges deducted from its account.
Delivering judgment, Justice J. M. Njaka ruled that N327,905,965 represented excess charges—including COT, legal fees, and management fees—while N10 million was awarded as damages.
The suit (No. HOW/260/2016), filed by Ifeco Communications Limited and Pretoria City Hotel and Resort Limited, challenged deductions made by the bank without consent. The plaintiffs relied on an audit report by Ambrose Ekoh and Co., which the court found credible and consistent with evidence presented.
The court held that the bank failed to provide sufficient proof for the disputed charges, describing its reliance on unclear account statements as inadequate. Consequently, the bank’s counterclaim was dismissed.
Justice Njaka affirmed that unauthorized deductions from a customer’s account constitute a breach of trust and cannot be justified without clear evidence.
