Legal practitioner Mr. Junaid Sanusi has filed a lawsuit against Access Bank Plc at the Federal High Court in Ibadan, seeking N100 million in damages for alleged unlawful deductions from his savings account.
In his case presented before the court on Monday, Sanusi claimed he discovered unauthorized deductions exceeding the N50 electronic levy specified by the Finance Act of 2019. “What is provided in the Finance Act is that banks should deduct N50 one-off for transactions above N10,000,” he explained. Sanusi stated that Access Bank was deducting amounts such as N100 and N250 from his account, which he alleged were mischaracterized as FGN electronic levies.
Sanusi argued that any deductions from customers’ accounts must comply with the Central Bank of Nigeria (CBN) guidelines of 2020 and other relevant Financial Institution Acts. “The court needs to determine whether or not it is lawful for the defendant to make unauthorized deductions from my account in favour of FGN or another third party than the one allowed under the CBN guidelines and Finance Act for bank charges,” he asserted.
To support his claims, Sanusi referred to his filed affidavit, nine exhibits, and a written address accompanying his originating summons. He urged the court to restrain Access Bank from making further deductions, reverse all unlawful deductions made from his account since March 27, 2020, and order the bank to pay him N100 million as exemplary damages.
In response, Access Bank’s counsel, Mr. Ahmed Adeleke, informed the court that the bank reviewed the plaintiff’s three-month statement of account from March 1, 2020, to May 29, 2020, to validate the deductions. Adeleke claimed that the bank did not charge more than the amounts stipulated by law based on the plaintiff’s transactions during that period. He urged the court to dismiss the plaintiff’s case with substantial costs.
Justice Uche Agomog has adjourned the case until November 12 for judgment. The outcome of this case could have significant implications for banks and their customers regarding electronic transaction fees and compliance with financial regulations. NAN