A Lagos High Court has directed the United Bank of Africa, (UBA), Plc to pay N20 million to Treasure Capital and Trusts Limited, a finance advisory company, which the bank froze its accounts with ten commercial banks. The trial judge, Josephine Oyefeso,
said the injunction obtained by UBA plc and upon which it froze the company’s accounts was illegal. It therefore ruled the bank pay compensation of ten million naira each to the company for the reputation damage it suffered on account of the action and its legal fees while the matter lasted. The finance company sued UBA for N5.9 billion though, Oyefeso ordered detail inquiry to the actual damage it suffered, so as to determine how much compensation be paid to it. Prior to the latest judgment, the Federal High Court, in Lagos, had dismissed a suit for debt recovery UBA plc filed against the finance company in 2011. Treasure Capital and Trusts Limited is also to paid N250,000 being cost of his defence at the Federal High Court.