Justice Chukwujekwu Aneke of the Federal High Court in Lagos has ordered Fidelity Bank to promptly deposit ₦811,174,229.25 with the Chief Registrar of the court. This amount represents the principal sum claimed by Shago Payments Limited, a fintech company, in their lawsuit against the bank.
The judge stipulated that this sum should be held in an interest-bearing account at either First Bank Nigeria Limited, Zenith Bank Plc, or Guaranty Trust Bank Limited until the lawsuit’s resolution. The case, identified as FHC/L/CS/1268/2024, lists Fidelity Bank Plc, Global Accelerex Ltd., and Interswitch Ltd. as defendants.
In response to an ex parte application filed by Dr. Oladapo Olanipekun (SAN) on behalf of Shago Payments Limited, Justice Aneke ordered on July 17, 2024, that Fidelity Bank must file an affidavit within three days of receiving the order. This affidavit must confirm the deposit to the Chief Registrar and be served on the plaintiff’s counsel.
After hearing from Dr. Olanipekun (SAN) and his team, Justice Aneke issued the following orders:
- An interim injunction restraining Fidelity Bank from taking any steps regarding the alleged chargeback claims between June 2003 and August 2023. This includes actions like combining or setting off credit balances in Shago Payments Limited’s accounts or affecting any related accounts until the motion on notice is resolved.
- An interim injunction preventing Fidelity Bank from misrepresenting Shago Payments Limited as a debtor concerning the chargeback claims. This includes actions like watch-listing the plaintiff with the Central Bank of Nigeria or credit bureaus until the motion on notice is resolved.
The judge adjourned the case to August 1, 2024, for further mention.
In their statement of claim, Shago Payments Limited alleges that Fidelity Bank made unauthorized debits totaling ₦940,321,051.58 from their account, with ₦811,174,229.25 attributed to chargeback fraud. The plaintiff accuses the bank of negligence and fraud, citing breaches of multiple duties, including the Quincecare duty. They also seek an investigation by the Central Bank of Nigeria and the Securities and Exchange Commission into Fidelity Bank’s practices and demand ₦10 billion in damages.
Fidelity Bank is expected to file a defense against these claims in the coming days.
Source:- ThePressNG
