Former presidential candidate of the African Action Congress (AAC), Omoyele Sowore, has launched a legal battle against Guaranty Trust Bank (GTB) for freezing his bank accounts for five years.

In a suit filed by his lawyer, Inibehe Effiong, at the Federal High Court in Lagos, Sowore stated that the freezing of his bank accounts was not only illegal but also a violation of his human rights.

Sowore revealed that his bank accounts were frozen without due process by the bank, leaving him financially frustrated.

As a result, the human rights activist is demanding N100 million in damages from GTBank, according to the suit.

Sowore is requesting that the bank immediately unfreeze his accounts and pay the damages. Effiong described the account freezing as unlawful stating “the arbitrary freezing of my client’s accounts without due process is not only illegal but also a blatant violation of his fundamental rights.”

The suit reads, “A Declaration that the Respondent’s act of freezing and restricting the Applicant’s accounts with Account Numbers: (1) 0169510647 (Current Account); (2) 0169510867 (Savings Account); (3) 0169510850 (Current Account); (4) 0171422811 (MasterCard/Visa Debit Account Type) and Account Name: Sowore Omoyele Stephen respectively, all domiciled with the Respondent; Guaranty Trust Bank Ltd is unlawful, unconstitutional, null and void, and a breach of the Applicant’s right to property guaranteed by the provisions of Section 44 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Article 14 of the African Charter of Human and Peoples Rights (Ratification and Enforcement) Act LFN 2010.

“An Order of this Honourable Court directing the Respondent to lift the restriction placed on the Applicant’s accounts with the aforementioned account numbers.

“An Order of perpetual injunction restraining the Respondent, whether by itself, its agents, privies, or servants, from unlawfully interfering with the Applicant’s accounts.”

Sowore is seeking N100 million as general damages for the unlawful freezing of his accounts, as well as the cost of prosecuting the suit.

He further said since 2019, his accounts have been rendered inoperable by the bank, with no formal explanation offered.

Despite several complaints, the Respondent has refused to lift the restrictions. A demand letter dated April 23, 2024, was also served on the Respondent, but to no avail.

Zenith Bank, one of Nigeria’s foremost financial institutions, has successfully restored full operational services across its electronic transaction channels, ensuring that customers can now enjoy seamless access to digital banking services.

This restoration follows temporary disruptions caused by a routine upgrade of the bank’s technology infrastructure, which aimed to optimize service delivery but impacted e-channel services recently.

In a post shared on Thursday through its social media platforms, the leading lender confirmed that all services across its electronic channels have been fully reinstated.

Reiterating its commitment to providing quality digital services, the bank assured customers of exceptional service with its newly enhanced technology infrastructure, designed to deliver seamless and innovative financial solutions.

The announcement stated:

“We are pleased to inform you that access to our digital channels has been restored, allowing you to perform transactions conveniently via your preferred platform. We appreciate your patience during the IT infrastructure upgrade and sincerely apologize for any inconveniences you experienced.

“Rest assured, we are dedicated to providing you with exceptional service, and the new IT infrastructure we have implemented will enable us to do so moving forward.

Thank you for choosing to bank with us.”

Important Reminder

Zenith Bank will NEVER call, SMS, or email you requesting your card details, PIN, token codes, mobile/internet banking login details, or any other account-related information.

“We will also NEVER ask you to click on a link to update your bank information or activate your account. If you receive such messages, please DO NOT respond,” the bank stated.

Amid growing challenges of maintenance delays and internet disruptions being faced by many of the commercial banks in Nigeria, the Central Bank of Nigeria (CBN) has assured depositors and other clients that their money is intact.

Reassuring the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system, the apex bank asked Nigerians not to panic, stating that it remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

In a statement signed by Hakama Sidi Ali, Acting Director, Corporate Communications, CBN, the apex bank noted that it recognises the crucial role confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.

Ali said the CBN is actively ensuring that banks adhere to established regulations and best practices to maintain the integrity of the nation’s financial system.

According to him, regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that the financial institutions are resilient.

He added that the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing the bank to provide timely solutions to any foreseen issues.

The statement pointed out that the bank’s approach to Risk Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system.

“This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector,” it stated.

Ali disclosed that the CBN has established a Memoranda of Understanding with the various countries where Nigerian banks’ subsidiaries are located, adding that the collaboration enhances regulatory coordination and ensures that the nation’s banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

He further assured bank customers that the CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

The statement revealed CBN’s plans to continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.

Investors King had reported that customers of Zenith Bank recently expressed their frustration over difficulties with online banking transactions.

Just like other banks, Zenith Bank witnessed online service disruptions and maintenance delays for hours as its customers experienced hitch in sending, receiving money and viewing their balance on their bank apps.