Banks Archives

COVID-19: CBN’S TEMPORARY SUSPENSION OF CHEQUE CLEARANCE IN THE CLEARING SYSTEM

In the wake of COVID-19 pandemic, the governments all over the world and their institutions have taken drastic measures to stem the spread of coronavirus (the virus). The Federal Government of Nigeria has also taken steps in this direction. On 29 March 2020, President Muhammadu Buhari, through a broadcast ordered the shutdown of business activities […]

stephenazubuike
April 4, 2020
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28 Views

Case Law Legal Explainer

Do banks have power to recover debts already sold to AMCON?

Introduction The Federal Government of Nigeria was desirous of stabilising the financial system in the country and so, passed a Law known as the Asset Management Corporation of Nigeria Act in July, 2010 (“The Act” or “AMCON Act”). The Act established an agency known as the Asset Management Corporation of Nigeria (AMCON) for the purpose […]

stephenazubuike
June 5, 2019
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78 Views

Special Feature

Nigerian Police and obnoxious use of the Bankers’ Order.

Introduction For a long time now, the Nigeria Police has been adopting a certain procedure in its bid to assist a complainant who alleges that (s)he is a victim of fraud. So, upon receipt of such complaint, the Police will prepare an application called Bankers’ Order and proceed straight to the nearest Magistrates’ Court to […]

stephenazubuike
May 7, 2019
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69 Views

Case Law

Are banks obliged to obey EFCC’s instruction to freeze a customer’s account?

GTB Plc v. Adedamola [2019] 5 NWLR (Pt. 1664) 30 at 43, paras. E-F, per Abubakar, JCA: “Before freezing customer’s account or placing any form of restraint on any bank account, the bank must be satisfied that there is an order of court. By the provisions of Section 34(1) of the Economic and Financial Crimes […]

stephenazubuike
May 2, 2019
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26 Views

Special Feature

The Access Bank and Diamond Bank Deal: Implications for Stakeholders.

Introduction The news recently broke of the restructuring involving Access Bank Plc and Diamond Bank Plc, two leading Nigerian financial institutions. While the restructuring has been described by some as a merger, others have described it as an acquisition. This debate will be further discussed in this piece. However, suffice it to say that the successful restructuring and the emergence of Access […]

sanford-mba-sanford
April 15, 2019
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50 Views

Case Law

Does a bank have an absolute power to consolidate the accounts of its customer?

UBA Plc v. Salman [2019] 2 NWLR (Pt. 1656) 304 at 325, paras. C-F, per Uwa, JCA: “There is no doubt in law that a banker may consolidate the accounts owned by a customer in his own right, unless precluded by agreement, express or implied from the course of business from doing so, in order to […]

stephenazubuike
March 11, 2019
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51 Views

Case Law

Women and nursing mothers must not suffer discrimination at work place

Standard Chartered Bank v. Adegbite [2019] 1 NWLR (Pt. 1653) 348 at 373, paras. B-F, per Barka, JCA: “It has been argued for the Defendant that the Claimant did not adduce evidence of how other nursing women in the employment of the Defendant were treated differently from her or vice versa. It suffices that the […]

stephenazubuike
February 8, 2019
0 Comments
15 Views

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