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Keystone Bank Ordered To Pay N20M Damages and N202.8M Fixed Deposit to Customer By Court Of Appeal, Abuja
The Court of Appeal in Abuja has dismissed an appeal filed by Keystone Bank Ltd, affirming a previous ruling that ordered the bank to pay over N202.8 million to its customers, Agricultural Productivity Enhancement Ltd and Chief Ejiofor Ezekwe.
The judgement, delivered virtually by Justice Adamu Jauro on Friday, ruled the appeal lacked merit. The appellate court upheld the decision of the Federal Capital Territory (FCT) High Court, which directed Keystone Bank to release the fixed deposit funds and pay additional damages.
The appeal, marked CA/ABJ/CV/1369/2024, was filed by Keystone’s counsel, Adegboyega Badebo Esq. The bank had sought to overturn the lower court’s judgement mandating payment of N202,890,426, along with 10 percent interest from the date of judgement until the debt is cleared.
Justice Josephine Obanor of the FCT High Court had originally ruled in 2024 that Keystone Bank not only release the principal amount but also pay N20 million in general damages and N5 million in litigation costs.
The dispute dates back to August 25, 2020, when Mr. Ezekwe, on behalf of Agricultural Productivity Enhancement Ltd, instructed the bank to place N200 million in a fixed deposit for 30 days. A similar instruction was issued on September 24, 2020, but the bank reportedly failed to release the funds without providing a satisfactory explanation.
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