NPG EVENT, GARDENS & PARKS LTD v. ZENITH BANK PLC
(BOLA; KWAHAR; ONWOSI, JJ.CA)
NPG Event, Gardens & Parks Limited (“the Appellant”) maintained a bank account with Zenith Bank Plc (“the Respondent”). A Post No Debit (“PND”) restriction was placed on the account for a period of six months following a directive allegedly issued by the Economic and Financial Crimes Commission (“EFCC”). As a result, the Appellant was unable to operate the account or access the funds in it.
Following the restriction, the Appellant commenced proceedings before the Federal High Court. It sought declarations that the PND restriction placed on its account without a valid court order was unlawful, unconstitutional, null and void. The Appellant also sought an order directing the Respondent to lift the restriction and restore access to the account, a perpetual injunction restraining further interference with the operation of the account, and general damages of ₦100,000,000.00.
The Federal High Court dismissed the Appellant’s claims and held that the restriction placed on the Appellant’s account was valid as it was done pursuant to the directive issued by the EFCC in the course investigating the Appellant. The Court further held that the EFCC had statutory investigative powers and that the Respondent could comply with the directive pending the conclusion of the investigation.
