The Federal High Court in Abuja has ordered the United Bank for Africa (UBA) Plc to pay N30 million in damages to Micoz Bluelink Enterprise for unlawfully restricting the company’s account for over a year. Justice Peter Lifu, who delivered the ruling, also directed the immediate refund of 163,592 US dollars wrongfully withheld from the firm.
In his judgment, Justice Lifu criticised the bank’s actions, describing them as a violation of the banker–customer relationship. He noted that UBA had neither legal authority nor a court order to freeze the business domiciliary account or withdraw funds without notifying the customer. The judge labelled the act as reckless, ultra vires, and lacking in fairness.
Court documents revealed that the company, owned by Akpasi Oziegbe and operating under the name Micoz Bluelink Enterprise, was incorporated on March 19, 2021, and subsequently opened a domiciliary account for trade transactions. According to the plaintiff’s legal team, led by Chikaosolu Ojukwu (SAN) and Adeyemo Richard, the firm discovered on July 20, 2022, that its account had been restricted with a balance of 163.8 million dollars meant for supply contracts. Despite several enquiries, the bank allegedly failed to give any explanation or lift the restriction.
The plaintiff further alleged that on August 19, 2023, UBA transferred the funds without authorisation. They argued that the call-back request cited by the bank did not mention fraud and lacked proper endorsement.
UBA, represented by counsel Kalat Jatau, admitted receiving the funds but said they were flagged as suspicious. The bank stated it had filed a Suspicious Transaction Report with the Nigerian Financial Intelligence Unit (NFIU) and temporarily froze the account pending additional documentation. It also claimed the funds were recalled based on a SWIFT instruction from its correspondent bank, Citibank.
However, Justice Lifu found that UBA acted without a valid court order and failed to provide credible evidence to justify its actions. He dismissed the bank’s Exhibit ‘A’ as defective, noting that it merely stated “Possible Duplicate” and made no mention of fraud.
Highlighting the severe economic loss and business disruption caused to the company, the judge ruled that customer funds can only be withdrawn through clear instructions from the account holder or by court order — neither of which was presented in this case. He therefore declared UBA’s actions illegal and unconstitutional.
Considering the economic hardship, the status of the applicant, and the continual depreciation of the naira, Justice Lifu awarded N30 million in damages to Micoz Bluelink Enterprise, with post-judgment interest at 10 percent until full payment is made. He also ordered the reversal of the $163,592 withdrawal