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Polaris Bank will have to pay N500,000 in damages to one of its customers, Mrs. Idongesit Nwoko, for failing to reverse a failed Point of Sales (POS) transaction within the 72-hour time frame required by law.
Justice Bennett Ilaumo of the State High Court in Akwa Ibom State gave the directive on Wednesday, 4th May 2022.
During the court hearing, Nwoko stated that she made a N61,000 POS withdrawal on December 24, 2021, but was debited without payment.
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Premium Times reports that Nwoko who is a civil servant claimed she made several efforts, including numerous visits to the bank, but the debit was not reversed until after 28 days.
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Dissatisfied with the way she was treated by the bank, the woman, through her lawyer, Utibe Nwoko, sued Polaris Bank asking for her money, another report revealed.
Justice Ilaumo in his ruling ordered the bank to pay N500,000 in damages as the bank was negligent of its duty to care for its customer.
Despite winning the lawsuit, Nwoko's road ahead will be bumpy, as Polaris has announced preparations to appeal the ruling.
Mr Ebuk contended that the plaintiff, in her prayers, sought the court to compel the restoration of her money, damages for her money that "was lost," and the expense of legal action, despite the fact that the court cannot change a party's pleadings in a suit.
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He stated that the plaintiff did not request compensation for the delayed reversal that the court granted her.
He is quoted as saying:
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Meanwhile, Legit.ng had earlier reported that working in the banking industry is a dream for many Nigerian graduates because they believe there is a lot of money to be made
The report showed how ten commercial banks paid workers salaries and wages of over N400 billion in 2021.
The amount captured in the report only covers salaries and wages and does not include other staff costs, and pension contribution that makes up personnel cost.
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