Nigerian courts rule against Zenith Bank and order NICON Insurance asset disclosure

The Nigerian Court of Appeal has upheld a N60 million damages award against Zenith Bank and the Nigeria Police Force (NPF) for the unlawful freezing of a customer's account. The court dismissed Zenith Bank's appeal, affirming the decision that the account freeze, based on an invalid court order, violated the banker-customer relationship. The bank is also ordered to unfreeze the account of Abhulimen & Co and publish a public apology in two national newspapers.

In a separate legal matter, the Federal High Court in Abuja has ordered the former directors of NICON Insurance Limited (In-Liquidation) to provide a comprehensive account of their roles in preserving company assets over the last seven years. Following a petition by the company's Receiver/Liquidator, the court demanded that directors disclose all company assets, including funds, properties, and investments, under oath to prevent the dissipation of the estate during the winding-up process.