The Lagos Division of the Court of Appeal, speaking through Honourable Justice TIJJANI ABUBAKAR, J.C.A in the case of G.T.B PLC. Vs ADEDAMOLA (2019) 5 NWLR (Pt. 1664) at pg. 30. (particularly at pg. 43, paras. E-H), held:
“Before freezing customer’s account or placing any form of restrain on any Bank account, a bank must be satisfied that there is an order of court. By the provisions of section 34(1) of the Economic and Financial Crimes Commission Act, 2004 the Economic and Financial Crime Commission has no power to give direct instructions to Banks to freeze the account of a customer without an order of court, so doing constitutes flagrant disregard and violation of the right of a customer.
…Our financial institutions must not be complacent, reticent and toothless in the face of brazen and reckless violence to the rights of their customers. Whenever there is a specific provision regulating the procedure of doing a particular act, that procedure must be followed.”
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