WATCH THE VIDEO HERE Justice Chukwujekwu Aneke of the Federal High Court in Lagos has ordered Fidelity Bank to immediately deposit ₦811,174,229.25 with the court’s Chief Registrar. This amount is claimed by Shago Payments Limited, a fintech company, against the bank. The judge specified that the sum should be held in trust in an interest-bearing account at either First Bank Nigeria Limited, Zenith Bank Plc., or Guaranty Trust Bank Limited. This arrangement will remain until the court hears and determines the suit filed by Shago Payments against the bank and two other parties. The defendants in the case, marked FHC/L/CS/1268/2024, are Fidelity Bank Plc, Global Accelerex Ltd., and Interswitch Ltd. In response to an ex parte application filed by Dr. Oladapo Olanipekun (SAN) on behalf of Shago Payments, Justice Aneke ordered on July 17, 2024, that Fidelity Bank must file an affidavit within three days of receiving the order. This affidavit should detail the bank’s compliance with the payment directive and be served to the plaintiff’s counsel. Justice Aneke’s decision followed a hearing in which Dr. Olanipekun, accompanied by C. Ike Esq, D. Henry-Ojo, and E. Omekeh, presented the motion. The judge stated: “Having carefully considered the application and submissions of counsel, it is hereby ordered as follows: “An interim injunction is issued restraining the 1st defendant from taking any action related to the alleged chargeback claims between June 2003 and August 2023. This includes combining or setting off the credit balances in the Plaintiff’s account numbers: 9110001128, 5620110431, 5620130679, 9110000891, and 5620130686, or distraining any other account held by the Plaintiff at the 1st defendant bank, pending the hearing and determination of the motion on notice dated July 15, 2024. “An interim injunction is issued restraining the 1st defendant from (mis)representing the Plaintiff as a debtor regarding the debits to the Plaintiff’s accounts arising from chargeback claims between June 2023 and August 2023. This includes actions like watch-listing the Plaintiff on the Credit Risk Management System List of the Central Bank of Nigeria, CR Services Credit Bureau Plc, CRC Credit Bureau Ltd, or any other means, pending the hearing and determination of the motion on notice dated July 15, 2024.” The case is adjourned to August 1, 2024, for mention. Shago Payments Ltd claims that Fidelity Bank made unauthorized debits amounting to ₦940,321,051.58 from its account, with ₦811,174,229.25 attributed to chargeback fraud. The fintech firm accuses the bank of negligence, fraud, and breach of various duties, including the Quincecare duty. They seek an investigation by the Central Bank of Nigeria and the Securities and Exchange Commission into Fidelity Bank’s practices and demand ₦10 billion in damages. Fidelity Bank is expected to file a defense against the plaintiff’s claims soon.