On Monday, the Federal High Court in Abuja issued an interim freezing order against FairMoney, PalmPay, and Opay, directing them to reverse N139.6 million wrongfully credited to their accounts due to a system glitch at TAJ Bank Ltd…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!This action followed a motion filed by TAJ Bank and six of its customers on July 23, 2024, citing the Central Bank of Nigeria’s regulations on illegal transactions.
TAJ Bank’s legal team argued that the glitch allowed unauthorized transactions, leading to significant financial liability. They requested the court to mandate the reversal of the funds and place a debit freeze on the implicated accounts. The court granted this request on July 26, 2024, and required FairMoney, Opay, and PalmPay to disclose the balances in the affected accounts within seven days.
TAJ Bank was also ordered to undertake measures to protect the respondents from potential losses resulting from the freezing order. The case is set for a further hearing on August 12, 2024. At the initial hearing, FairMoney, Opay, and PalmPay were not represented legally…..For More READ THE FULL ARTICLE HERE ▶▶
