A’Ibom: Court Slams N.5m Fine Against Polaris Bank Over  Failed Transaction

A’Ibom: Court Slams N.5m Fine Against Polaris Bank Over  Failed Transaction

INIOBONG SUNDAY, UYO

Akwa Ibom state High Court sitting in Itu Judicial Division, Itu Local Government Area, has slammed N500,000 damages against Polaris bank in Uyo, the state capital, for a failed Point of Sale (PoS) transaction with a customer.


The particulars of the case stated that the plaintiff, one Mrs. Idongesit Utibe Nwoko, had done a transaction to the tune of N60,000 through a PoS outlet of Polaris bank, but the cash got trapped.
Polaris bank, the prosecuting counsel explained, “failed to reverse the money within stipulated 72 hours as required by law”.

“The fact of the case is that the plaintiff (Mrs Nwoko) used PoS to withdraw N60,000, but the transaction failed. The bank failed to reverse it within 72 hours required by law. It finally reverse it after 28 days, forcing the plaintiff to approach the court for redress”, he explained

Therefore, the presiding Judge, Justice Benneth Ilaumo, in the case under the suit number: HIT\2\2021, held that “the prosecution has proved his case beyond every reasonable doubts” and ordered the defendant (Polaris bank) to pay N500,000 damages to the plaintiff.

According to Ilaumo, the fine would serve as deterrent to others in the habits of subjecting customers to harrowing experiences in the course of their business transactions.


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Itu Judicial DivisionPolaris Bank