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Sowore Sues Guaranty Trust Bank Over Frozen Accounts

Published by Tope Fakinlede on October 12th, 2024.

Sowore Sues Guaranty Trust Bank Over Frozen Accounts

Human rights activist and former presidential candidate Omoyele Sowore has initiated legal action against Guaranty Trust Bank (GTB), claiming N100 million in damages for the freezing of his accounts since 2019. He argues that the bank’s actions infringe upon his fundamental right to property.

The lawsuit, filed by his attorney Inibehe Effiong at the Federal High Court in Lagos, accuses GTB of restricting Sowore’s access to his accounts without proper justification or prior notification.

Sowore, who opened the accounts in 2015 while working as the presidential candidate for the African Action Congress (AAC), asserts that the ongoing account restrictions have caused him significant financial distress, hampering both his business operations and personal life.

Effiong condemned the freezing of the accounts as unlawful, stating, “The arbitrary action taken against my client violates due process and his fundamental rights.”

In his suit, Sowore demands that GTB immediately unfreeze his accounts and pay N100 million in compensation for the hardship suffered. He highlighted that despite numerous complaints and a formal demand letter, the bank has not lifted the restrictions, leaving him without access to his funds and forcing him to borrow money for his expenses.

The legal action specifies that Sowore’s accounts, including his current, savings, and debit card accounts, have been inaccessible since 2019. He is also seeking a court order to prevent future unlawful interference with his accounts and to cover the costs of the legal proceedings.

Sowore expressed frustration at GTB’s lack of response and the financial embarrassment caused by the account freeze. He noted that the prolonged restrictions have severely impacted his ability to conduct business and manage his personal affairs.

The lawsuit requests the court to declare GTB’s actions as unlawful and to mandate the bank to pay Sowore damages for the detrimental effects of the account freeze.

This case will be heard in the Federal High Court, where Sowore is pursuing both financial restitution and the restoration of his banking privileges.