ALAO
V.
ACB LTD.
·
Alao v. A.C.B. Ltd. (1998) 3 NWLR (Pt. 542) 339
KUTIGI, J.S.C. (Delivering the Leading Judgment): The plaintiff is and was at all material times a business-man and a citizen of the Republic of Benin living in the town of Port Novo in that Republic. He has and had Nigerian customers and business associates going to that country to purchase goods from him. During the period of 1980-1981, some of his Nigerian business associates approached him in Benin Republic and Europe to help them settle the bills of children and wards in various educational institutions in Europe and America by providing funds abroad to these children through his country's local currency the CFA Francs, freely convertible currency in the world market. He said the request was made in order to obviate the hardship and inconveniences caused to many Nigerian students abroad due to long delay in obtaining approval of the Central Bank of Nigeria (hereinafter called the CBN) For foreign Exchange applications, thus making timely remittance of funds difficult. He first gr…