(1998) JELR 45575 (SC)    

Supreme Court  ·  SC.14/1995 ·  27 Feb 1998 ·  Nigeria
Other Citations
Alao v. A.C.B. Ltd (1998) 3 NWLR (Pt.542)339 (1998) 1-2 S.C 177
Alao v. A.C.B. Ltd. (1998) 3 NWLR (Pt. 542) 339
MUHAMMADU LAWAL UWAIS Justice of The Supreme Court of Nigeria IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria EMANUEL OBIOMA OGWUEGBU Justice of The Supreme Court of Nigeria SYLVESTER UMARU ONU Justice of The Supreme Court of Nigeria ANTHONY IKECHUKWU IGUH Justice of The Supreme Court of Nigeria
Core Terms Beta
approval of the central bank of nigeria
bank drafts
lagos high court
exchange control act
nigerian customers
success of the first transaction
defendant bank
foreign exchange applications
court of appeal
order of the court
learned trial judge
provisions of exchange control act no.
said london branch office
leading judgment
illegal contract
exfacie contravention of section
nigerian business associates
person resident
high court
loan agreement
proved illegality
laws of the federal republic of nigeria
foreign exchange approvals
permission of the minister
following things
citizen of the republic of benin
central bank of nigeria
exchange control act no.
statement of claim
nigerian students
credit of a person resident
foregoing paragraph
alleged transactions
said drafts
learned counsel
reserved judgment
committal of an illegal act
particular sections
requests of his nigerian customers
bills of children
own bank
various educational institutions
business associates
cfa francs
facts of the case

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…

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