TOBI J.C.A.(Delivering the Leading Judgment): The 2nd appellant is Anuka Community Bank Nigeria Ltd. which operates at Nnewi. The 1st appellant is the Manager of the 2nd appellant. The applicant/respondent was a customer of the 2nd appellant at all times material to this matter. He operated a Current Account, No.500050001087 from 10th January, 1997.
The applicant/respondent was granted short-term credit and overdraft facilities by the 2nd appellant at different times. The appellants claimed that on 14th May, 1997 and 23rd May, 1997, the applicant/respondent was granted overdraft facility of N400,700.00. The applicant/respondent put the figure at N400,000.00 which leaves a difference of N700.00. The applicant/respondent surrendered a UBA cheque for N350,000.00 as security for the loan. According to the appellants, when the applicant/respondent failed to liquidate the facility, the UBA cheque surrendered by him was presented for payment. The cheque was dishonoured. The appellants petiti…