FORTUNE INTERNATIONAL BANK PLC
V.
PEGASUS TRADING OFFICE (GMBH) & ORS.

(2004) JELR 45016 (SC)    
Supreme Court  ·  SC.144/2001 ·  30 Jan 2004 ·  Nigeria
 · 
Other Citations
F.I.B. Plc v. Pegasus Trading (2004) 4 NWLR (Pt.863) 369 (2004) 1 S.C (Pt II) 164 (2004) 11 W.R.N 93 S.C
F.I.B. Plc v. Pegasus Trad. Office (2004) 4 NWLR (Pt. 863) 369
CORAM
IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria ALOYSIUS IYORGYER KATSINA-ALU Justice of The Supreme Court of Nigeria UMARU ATU KALGO Justice of The Supreme Court of Nigeria SAMSON ODEMWINGIE UWAIFO Justice of The Supreme Court of Nigeria DENNIS ONYEJIFE EDOZIE Justice of The Supreme Court of Nigeria
Core Terms Beta
2nd defendant
cross-appellants
appellant
exhibit p13
1st defendant
evidence
date of judgment
court of appeal
disposition of property
learned trial judge
mr. giwa
oral evidence
2nd respondents
breach of contract
defendants
evidence act
favour of the plaintiffs
judgment of the trial court
leading judgment
senior advocate
settlement of the judgment debt
1st defendant bank
2nd defendant dm
above stated commitment
available evidence
chief executive of the 2nd cross-appellant
circumstances of this case
contents of the said exhibit p13
cost of the goods
court injunction
effect of exhibit p13
evidence of the agreement
exhibit d2
exhibit pi3
extrinsic oral evidence
following matters
instance of the 2nd defendant
managing director
presentation of documents
principal debt dm540,000
provision of money
said exhibit
see alli v
such judgment
support of their cross-appeal
terms of such contract
understanding of the said exhibit p13
virtue of the provisos
written document

UWAIFO, J.S.C. (Delivering the Leading Judgment): The plaintiffs (two German companies) sued the defendants for breach of contract arising from two letters of credits (LCs) opened by the 1st defendant bank at the instance of the 2nd defendant in favour of the plaintiffs for the importation of dairy product known as "Royal Evaporated Milk". The LCs were confirmed irrevocable up to 35% of their value. This meant that the amount involved was to be paid at sight. As to that, there is no dispute; the 35% cost of the goods was accordingly paid. The difficulty was with the 65% of the LCs which by description was unconfirmed irrevocable. The amount involved was to be paid by the 1st defendant/bank 90 days after presentation of documents to it. That amount was not paid hence the plaintiffs (the sellers of the goods sued the 1st defendant/bank (the issuing bank) and the 2nd defendant (the buyer) claiming as follows:

(a) Cost and value of goods supplied ............ DM 540.000

(b) Legal action i…

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