ILOKSON & CO. (NIG) LTD
V.
UNION BANK

(2021) JELR 109194 (SC)    
Supreme Court  ·  SC.69/2009 ·  26 Mar 2021 ·  Nigeria
CORAM
Olukayode Ariwoola, JSC Uwani Musa Abba Aji, JSC Mohammed Lawal Garba, JSC Samuel Chukwudumebi Oseji, JSC Emmanuel Akomaye Agim, JSC

UWANI MUSA ABBA AJI, J.S.C. (Delivering the Leading Judgment): The Appellant was a customer of the Respondent with a current account at its Otukpo Road branch, Makurdi. On 21/9/1994, the Respondent granted an export financing credit facility in the sum of N6,000,000.00 to the Appellant. In all, the Respondent granted the Appellant the principal sum of N8.5 million, which interest rose to N15,073,341.00 as at 30/6/1998. Thus, the claim of the Respondent against the Appellant was N15,073,341.00 with 25% interest from 30/6/1998 till judgment and after judgment, when the whole sum is liquidated.

The Appellant however denied receipt of N8.5 million but only N7.5 million, which it over paid the Respondent, evidenced vide Exhibit 00. Under the condition of the grant of the credit facility, the proceeds of the foreign businesses whereof the facility was granted were to pass through the account of the Appellant, kept by the Respondent. The Appellant counter-claimed the sum of N26,170,370.00 and…

There's more. Sign in to continue reading.

judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 20,000 cases, recent judgments, statutes, and rules of court.

Get started   Login