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ITEX LIMITED
V.
FIRST INLAND BANK PLC

(2007) JELR 37864 (CA)

Court of Appeal 25 Apr 2007 Nigeria
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Case Details

Suit Number:CA/A/68/M/05
Judges:OLUFUNMILOLA OYELOLA ADEKEYE Justice of The Court of Appeal of Nigeria MARY U. PETER-ODILI Justice of The Court of Appeal of Nigeria ABDU ABOKI Justice of The Court of Appeal of Nigeria
Counsel:Dr. O.F. Ayeni, O. Fadare Esq. N. Udoh Esq. For Appellant Israel Usman For Respondent

MARY U. PETER-ODILI, J.C.A.: (Delivering the Leading Judgment): In this appeal the Plaintiffs/Appellants seek an order of the Court of Appeal to set aside that part of the Ruling of the lower court dated 2nd December 2004, delivered by the Honourable Justice, B. F. M. Nyako of the Federal High Court Abuja in which ruling that court directed that the Plaintiffs/Appellants pay the sum of N76,016,467.64 into a profit yielding account in a neutral bank to be agreed upon by both parties pending the hearing and determination of the substantive suit.

FACTS

The 1st Appellant, a customer of the Respondent bank maintained a current account at the Respondent Bank Abuja Branch. The 1st Appellant at various times between 8th February 2002 and 12th May 2004 obtained from the Respondent certain overdraft/advance facilities in 9 tranches evidenced by agreed written terms and conditions; and pleaded in the Statement of claim. The 2nd Appellant, the Managing Director of the 1st Appellant, allegedly sto…

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