Ratio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio DecidendiRatio Decidendi



M. O. KANU, SONS & COMPANY LTD
V.
FBN PLC

(2006) JELR 46367 (SC)    

Supreme Court  ·  SC.349/2001 ·  26 May 2006 ·  Nigeria
 · 
Other Citations
M. O. KANU, SONS & COMPANY LIMITED v. FIRST BANK OF NIGERIA PLC (2006) 5 S.C. (Pt.III) 80
CORAM
IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria ALOYSIUS IYORGYER KATSINA-ALU Justice of The Supreme Court of Nigeria GEORGE ADESOLA OGUNTADE Justice of The Supreme Court of Nigeria SUNDAY AKINOLA AKINTAN Justice of The Supreme Court of Nigeria ALOMA MARIAM MUKHTAR Justice of The Supreme Court of Nigeria

Ratio Decidendi

Core Terms Beta
plaintiff
defendant
issues
trial court
counter-claim
bales of stockfish
cross-examination
statement of claim
dear sir
foreign trade
health authorities
m.o. kanu
standard chartered bank
contract of loan
leading judgment
managing director
above loan
advertised central bank of nigeria
amended statement of defence
appellant company
consideration of the issues
defendant issue letter of credit
dominion flour mills ltd.
findings of fact
first head of the counter-claim
following conditions
following issues
foolscap pages
general damages
honourable court
learned counsel
learned trial chief judge
main branch
majority importer of stockfish
m. o. kanu
opening of letters of credit
order of this honourable court
perusal of the evidence
port-harcourt division of the court of appeal
quantity of stockfish
rate of n10.00
result of the defendant
said exhibit
said policy guidelines
sum of n10,805,000.00
total sum of n19,954,138.80
view of the evidence

OGUNTADE, JSC (Delivering the Leading Judgment): This appeal revolves around Bank/customer relationship that went sour. The appellant company was the customer and the respondent, the bank. The dispute arose following a loan granted to the appellant to enable it import for resale in Nigeria, a quantity of stockfish. The loan was to be repaid on 30/12/89. The appellant did not pay on due date. Rather, the appellant claimed that the respondent negligently handled on 30/12/89. The appellant did not pay on due date. Rather, the appellant claimed that respondent negligently handled the shipment process. It then brought a suit following:

"(a) An order of this Honourable Court compelling the defendant to waive or absolve or write off the sum of N10,805,000.00 (Ten Million, Eight Hundred and Five Thousand Naira) being the cost of 2,900 bales of stockfish destroyed by the Health Authorities as a result of the defendant's negligence; or

Alternatively

(b) N30,000,000.00 (Thirty Million Naira) a…

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