(2005) JELR 45166 (SC)    

Supreme Court  ·  SC.38/2001 ·  15 Jul 2005 ·  Nigeria
Other Citations
M.B.N. Plc. v. Nwobodo (2005) 14 NWLR (Pt.945)379 (2005) 7 S.C (Pt III) 1 (2005) 7 S.C (Pt III) 1
IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria SYLVESTER UMARU ONU Justice of The Supreme Court of Nigeria UMARU ATU KALGO Justice of The Supreme Court of Nigeria DAHIRU MUSDAPHER Justice of The Supreme Court of Nigeria IGNATIUS CHUKWUDI PATS-ACHOLONU Justice of The Supreme Court of Nigeria
Core Terms Beta
ground of appeal
grounds of appeal
reply brief
civil process act
leading judgment
sole ground
central bank
incompetent appeal
interim order
judgment of the court of appeal
lower court
1st appellant
allied matters act
appeal must of necessity
appellate court
court of first instance
culpable lack of the knowledge of the law
demands of the respondent
excess of the number of grounds
factual basis
feeble attempt
financial institution
high court
incompetent ground
judgment of the court
laws of the federation of nigeria
learned justices of the court of appeal
magic wand
movable property
number of issues
order nisi
ruling of the high court
service of the brief of the respondent
service of the processes
single place
sole issue
staff of the 1st appellant
sufficient cause
supreme court rules states
trial court
useful purpose

PATS-ACHOLONU, J.S.C. (Delivering the Leading Judgment): The 1st appellant a Financial Institution had in the course of its operation, the respondent as a customer who lodged a reasonably large sum of money in the Bank. It became distressed and was unable to meet its customary obligations in that it could not pay its customers money lodged therein. It was eventually sold over to the Central Bank for N1.00. The Central Bank handed it over to Nigeria Deposit Insurance Corporation to manage.

The respondent being one of its customers made efforts to get his deposits in the bank back but all to no avail due to the 1st appellant's impecuniosity. The appellants stated that on their part they tried to negotiate, and verily explored several opportunities and options to attempt to pay but the respondent wanted all his money or nothing and was not amiable to any discussion that was not geared towards full payment of his money in the bank. In consequence of failure to meet the demands of the res…

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