S. O. UWAIFO, JSC (Delivering the Leading Judgment): The plaintiff/respondent was granted a banking licence No. 000039 dated 10 June, 1988 by the first defendant. By a statutory instrument [S.1.6 of 1995] dated 29 June, 1995, the first defendant with the approval of the Head of State revoked the said licence. The apparent reason for the revocation was that the plaintiff bank was in a grave financial condition which has "culminated in the total erosion of its capital base and the dissipation of the depositors' funds resulting in the inability of the bank to meet its obligations to its depositors and creditors, and the various actions taken by the regulatory authorities to halt further deterioration, including calls on the shareholders to recapitalize the bank, have failed." This is undoubtedly a very strong reason to which the respondent should normally equally react without delay. The appointment of the second defendant/appellant as the provisional liquidator of the bank was simultane…
NDIC
V.
CBN & ANOR
(2002) JELR 14190 (SC)
Supreme Court 1 Mar 2002 Nigeria
Case
Key Passages 6
Citing Cases 4
BriefBot Summary
- The plaintiff was granted a banking license by the first defendant, but the license was later revoked due to the bank's financial condition. - The plaintiff filed a lawsuit seeking a declaration that the revocation was illegal and an inju
Case Details
Suit Number:SC.55/1999
Judges:SALIHU MODIBBO ALFA BELGORE Justice of The Supreme Court of Nigeria
IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria
ANTHONY IKECHUKWU IGUH Justice of The Supreme Court of Nigeria
ALOYSIUS IYORGYER KATSINA-ALU Justice of The Supreme Court of Nigeria
SAMSON ODEMWINGIE UWAIFO Justice of The Supreme Court of Nigeria
Counsel:Dr. O. Ajayi, SAN (With him,
O. Opasanya, Esq.) For Appellant
AND
O. A. Falade, Esq. For Respondent
Other Citations:(2002) 3 S.C 1, (2002) 7 NWLR (Pt. 766) 272
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 77,000 cases, recent judgments, statutes, and rules of court.