UWAIFO, JSC (Delivering the Leading Judgment): The Nigerian Deposit Insurance Corporation (the NDIC) is the liquidator of Allied Bank of Nigeria, Plc. It acts in that capacity in furtherance of its duties under section 28 of the Nigerian Deposit Insurance Corporation Act (the Act) (Cap. 301) Laws of the Federation of Nigeria, 1990 and under other laws, and as may be relevant under the Companies and Allied Matters Act, 1990 (the CAMA). The 1st respondent, Okem Enterprises Nigeria Limited, was said to be a valued customer of the said Allied Bank of Nigeria Plc. (the bank). It maintained various accounts with different branches of the bank.
The 1st respondent obtained credit facilities or loans from the bank. It is alleged that as at 31 January, 1999, the total amount outstanding against the 1st respondent was ₦284,109,459.59. The bank's licence has been revoked by the Central Bank of Nigeria and this led to the NDIC being appointed the liquidator of the bank. The NDIC filed an applicat…