ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, JCA(Delivering the Leading Judgment): This is an appeal against the decision of the Federal High Court Lagos division Coram ARCHIBONG, J., wherein the Court in its judgment dated 3rd December, 2009 dismissed the claims of the Appellant.
The suit originated in the Failed Banks Tribunal, Zone II sitting in Lagos as suit No: FBFMT/L/ZII/34/96. It was instituted by Century Bank Limited against Rabo Farms Limited and another later taken over by Nigerian Deposit Insurance Corporation (Liquidator of Century Merchant Bank Limited). See pages 131-133 of the record of appeal.
The Failed Banks (Recovery of Debt and Fraud Malpractices in Banks) Decree No. 18 of 1994 having been listed in the Schedule of Decree No. 62 of 1999 as one of the amended Decrees, the Federal High Court assumed jurisdiction over cases involving failed banks. The facts of the case are that the 1st Respondent was a customer of Century Merchant Bank Limited and operated current account No: 70…