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OKOLO & ANOR.
V.
U.B.N. LTD.

(2004) JELR 48705 (SC)

Supreme Court 16 Jan 2004 Nigeria
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- The appellants (customers) sued the respondent (Union Bank) for negligence in failing to timely effect foreign exchange transfers, causing alleged business loss; they sought account reconciliation, reversal of wrongful debits, injunction

Case Details

Suit Number:SC.161/1998
Judges:UTHMAN MOHAMMED Justice of The Supreme Court of Nigeria SYLVESTER UMARU ONU Justice of The Supreme Court of Nigeria SAMSON ODEMWINGIE UWAIFO Justice of The Supreme Court of Nigeria NIKI TOBI Justice of The Supreme Court of Nigeria IGNATIUS CHUKWUDI PATS-ACHOLONU Justice of The Supreme Court of Nigeria
Counsel:Appellants not represented For Appellant Chief E.L. Akpofure, SAN (with him, Godwin Odiete, Esq.) For Respondent
Other Citations:Okolo v. U.B.N. Ltd (2004) 3 NWLR (Pt.859) 87 (2004) 1 S.C. (Pt 1) 1 (2004) 13 W.R.N 62 S.C

TOBI, J.S.C. (Delivering the Leading Judgment): This appeal concerns bank/customer relationship. The appellants are the customers. The respondent is the bank. The case of the appellants is that the respondent failed to comply with foreign exchange transactions involving the transfer abroad timeously of the foreign exchange or currency equivalent of N239, 143 to cover cost of goods supplied to them by their overseas customers, thus causing business loss to the appellants. The appellants alleged negligence on the part of the respondent.

The appellants asked for the following reliefs:

"(a) An order for account of all monies paid into and debited against 2nd plaintiff's account or account with the defendant from 1986 till date and reversal of all wrongful and illegal debits made by the defendant on the said accounts from 1986 till date and payment over to the 2nd plaintiff of all monies excessively debited with interest at prevent (sic) long bank rate.

(b) An order of perpetual injuncti…

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