AMINA ADAMU AUGIE, J.C.A. (Delivering the Leading Judgment): The Appellant as a customer of the 1st Respondent at its Kano branch invested a total sum of N24,000,000 with the Respondents. He initially invested N4m in their IBTC Ethical Fund, in July 2008, without any prompting from the Bank, but acting on the 1st Respondent's letter dated 28/8/2008, he invested another sum of N20m in the said IBTC Ethical Fund, which they described as follows-
"The IBTC ETHICAL FUND is similar to The IBTC Nigerian Equity Fund but has a more socially responsible approach to investments. It is consciously designed to be in line with our social norms and values. Investments in the Breweries, Tobacco and any other sectors whose activities are considered harmful to the society are excluded. Beside the much desired risk - spreading element, we would like to emphasize here that the return on investments on these funds (ROI) is compared favourably with the industry index".
In subscribing to the scheme, he co…