M. E. OGUNDARE, J.S.C (Delivering the Leading Judgment): The Appellant herein as at all times relevant to this case, a banker to the 1st Respondent. Litus Turungbenefade Afekoro who had a Savings Account No. 07112515193 at the Bank. Sometime in 1986, Chief John Ekwuba Muoghalu, chairman/managing director of the 3rd Respondent reported to the police that a sum of seven million Naira (N7,000,000.00) belonging to the 3rd Respondent was stolen by some persons in consequence of which report, police commenced investigations. In the course of police investigations the accounts of Farlob (Nig.) Ltd. and Toyem Enterprises Nigerian Limited both with the Appellant, were frozen and the balances totaling N2,727,655.50 were transferred into a suspense account with the Appellant.
By a letter Ref. No. CR . 3000/X/C/Vol.42/508 dated 18th February, 1999 the Police requested the Appellant "to transfer the amount lodged in the (suspense) account to IMB (International Merchant Bank), Victoria Island, Lago…