Ratio DecidendiRatio Decidendi


(2001) JELR 44321 (SC)    

Supreme Court  ·  SC.113/1996 ·  13 Jul 2001 ·  Nigeria
Other Citations
(2001) All N.L.R 575 (2001) 7 S.C (Pt.II) 146
SALIHU MODIBBO ALFA BELGORE Justice of The Supreme Court of Nigeria MICHAEL EKUNDAYO OGUNDARE Justice of The Supreme Court of Nigeria UTHMAN MOHAMMED Justice of The Supreme Court of Nigeria OKAY ACHIKE Justice of The Supreme Court of Nigeria AKINTOLA OLUFEMI EJIWUNMI Justice of The Supreme Court of Nigeria

Ratio Decidendi

Core Terms Beta
unlawful interference
letters of credit
breach of contract
court of appeal
statement of claim
amended statement of claim
general damages
import licences
trial court
irrevocable letters of credit
learned trial judge
trial of this action
1st plaintiff
judgment of the trial court
2nd plaintiff
3rd-6th appellants
documentary credits
said contracts
business of the plaintiffs
further alternative
leading judgment
learned judge
open letters of credit
respective selves
said sum
benefits of the plaintiffs
business of the 3rd plaintiff
business of the 6th plaintiff
customers of the respondent bank
decision of the court of appeal
diverse contracts
favour of certain third party
following conditions
following findings of facts
main complaint of the appellants
particulars of letters of credits contracts
plaintiffs claim
request of the appellants
specific purposes
unlawful cancellation of irrevocable letters of credit
use of the defendant

OGUNDARE, JSC (Delivering the Leading Judgment): The appellants were, at all times relevant to this case, customers of the respondent bank. All the appellants belong to a group known as Olori Group of Companies. Following the cancellation by the respondent of purported letters of credit issued by it at the request of the appellants, the latter sued, claiming as per paragraph 27 of their amended statement of claim-

"27. WHEREFORE all the plaintiffs claim against the defendant as follows:-

(i) an order of injunction restraining the defendant and all their agents whomsoever from taking any steps to sell any of the plaintiffs' properties mortgaged to it since the defendant is in fact indebted to the plaintiffs.

(ii) the sum of ₦656,919,000.00 only being special and general damages against the defendant for breach of contract arising from the unlawful cancellation of irrevocable letters of credit issued by the defendants, and so issued for valuable consideration given by the plaintiffs to …

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