U. MOHAMMED, JSC (Delivering the Leading Judgment): Benilux (Nigeria) Limited, who hereinafter shall be referred to as the respondent, had business transaction with Messrs Accountable Finance and Investment Company. As a result of the business transaction Messrs Accountable Finance and Investment Company Limited, issued cheque No. 03370-031150013 A/C No. 102-3720151-01-95, dated 27th January, 1993, in the sum of ₦1,000,000.00 (One Million naira) payable to the respondent. The cheque was marked "A/C Payee only" and "Not Negotiable". It was to be drawn on the account of the company at Martins Street Branch of the Trade Bank Plc. Trade Bank Plc is the appellant, in this appeal. In the cheque the appellant was mandated to pay the sum of ₦1,000,000.00 to the respondent. Instead of paying the amount to the respondent the appellant paid the one million naira to a stranger.
When the respondent found out what had happened it challenged the appellant on the wrongful payment. The appellant acce…