Ratio DecidendiRatio Decidendi



TRADE BANK PLC
V.
BENILUX (NIGERIA) LTD.

(2003) JELR 44867 (SC)    

Supreme Court  ·  SC.186/2000 ·  2 May 2003 ·  Nigeria
 · 
Other Citations
Trade Bank Plc. v. Benilux (Nig.) Ltd. [2003] 9 NWLR (PT.825)416
CORAM
IDRIS LEGBO KUTIGI Justice of The Supreme Court of Nigeria UTHMAN MOHAMMED Justice of The Supreme Court of Nigeria ALOYSIUS IYORGYER KATSINA-ALU Justice of The Supreme Court of Nigeria NIKI TOBI Justice of The Supreme Court of Nigeria DENNIS ONYEJIFE EDOZIE Justice of The Supreme Court of Nigeria

Ratio Decidendi

Core Terms Beta
appellant
respondent
appeal
jurisdiction
individual customer
tort of conversion
court of appeal
state high court
central bank of nigeria
federal high court
bank guarantee
financial institutions
bills of exchange
central bank
foreign exchange
legal tender
promissory note
act of the national assembly
cheque no.
civil causes
high court
investment company
mr. layi babatunde
account of the appellant
a. i. katsina-alu
bank balance
banking transaction
barclays bank
business transaction
cause of action
enjoyment of the said sum
exclusive jurisdiction
ex-parte motion
favour of the plaintiffs
following claims
high court judge
high court of lagos state
i. l. kutigi
jurisdiction of lagos state high court
lack of jurisdiction of the trial court
lagos high court
leading judgment
learned counsel
martins street branch of the trade bank plc
order of interim injunction
provision of section
respect of transactions
state of facts
trade bank plc

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…

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