(2001) JELR 44286 (SC)    

Supreme Court  ·  SC.96/1995 ·  14 Dec 2001 ·  Nigeria
Other Citations
ADOLPHUS GODWIN KARIBI-WHYTE Justice of The Supreme Court of Nigeria MICHAEL EKUNDAYO OGUNDARE Justice of The Supreme Court of Nigeria SYLVESTER UMARU ONU Justice of The Supreme Court of Nigeria SAMSON ODEMWINGIE UWAIFO Justice of The Supreme Court of Nigeria AKINTOLA OLUFEMI EJIWUNMI Justice of The Supreme Court of Nigeria
Core Terms Beta
defendant bank
statement of claim
learned trial judge
general damages
central bank of nigeria
statement of defence
court of appeal
letters of credit
further states
15c chief paul nkoro avenue
leading judgment
learned judge
sums of n77,578.18
debit note
order of the honourable court
sum of n99
aba branch office of the defendant bank
aba branch of the defendant bank
appellant bank
arbitrary debits
bank pays
conclusion of trial
current account
customer of the defendant
declaration of the honourable court
deed of morgage
exchanged rate prevalent
extra amount of n16,224
favour of his overseas suppliers of goods
favour of the defendant bank
findings of fact of the trial court
further sum of n200,000.00 facility
judgment of this court
lc no.
learned justices of the court of appeal
letter of credit transaction
plaintiff claims
request of the bank plaintiff
respect of the lc no.
result of application of wrong rates
said letter of credit
said sum
such letters
trial of the action

M.E. OGUNDARE, JSC. (Delivering the Leading Judgment): The Plaintiff/respondent was at all times relevant to this appeal a customer of the Defendant/Appellant Bank. He maintained a current account at the Factory Road, Aba branch of the Defendant Bank. Sometime in November, 1984, he requested the Bank to open some letters of credit in favour of his overseas suppliers of goods. One of such letters was LC No. 72/84 for 'a392,391.78 (Ninety-Two Thousand, Three Hundred and Ninety-One Pounds, Seventy'97Eight Pence). At the request of the Bank Plaintiff deposited a sum of N99, 793.15 (Ninety-Nine Thousand, Seven Hundred and Ninety-Three Naira Fifteen Kobo) as the full cover for the said letter of credit, based on the exchanged rate prevalent on 6th November, 1984. The letter of credit was opened by the Bank. In April 1985 Plaintiff went to the Aba branch office of the defendant Bank to collect the shipping documents relating to the letter of credit. There he was told that due to foreign exch…

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