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…
UBN PLC
V.
EMOLE
(2001) JELR 44286 (SC)
Supreme Court 14 Dec 2001 Nigeria
Case
Citing Cases 18
BriefBot Summary
- The respondent, a customer of the appellant bank, fully paid N116,017.44 (covering exchange and bank charges) for a letter of credit in 1984 to import goods, but years later, the bank debited his account with further sums (N77,578.18 and
Case Details
Suit Number:SC.96/1995
Judges: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
Counsel:E.T.O. Njoku, Esq.,for Appellant For Appellant
Chief Tagbo Nwogu with F.O. Awa Esq., for Respondent For Respondent
There's more. Sign in to continue reading.
judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 77,000 cases, recent judgments, statutes, and rules of court.