MOHAMMED LAWAL GARBA, J.S.C. (Delivering the Lead Judgment): The 1st and 2nd Respondents, by a Writ of Summons at the High Court of Lagos State (trial Court), sought the following reliefs against the Appellant:
The sum of USD 217,381.05 (Two Hundred and Eighty-One US Dollars and Five Cents) or its naira equivalent at the prevailing exchange rate being the total sum of money debited from the Claimants account held with the defendant which the defendant did not remit as expected as payment for a series of transactions between the Claimants and their foreign business partners.
The interest on the said sum of USD217,381.05 (Two Hundred and Eighty-One US Dollars and Five Cents) or its naira equivalent at the prevailing exchange rate at the rate of 195 per annum from January 1983 until final liquidation of the debt.
General damages in the sum of N5,000,000.00 (Five Million Naira) for breach of contractual banking obligation from the defendant to the Claimants.
The cost of this action.
The f…