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INNOSON (NIG) LTD

(2017) JELR 37634 (CA)

Court of Appeal 20 Jan 2017 Nigeria
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- The dispute arose from the plaintiff/respondent’s instruction to the defendant/appellant bank to bid for foreign currency (USD 805,430) and establish a letter of credit (LC) under the Wholesale Dutch Auction System (WDAS), which the bank

Case Details

Suit Number:CA/E/332/2012
Judges:IGNATIUS IGWE AGUBE Justice of The Court of Appeal of Nigeria TOM SHAIBU YAKUBU Justice of The Court of Appeal of Nigeria RITA NOSAKHARE PEMU Justice of The Court of Appeal of Nigeria
Counsel:C.H. Onyuike, SAN with him, A.O. Oraezeume, Esq. For Appellant Chief J.H.C. Okolo, SAN with him, S.A.N Emordi, Esq. For Respondent

IGNATIUS I. AGUBE, JCA (DELIVERING THE LEADING JUDGMENT): This is an Appeal against the Judgment of the High Court of Anambra State, Nnewi Judicial Division per Honourable Justice M. I. Onochie (Now of blessed memory) which Judgment was delivered on the 28th day of May, 2012 granting the plaintiff (now Respondent) part of the Reliefs sought in its Amended Statement of Claim in the following terms at Page 258 of the Record/Judgment:

"It is my view that having regard to all the circumstances of this case that an award of the sum of N75,000,000.00 shall in the circumstances of this case be a fair and adequate compensation to the plaintiffs for the losses it incurred as a result of the Defendant's breach of contract/negligence and I so award. There shall be N30,000,00 Costs in favour of the plaintiff against the Defendants".

It would be recalled that the Respondent as Plaintiff in the Lower Court took out a Writ of summons dated and filed on the 26th of March, 2009 and by the endorsement th…

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