TIJJANI ABUBAKAR, J.C.A. (Delivering the Leading Judgment): The first Appellant herein, is a trading company and customer of the Respondent, with account No. 110770001. In the normal course of business, first Appellant applied for and obtained overdraft facilities to finance the importation into Nigeria of frozen fish.
By the terms of the offer, the first Appellant would provide 20% of the value of the letters of credit, while the Respondent would provide 80% that second Appellant would execute personal guarantee to repay the facility granted to the first Appellant on demand. That the Respondent would also have lien on the imported stock, Triana Limited was therefore appointed as warehousing agent with specific instructions to release the stock to first Appellant upon receiving warrant to release from the Respondent.
First Appellant said the Respondent started selling the stock directly to members of the public and failed to make payments into its account.
The Respondent as Plaintiff …