Zenith Bank PLC V. Emirates Creditcore & Investment Limited (2016)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

ABUBAKAR DATTI YAHAYA, J.C.A. (Delivering the Leading Judgment)

From the statement of claim filed by the plaintiff, which is now the respondent, breach of contract and negligence were said to have been committed against it, by the appellant. Amongst other prayers, the respondent claimed:-

(a) one hundred million naira as general damages for malicious breach of contract and negligent conduct;

(b) sixty-four million, two hundred and fifty thousand, nine hundred and twenty naira as special damages;

(c) one million, five hundred thousand naira only being the cost of this action; and

(d) 10% interest per annum on the judgment sum, from the date of judgment until liquidation.

The appellant denied the claim and on exchange of pleadings, the matter went to trial at the end of which, the trial Court found the appellant liable for breach of contract and negligence. It awarded the respondent, the sum of N5,000,000.00 as damages and a 10% interest on the judgment sum from the date of judgment until its liquidation.

Dissatisfied, the appellant filed a Notice of Appeal on the 18th of December 2014, against the judgment.

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The

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facts briefly, are that the respondent and Crown International FZE, Dubai, entered into a contract (Exhibit B) which required the respondent to furnish a performance Bond in the sum of $18,000 (N2,880,000.00). The respondent therefore applied to the appellant on the 28th of November, 2011 for the issue of the performance bond. On the 12th of December 2011, the appellant made an offer to the respondent, via Exhibit K in respect of the Performance Bond. The respondent accepted the offer that very day, and proceeded to comply with the requirements to be met on its part. It stated that it did so by the 14th of December 2011. The appellant did not issue the Performance Bond. When Crown International FZE Dubai did not receive the performance bond from the respondent, it revoked the contract. This is what led to the Suit before the trial Court.

The appellant’s brief was settled by Dr. Soni Ajala, and was filed on the 25/3/2015. The respondent’s brief, settled by Mr. Okoye was filed on the 30/6/15 but deemed filed on the 28/9/16. He also filed a Reply brief, deemed on 28/9/16.

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