Atlantic Brothers Limited V. Ecobank Nigeria PLC (2014)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

RITA NOSAKHARE PEMU, J.C.A. (Delivering the Leading Judgment)

The suit, the subject matter of this Appeal was instituted by Writ of Summons and 3rd Amended Statement of Claim dated 13th of October 2009 – pages 638-642 of the Record of Appeal Vol. II.

The Appellant (as Claimant in the Lower Court), had claimed against the Respondent (Defendant in the Lower Court) the following:

(1) The sum of N1,371,700,000.00 being the cash value endorsed on the Ecobank cheque Nigeria Plc cheque No. 00000069 dated the 9th of May, 2008 issued in favour of the Claimant by Israel Ame.

(2) Interest on the said sum N1,371,700.00 at the rate of 21% per annum from the 6th day of June 2008 being the maturity date for payment of the cheque until final liquidation.

(3) General damages in the sum of N2,000,000,000.00.

(4) The sum of N1,000,000.00 as cost of this action.

After filing and exchange of pleadings, and hearing at the Lower Court, the Court, in a Judgment delivered on the 21st of December 2010, dismissed the claim of the Appellant in its entirety.

The Appellant is dissatisfied with the Judgment and has appealed it.

He filed a Notice of Appeal on the 17th of March 2011 – pages 782-785 of the Record of Appeal Vol. II with six (6) Grounds of Appeal.

FACTS OF THE CASE

The Appellant, a company incorporated in Nigeria, is a handler and supplier of Petroleum products, shipping, and general merchandise.

The Respondent is a banker of the Appellant, whose Account No. with the Respondent is 0851101004879.

On the 2nd of June 2008, the Appellant lodged an Ecobank Nigeria Plc cheque No 0000069 dated 9th of MAY 2008, in the sum of N1,371,700,000.00 (One billion, three hundred and seventy one million, seven hundred thousand naira) at the Awolowo Road, Ikoyi branch of the Respondent for payment.