Chitex Industries Ltd. V. Oceanic Bank International (Nig.) Ltd. (2005)

LAWGLOBAL HUB Lead Judgment Report

MUSDAPHER, J.S.C.

In the High Court of Justice of Anambra State of Nigeria, in the Onitsha Judicial Division and in suit No. O/234/93 the plaintiff as per paragraph 16 of the statement of claim claimed against the defendant as follows:-

“Whereof the plaintiff claims against the defendant as follows:-

(1) Damages for loss occasioned by depreciation of Naira

(N456,000.00 – N360,000.00)

… N66,000.00.

(2) Damages for the loss of credit facilities, goodwill, profits and future prospects estimated

at … N3,500,000.00

Total: N3,566,000.00.”

At the hearing of the matter on the pleadings filed by the parties, two witnesses testified for the plaintiff while an officer of the defendant testified on its behalf. In this judgment delivered on the 5th day of March, 1998, the learned trial Judge held that the defendant was liable for breach of contract and awarded the damages recited above in toto. The defendant felt aggrieved and appealed to the Court of Appeal. The Court of Appeal in its judgment delivered on the 6th day of March, 2000, allowed the appeal in part.

The judgment of Fabiyi, JCA concurred to by Ubaezonu and Mohammad, JJCA at page 127 of the record contains the following:”

… The claim of the respondent in respect of the alleged loss of credit facilities and the like, to say the least, appears gold-digging and speculative. The award of N3.5 million appears, in the same view, is capricious and arbitrary. ‘Gold diggers’ should keep off from courts of law as well as that of equity. And the courts should always be wary of “gold diggers” and not allow the institution to be used unwittingly as instrument for attaining their nefarious and mundane desires …. ”

The plaintiff felt unhappy with the turn of events and has now appealed to this court. The notice of appeal contains the following grounds of appeal:-

“(A) Error in Law