Hallmark Bank Plc & Anor V. Mrs Adegboyega Obasanjo (2013)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

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

In paragraph 8 of the Plaintiff’s (at the lower Court) Statement of Claim filed on the 16th of July, 2004, he claims against the Defendant thus:

(a) i. Damages for conversion in the said sum of N11,000,000.00 (Eleven Million Naira); and

ii. Interest on the first N10,000,000.00 (Ten Million Naira) component of the said sum at the Defendant’s time deposit rate of 21% per annum with effect from the 15th day of August, 2002, and on the balance component in the sum of N1,000,000.00 (One Million Naira) with effect from the 20th day of September, 2002 until judgment.

(b) i. Alternatively, payment of the said sum of N11,000,000.00 as money had and received by the Defendants to the use of the Plaintiff; and

ii. Interest on the first N10,000,000.00 (Ten Million Naira) component of the said sum at the Defendant’s time deposit rate of 21% per annum with effect from the 15th day of August, 2002, and on the balance component in the sum of N1,000,000.00 (One Million Naira) with effect from the 20th day of September, 2002 until judgment – pages 8-9 of the Record of Appeal.

This is essentially a reproduction of the claim as endorsed on the Writ of Summons dated the 16th of July, 2004 and filed on same date.

BRIEF FACTS OF THE CASE

At the Court below, the Respondent had sued the 1st Appellant, as Plaintiff. She is resident in the United Kingdom, and sued, and prosecuted the suit by her duly constituted attorney, Biodun Ogundeji Esq. He was the drawer of the cheques, the subject matter of this suit. The Appellant (then Defendant) is the collecting bank of the said cheque.

On the 22nd of July, 2002, and the 11th of September, 2002, respectively the Respondent drew her Fidelity Bank Plc Head Office, Victoria Island, Lagos branch cheques Nos. 00155719 and 00185733 in sums of N10,000,000.00 and N1,000,000.00 respectively in favour of her instruction, to a certain Dr. (Mrs.) Bisi Ogutuga.

The cheques were unlawfully presented by persons yet unknown at the 1st Appellant’s Ikeja Lagos Branch for collection. The 1st Appellant collected the proceeds of the cheques and paid same to the unknown persons.

The Appellants have converted the said cheques to their own use and wrongfully deprived the Respondent thereof.

The Respondent has suffered damages to the face and time value of the said cheques.

The Appellant, in the alternative has had, and received the said sum of N11,000,000.00 to the use of the Respondent and is liable to repay the said sum to her with interest at the Appellants’ time deposit rate.