Omega Bank Nigeria Plc V. O. B. C. Limited (2005)

LAWGLOBAL HUB Lead Judgment Report

MUSDAPHER, J.S.C.

In the High Court of Justice of Ondo State, in the Akure Judicial Division and in suit No. AK/305/94, the plaintiff as per paragraph 94 of its amended statement of claim claimed against the defendant as follows:-

“94. Whereof the plaintiff claims from the defendant as follows:

(i) A sum of N71, 000,000.00 (Seventy one million naira) as follows:

(a) A sum N47, 000.00 being anticipated profit which the plaintiff lost due to the refusal and or failure to release to the plaintiff a sum of at least N5 million nexim, fund, three year revolving export finance facility or arose from the refusal and or failure on the part of the defendant to process the plaintiff’s application for N5 million nexim three years revolving export finance facility for 1991/92, 1992/93 and 1993/94.

(b) A sum of N12 million as damages from the refusal of the defendant to release to the plaintiff latter’s pledged securities with the defendant but for which no fund was made available for the year 1994/95.

(c) The further sum of N12 million as damages arising from the refusal of the defendant to release to the plaintiff, the plaintiff’s securities with the defendant but for which no fund was made available as well as crippling the plaintiff’s access to alternative funds for the year 1995/96.

(ii) 114,100.00 pounds being additional expenses incurred by Messrs Minstrel Limited of England on purchase of 1,100 metric tons of cocoa beans which the plaintiff had, to the knowledge of the defendant, contracted to supply Messrs Minstrel Limited but which the plaintiff could not supply as a result of the failure and or refusal of the defendant to make available or process plaintiff’s application for nexim three year revolving export finance facility.

(iii) 38,250.00 pounds being additional expenses incurred by Messrs Minstrel Limited of England on purchase of 450 Metric tons of cocoa beans which the plaintiff had, to the knowledge of the defendant, contracted to supply Messrs Minstrel Limited but which the plaintiff could not supply as a result of the failure and or refusal of the defendant to make available or process plaintiff’s application for NEXIM three year revolving export finance facility.

(iv) The sum of $1,730.25 (US Dollars) being the balance of the plaintiff’s dollars account with the defendant.

(v) An order that the defendant shall pay to the plaintiff reliefs II, III and IV above at the rate of exchange prevailing as at the time the defendant satisfied this judgment on reliefs (ii), (iii) and (iv) above.

(vi) An order for the immediate release of the securities deeds pledged for the properties mentioned in paragraph 8 and 71 above.

(vii) Interest at the rate of 10% on each of the items of claim mentioned above until date of judgment and thereafter until whole judgment debt is liquidated.”

The defendant’s amended statement of defence contained a counter-claim whereby it sought the following relief:-