Sparkling Breweries Limited & Ors. V. Union Bank Of Nigeria Limited (2001)

LAWGLOBAL HUB Lead Judgment Report

OGUNDARE, J.S.C. 

The appellants were, at all times relevant to this case, customers of the respondent bank. All the appellants belong to a group known as Olori Group of Companies. Following the cancellation by the respondent of purported letters of credit issued by it at the request of the appellants, the latter sued, claiming as per paragraph 27 of their amended statement of claim-

“27. WHEREFORE all the plaintiffs claim against the defendant as follows:-

(i) an order of injunction restraining the defendant and all their agents whomsoever from taking any steps to sell any of the plaintiffs’ properties mortgaged to it since the defendant is in fact indebted to the plaintiffs.

(ii) the sum of N656,919,000.00 only being special and general damages against the defendant for breach of contract arising from the unlawful cancellation of irrevocable letters of credit issued by the defendants, and so issued for valuable consideration given by the plaintiffs to the use of the defendant, and for the specific purposes and benefits of the plaintiffs’ business.

(iii) pursuant to paragraph 26 the sum of N554,732,565.00 for the 1st plaintiff and NI03,723,000.00 for the 2nd plaintiff.

(iv) pursuant to paragraph 25, the sum of N6,000,000.00 being the value of 12,000,000 crates for the 1st plaintiff and N9,000,000.00 being the value of 18,000,000 (sic) for the 2nd plaintiff.

OR IN THE ALTERNATIVE TO (ii), (iii) &(iv) ABOVE

(v) the said sum of NI6,315,365,565.00 being special and general damages for unlawful interference with the business of the plaintiffs.

(vi) interest on the said sum of NI6,315,365,565 only from 1st day of April, 1989, until payment.

(vii) further and or other reliefs.

IN THE FURTHER ALTERNATIVE TO (v), (vi) & (vii) ABOVE:

(viii) the sum of N42,325,000.00 being special and general damages for unlawful interference with the business of the 3rd plaintiff.

(ix) the sum of N42,325,000.00 being special and general damages for unlawful interference with the business of 4th plaintiff.