Union Bank Of Nigeria Ltd. Vs Odusote Bookstore Ltd (1994)

LawGlobal-Hub Lead Judgment Report

UWAIS, J.S.C.

The respondent was the plaintiff in the High Court of former Oyo State where he brought action against the applicant as defendant, claiming as follows –

“(i) Declaration that the defendants were negligent in handling, Operating and management of plaintiff’s business affairs and accounts with the defendant.

(ii) An order directing the defendant to refund to the plaintiff forthwith the sum of $804,988.59 being the amount paid in respect of outstanding bills in Schedules 2B, 2C, 2D, 3 and 5.

(iii) An order directing and compelling the defendant to pay the plaintiff the sum of $12,302,555.24 being the difference between the applicable Pre-SFEM rate in respect of all the outstanding bills in Schedules 2B, 2C, 2D, 3 and 5 and the rate of which the said outstanding bill will now be remitted by private arrangement or by any process as may be directed by the Federal Government of Nigeria as at the time of judgment/payments.

(iv) An order compelling the defendant to credit the plaintiff’s account with values of bills IBC 3752 and 3732.

(v) An order directing defendant to release the plaintiff’s title documents forthwith to the plaintiff.

(vi) An order directing the defendant to pay to the plaintiff the sum of $33,410,972.58 (Thirty Three Million, Four Hundred and Ten Thousand, Nine Hundred and Seventy-Two dollars Fifty-Eight cents Only) being special and general damages suffered by the plaintiff as a result of negligent handling of plaintiff’s foreign business and bank account by the defendant.

PARTICULARS OF DAMAGES

SPECIAL DAMAGES:

(1) 50% Excess deduction made and withheld by

the defendant on plaintiff’s account as per Schedule 4………$113,730.22

(2) 15% interest charged on wrongful debit.

Entry posted to plaintiff’s account