United Bank for Africa V. Mr. S. D. Folarin & Anor (2002)

LawGlobal-Hub Lead Judgment Report

CHUKWUMA-ENEH, J.C.A. 

The plaintiffs’ claim against the defendant in the court below i.e. High Court of Lagos (Coram Shitta-Bey, J.) is for the sum of N10 million, being special and general damages suffered by the plaintiffs (respondents) particularised as follows:

Special Damages:

1. Transportation to and from U.K. 33,000.00
2. Expected profit from cancelled auction purchases and lost deposit thereon 2,000,000.00
3. Hotel accommodation and feeding for 7 days at N12,600.00 per day 88,200,00

2,121,200.00

General Damages  7,878,800.00

Total:  N10,000,000.00

The court below found for the plaintiffs and awarded the sum of N8,000,000.00 made up of as follows:

Special Damages:

1. Transportation to and from U.K. 33,000.00
2. Expected profit from cancelled auction purchases and cost deposit thereon 2,000,000.00
3. Hotel accommodation and feeding for 7 days at N12,600.00 per day 88,200,00

2,121,200.00.

General Damages 5,878,800.00

Total: N8,000,000.00

The court below then added this:

“In arriving at the above award, I have taken into consideration the fact that the plaintiff’s losses were incurred in Pounds Sterling and were converted into Naira equivalent, and also the fact of the considerable de-valuation of the Naira.”

Dissatisfied with the decision the defendant/appellant appealed to this court upon an amended notice of appeal containing twelve grounds of appeal from which the appellant had distilled twelve issues for determination. And the twelve issues raised for determination are as follows: