POLICY, PRACTICE & PUBLISHING LAW REPORTS, 3PLR
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TITLE | MAIN ISSUES |
KNIGHT AND SEARLE V. DOVE AND OTHERS
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BANKING AND FINANCE LAW:- Trustee Savings Bank – Action – Tort – Party – Action against trustees and against bank eo nomine – Whether bank could be sued in own name – Trustee Savings Banks Act, 1954 (2 & 3 Eliz 2 c 63), s 9(8), s 24(2), s 59 – Trustee Savings Banks Act, 1958 (6 & 7 Eliz 2 c 8), s 5(9). |
KWAJAFFA V. BANK OF THE NORTH LIMITED(SC) |
BANKING AND FINANCE LAW:- Banking practices – Interest rate – Dynamism of’- What determines – Whether static |
L. A. AYANLERE V. FEDERAL MORTGAGE BANK OF NIG. LTD. AND ANOTHER |
BANKING AND FINANCE LAW:- Interest rate – Change in rate by banker – Duty of banker to bring same to the attention of customer – Where customer not so notified – Whether new rate recoverable |
L. S. D. P. C. V. ADOLD STAMM INT’L (NIG.) LTD.
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BANKING AND FINANCE LAW – BANKING PRACTICES:- Provision of bond pending determination of an application for stay of execution of a monetary judgment award made against a party – Extent of liability under the bond – Whether limited to the limit of the amount guaranteed by the bank and the interest due thereon |
LAYIWOLA ILESANMI V. WEMA BANK LTD
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BANKING AND FINANCE LAW:- Bank and customer Action by customer for recovery of balance due on his credit – Denial of liability by bank-Bank premises damaged by fire and documents destroyed – Copies of branch documents regularly sent to bank headquarters – Failure of plaintiff to produce counterfoils of cheques to prove case – Counterfoils produced not helpful because of vital omissions – Onus on plaintiff |
LLOYDS BANK PLC V. INDEPENDENT INSURANCE CO LTD
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BANKING AND FINANCE LAW:- Banking practices – Irrevocable electronic payment – Payment made by bank on customer’s behalf in the mistaken belief that customer’s check had cleared – Action to recover payment from receiver – How treated |
LLOYDS BANK PLC V. RONALD GEORGE DOIDGE AND ANOTHER
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BANKING AND FINANCE:- Banker-customer relations – Undue influence – Essentials of – Unfair advantage – Whether amounts to BANKING AND FINANCE:- Banker-customer relations – Undue influence – Actual or presumed – How proved BANKING AND FINANCE:- Banker-customer relations – Undue influence – Failure of bank to provide necessary advice or explanation – When will not amount to misrepresentation or undue influence BANKING AND FINANCE:- Banker-customer relations – Liability to an order for possession under the terms of the mortgage – What customer must prove to avoid same BANKING AND FINANCE – IMPLIED RELEASE:- Liability arising from default in payment of bank overdraft – Defence of implied release as distinguished from express release – When will not avail |
M.O. OKOYE AND SONS V. STANDARD BANK OF WEST AFRICA
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BANKING AND FINANCE:- Banking practices – Recovery of loan by way of execution sale of property of debtor – Application to set same aside – Where based on passage of defective title to bona fide purchaser for value – How treated |
M.O.KANU LTD V. FIRST BANK OF NIGERIA PLC.
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BANKING AND FINANCE LAW: Banking practices – Grant of overdraft to enable the raising of letters of credit by bank for benefit of customer’s transaction – Failure to repay overdraft due to unfortunate loss of commodities – Agreement to waive interest on overdraft – Whether admission of liability or good faith act in the ordinary course of business – Where interest charged on loan is above the rates approved by the Central Bank – Whether renders loan illegal – how treated |
BANKING AND FINANCE LAW:- Banking practice – Guarantee of Customer’s overdraft on current account- Guaranteed Account insulated by Bank-Unsecured Account opened for Customer without Surety’s consent-Discharge of Surety. | |
MAHOMED V. BANK OF BARODA
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BANKING AND FINANCE:- Banker-customer relations – Proposal for repayment of multiple outstanding indebtedness through financial instruments – Acceptance of by bank – Effect |
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BANKING AND FINANCE: INTERNATIONAL; Other International Currency control – Exchange control – Foreign exchange control – Bretton Woods Agreements – Exchange contract – Enforceability – Exchange contracts involving currency of member of International Monetary Fund and contrary to exchange control regulations of that member – Contract for sale of airline tickets – Iranian resident buying tickets in Iran and selling them to defendant in England for sterling at double usual exchange rate – Payment of sterling cheque as part of transaction – Cheque stopped by defendant – Whether court ought to uphold payment of cheque – Whether cheque part of unenforceable exchange contract – Bretton Woods Agreements Order in Council 1946, Sch, Pt I, art VIII, s 2(b) |
MASTER HOLDING (NIG) LIMITED & ANOR V. EMEKA OKEFIENA
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BANKING AND FINANCE LAW – AWARD OF INTEREST ON BANK FACILITIES/LOANS- When interest is not payable or recoverable -When a court has the power to award interest – Basis for award of interest – Duty of customer to pay interest to the Bank – Proper practice where interest is being claimed as of right |
MERCANTILE BANK OF NIG. PLC. & ANOR. V. LINUS NWOBODO |
BANKING AND FINANCE LAW:- NDIC Cases – Distressed bank – Suit by depositor to recover deposit – Execution of |
BANKING AND FINANCE LAW:- Banking Licence – Nature of licence to engage in Banking – Whether Right, civil right or Privilege – Revocation – Banking Ordinance, Cap. 19, sections 3(5) (b) (ii), 14 in review. | |
METALIMPEX V. A.G. LEVENTIS & CO. (NIGERIA) LIMITED
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BANKING AND FINANCE LAW- BILLS OF EXCHANGE:- Endorsement of bill – Effect thereof – Liability of an endorser – Presentment of bill – Whether presentment is always necessary – Dishonour of bill – Circumstances in which notice of dishonour of bill is necessary |
MOMM AND OTHERS V. BARCLAYS BANK INTERNATIONAL LTD.
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BANKING AND FINANCE LAW:- Bank practice – Payment – Time of payment – Transfer order – Payer and payee both having accounts with bank – Payer sending order to transfer money from his account to payee’s account – Bank making transfer – Accounts not produced by computer until following morning – Payer having gone into liquidation – Bank not sending out advice notes – Bank reversing ledger entries – Whether transfer ineffective until advice notes despatched – Whether bank entitled to reverse entries and debit payee’s account. |
MORRIS AND OTHERS V. RAYNERS ENTERPRISES INCORPORATED AND ANOTHER |
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MOTOR TRADERS GUARANTEE CORPORATION LTD. V. MIDLAND BANK LIMITED |
BANKING AND FINANCE LAW:- Banking practices and instruments – Crossed cheques – Third-party cheque indorsed by customer to himself – Forged indorsement – Onus on bank to make inquiries before honouring a check – How satisfied |
MR. EDWIN IKECHUKWU UMEH V. KRIS-JORGE INV. LTD. |
BANKING AND FINANCE LAW – STATUTES – Section 1(1)(b) of the Dishonoured Cheques (Offences) Act Cap.102 L.F.N. 1990– Purport of – Legal implications of a dishonoured cheque |
BANKING AND FINANCE LAW:– Banker/Customer relationship – Duty imposed on banker to exercise reasonable care and skill – Scope of such duty | |
MR. L. A. OHIOWELE V. MR. EDWARD IGHODARO
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BANKING AND FINANCE LAW:- Check – Value on check – Whether photocopy of check is admissible as proof of its existence and non-satisfaction – Claim that check issued had been redeemed by way of equivalent cash payment – How proved – Relevant considerations BANKING AND FINANCE LAW:- Check – As a bill of exchange – Presumption in favour of a holder of a check for value – Whether cannot avail a person holding only photocopy versions of the original check – Section 30 of the Bills of Exchange Act – What needs to be proved to impeach the operation of the presumption in favour of a person holding but a photocopy of a check |
MR. SUNDAY ADEGBITE TAIWO V. SERAH ADEGBORO & ORS.
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BANKING AND FINANCE LAW:- Banking practices – Recovery of loan owed bank by a company and secured via Deed of mortgage – As unpaid mortgagee, exercise by bank of its right of sale under the Deed of Mortgagee – Auction of property – Need to comply with relevant statutory provisions relating to auction – Effect of failure thereto on validity of sale via auction |
N.I.D.B. V. ADVANCE BEVERAGES INDUSTRIES LTD |
BANKING AND FINANCE: Banking practices – |
BANKING AND FINANCE LAW:- Banking practices – Recovery of loan – Matters arising therefrom – How treated | |
NAHMAN V. WOLOWICZ |
BANKING AND FINANCE- Promissory note – Legal implications |
BANKING AND FINANCE LAW:– Statement of account – Whether entries in a bankers book under section 97(2)(e) of Evidence Act amounts to same | |
NASARALAI ENTERPRISES LTD. V. ARAB BANK NIGERIA LTD. |
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BANKING AND FINANCE:- Banking practices – S.7(1)(g) of the Banking Act – Whether banks disallowed from acting as depository of title deeds | |
NATIONAL BANK NIGERIA LIMITED V. MOBIL OIL NIGERIA LIMITED |
BANKING AND FINANCE – Cheques – Bills of Exchange – Determination of Interest rate – Matters arising therefrom – How treated |
NATIONAL BANK OF NIG. LTD V. OBA M.S. AWOLESI
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BANKING AND FINANCE LAW:- Banking practices – Contract of Guarantee relating to a banking account – Overdraft facility guaranteed in consideration of bank “continuing the existing account” – Due payment guaranteed of “all advances, overdrafts, liabilities, … whether made, incurred or discounted before or after the date hereof” to named person – Second account opened with same bank and operated without guarantor’s knowledge – Substantial payments into second account – Manner of operation of accounts increasing burden on guarantee – Overdraft on original account remaining unreduced –Whether opening of second account substantial variation of terms of guarantee – Whether guarantor discharged |
NATIONAL BANK OF NIGERIA LTD. V. SAVOL WEST AFRICA LTD.
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BANKING AND FINANCE LAW:- Banker/customer relationship – Countermanding payment – Issue of – When many arise – Bills of Exchange Act, Cap. 35 Laws of the Federation of Nigeria, 1990, section 75 considered.
BANKING AND FINANCE LAW:- Customer’s right to countermand payment – Whether exercisable when use of cheque not involved in transaction |
NDIWE V. SHINGLETON & CO. LTD.
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BILLS OF EXCHANGE:- Exchange Control Act, 1962 -Allegation of contravention of’- How proved BILLS OF EXCHANGE:- Goods exported to Nigeria from England – Payment for goods by a Bill of Exchange – Whether illegal |
NDOMA-EGBA V. AFRICAN CONTINENTAL BANK PLC.
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BANKING AND FINANCE LAW:- Cheque – Cheque bearing disputed signature – Whether bank negligent in payment of – Determination of – Duty on court.
BANKING AND FINANCE LAW:- Cheque – Forged cheque – Effect of BANKING AND FINANCE LAW:- Cheque – Forged cheque – Payment of money by bank thereon – Liability of bank therefor – Nature of – When bank liable – When not – Relevant considerations BANKING AND FINANCE LAW:- Joint account – Instruction in mandate form by signatories to account – Duty on bank to comply therewith – Nature of |
NELSON V. LARHOLT
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BANKING AND FINANCE LAW:- Banking practices – Dealings in check – Trustee of an estate – Duty of bank to make inquiries – Standard – Whether objective or subjective – Relevant considerations |
NEW NIGERIA BANK LTD V. ODIASE
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BANKER AND CUSTOMER RELATIONSHIP: Nature of – How created -Whether the relationship is governed by the principles of simple contract – Qualification of a customer |
NIGERIA DEPOSIT INSURANCE CORPORATION V. OKEM ENTERPRISES LIMITED |
BANKING AND FINANCE LAW:- Banking in its ordinary sense – Meaning of BANKING AND FINANCE LAW:- Customer of a bank – Meaning of |
NIGERIA DEPOSIT INSURANCE CORPORATION V. UNION BANK OF NIGERIA PLC. & ANOR.
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BANKING AND FINANCE LAW:- Banking practices – Grant of loan by way of overdraft secured by legal mortgage over property – Recovery of loan where debtor goes into liquidation – Where debtor’s provisional liquidators is the Nigerian Deposit Insurance Company – How treated – Relevant considerations BANKING AND FINANCE LAW– DISTRESSED BANK/FINANCIAL INSITUTION:- Liquidation process – Revocation of the licence of the financial institution by the Central Bank of Nigeria pursuant to its powers under the Banks and other Financial Institution Act [BOFIA], and Section 40(1) of the NDIC Act, 2006 – Effect – Whether removes legal powers to sue and be sued BANKING AND FINANCE LAW– NDIC:- Where licence of a bank deemed distressed is withdrawn – Whether the NDIC is statutorily deemed to have been automatically appointed by the Federal High Court as the “provisional liquidator” thereto – Conditions the NDIC must satisfy under Section 40(2) of the NDIC Act to remove the provisional nature of NDIC’s status as liquidator |
NIGERIA MERCHANT BANK PLC V. AIYEDUN INV. LTD.
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BANKING AND FINANCE LAW:- Banking practices – Action for recovery of interest on deposit account – Interest – Meaning and essence of – How money became due to a person (under a contract, express or implied, or a statute, or whether the money was due for any other reason in law) – Whether material BANKING AND FINANCE LAW:- The operation of a deposit account – Legal implication – Where pleadings do not go further to expressly plead an agreements as to interest will not matter BANKING AND FINANCE LAW:- Liability to pay interest on an account – Whether cannot be claimed as special damages – Where liability to pay interest is founded on contract – Whether interest accruing on the deposit account should strictly be claimed not as damages but as money due on the contract |
NIMB V. UNION BANK OF NIGERIA PLC.
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BANKING AND FINANCE LAW:- Banking practices – Recovery of loan furnished by way of overdraft – Appointment of receiver-manager – When interfered with – Proper order |
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BANKING AND FINANCE LAW:- Banking practices – Recovery of loan furnished by way of overdraft – Appointment of receiver-manager – When interfered with – Proper order |
BILLS OF EXCHANGE:– Endorsements of ‘refer to drawer’ and drawer’s confirmation required’ – Presumption arising thereof |
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