BANKING AND FINANCE LAW CASES/JUDGMENTS-4

NV SLAVENBURG’S BANK V. INTERCONTINENTAL NATURAL RESOURCES LTD AND OTHERS

BANKING AND FINANCE LAW:– Loss or conversion of customer’s money by bank officials – Whether bank is liable to customers – Whether bank can recover lost or converted sum from its officer

BANKING AND FINANCE LAW:– Loss or conversion of customer’s money by bank officials – Action by bank to recover same from its officer – Customer not made a party or called as a witness – Whether affects validity and proof of claim.

OBIKOYA V. WEMA BANK LTD

BANKING AND FINANCE LAW:- Letters of Credit – Payment under letters of credit –Whether dependent upon shipment and not upon delivery

OKAFOR V. A. C. B. LTD.

BANKING AND FINANCE LAW– NATIONAL INDUSTRIAL BANK:- Recovery of project financing loans – How treated

OLATAYO ARIBO V. CENTRAL BANK OF NIGERIA & ANOR.

BANKING AND FINANCE:- Central Bank – Blacklisting of an official of a commercial bank for prohibited foreign exchange connected acts under the Banking and Financial Institution Act, BOFIA – Onus of proof – On whom lies – Implications for employability of affected person

BANKING AND FINANCE LAW:- Bank official – Engagement in illegal foreign exchange dealings – Character of as a criminal conduct – Burden of proof  as beyond reasonable doubt – Where based on findings of Special Committee of Central Bank – Duty of court to pay advertence thereto – Effect of failure thereof

OWENA BANK NIGERIA PLC V. ERNOK FINANCE LIMITED

BANKING AND FINANCE LAW:- Banker-Customer relations — Current Account —Dishonour of customer’s cheque – Accounts not in funds – Where check made pursuant to an agreement for overdraft facilities – Whether breach of contract

BANKING AND FINANCE LAW:- Damages for breach of contract for banking services –Assessment – Dishonour of customer’s cheque – Customer not a trader — No special damages pleaded – Whether customer entitled only to nominal damages

PATAMA LIMITED & ORS V. UNION BANK OF NIGERIA PLC.

BANKING AND FINANCE LAW: Mortgage banking – Treasury Bills – Management of client’s funds – Powers of the board over the executive head of a bank – Validity of acts of a bank chief beyond the powers conferred on him by the board

SKYMIT MOTORS LIMITED V. UNITED BANK FOR AFRICA PLC.

BANKING & FINANCE LAW – PROMISSORY NOTE:- Nature of a promissory note  – Whether not only a bill of exchange but also a distinct commitment provided as security for the loan agreements – How promissory note is discharged – Whether cannot be discharged by repayment of the loan itself by any party other than the borrower

BANKING AND FINANCE – PROMISSORY NOTE: Parties thereto: endorser, acceptors and endorsers – The Commitment to pay the principal sums of the loan agreements and the rate of interest accruable as endorsed under a promissory note – Whether an unconditional one assignable by an endorser as if it was the original issuer of the Note

THE BRITISH & FRENCH BANK LTD V. S. O. AKANDE

BANKING AND FINANCE LAW: Mortgage—Equitable Mortgage — How created – Need for deposit of title deeds to be accompanied by Memorandum of terms of deposit – Except thereof

BANKING AND FINANCE LAW:- Transfer of case from defunct Failed Banks Tribunal  to Federal High Court or the State High Court – Enabling statute – Legal implications for charges and amendments thereto

THE GREAT WESTERN RAILWAY COMPANY V. THE LONDON AND COUNTY BANKING COMPANY, LIMITED

BANKING AND FINANCE LAW – BANK GUARANTEE AND INSURANCE BONDS: -Nature of as legal means of securing Court Judgments – Bounden duty of courts to enforce them to the letter at the final conclusion of litigation

TONIQUE OIL SERVICES LIMITED & ANOR V. UNITED BANK FOR AFRICA PLC

BANKING AND FINANCE:- Banker-customer relations – Check clearance and misrepresentation – Claim for loss attributable to negligence of bank in clearing of check and for misrepresentation as to the financial stability of another customer who was drawer of check

U.B.N. PLC  V. SCPOK (NIG.) LTD.

BANKING AND FINANCE LAW:- Bill of exchange – Meaning of – Section 3(1) and 5(2) Bills of Exchange Act

BANKING AND FINANCE:- Banking practices – Legal mortgage agreement as security for loan/overdraft – Right thereunder – Customer’s action for declaration that mortgage with bank is void and unenforceable – When will succeed

U.N.I.C V. MUSLIM BANK (W.A) LTD

BANKING AND FINANCE LAW:- Deed of mortgage executed after grant of overdraft – Legal effect

BANKING AND FINANCE LAW:- Banker-customer relationship – Transaction involving foreign exchange – Proof of variation in foreign exchange affecting transaction – On whom lies – How discharged

BANKING AND FINANCE LAW:- Letters of credit – Fluctuation in rate of foreign exchange – Proof of – On whom lies – How discharged

UNION BANK OF NIGERIA  LTD. V. IFEATU AUGUSTINE NWOYE

BANKING AND FINANCE LAW:- Cheques – Paying in cheque into customer’s account – Whether automatically puts account in funds – Draft cheques – Whether equivalent to cash lodgments

BANKING AND FINANCE LAW:- Liability of banker to its customer – When it arises – Right of customer to draw on his account – When it becomes exercisable

BANKING AND FINANCE:- Banker-customer relations – Procurement of foreign exchange from Central Bank to facilitate customer’s international transactions – Claim to recover sum debited by bank as difference in sum actually paid by bank to Central Bank with sum agreed with customer for same purpose – How treated

UNION BANK OF NIGERIA LIMITED V. MADAM HAWAWU SALAMI

BANKING AND FINANCE LAW:- Interest rate chargeable on loan – Variation of -Power of bank to effect same without notice to customer

BANKING AND FINANCE LAW:- Interest rate chargeable on loan by licensed Bank – Whether subject to Central Bank regulations – Section 15, Banking Act considered

BANKING AND FINANCE LAW:- Loan agreement – Fundamental terms it should contain

UNION BANK OF NIGERIA LTD V. MR. JAMES OLUSOLA  AYOOLA

BANKING AND FINANCE LAW:- Banking practices – Garnishee proceedings – How treated

UNION BANK OF NIGERIA PLC. V.  NWOYE

BANKING AND FINANCE LAW:- Cheques paid into account – When it can be drawn – Whether only after necessary bookkeeping operations has been carried out and necessary time is also allowed to clear the cheque

BANKING AND FINANCE LAW:- Money transfer – Where bank failed to transfer customer’s money as instructed – Duty on bank to refund same to customer- Bank holding on to such money – Propriety of

UNION BANK OF NIGERIA PLC. V. AYODARE AND SONS LTD.

BANKING AND FINANCE LAW:- Customer relationship – Paying in cheque into customer’s account – Whether automatically puts account in funds

UNITED BANK FOR AFRICA PLC. V. BTL INDUSTRIES LTD.

BANKING AND FINANCE LAW:- Banking matters – Exclusive jurisdiction of Federal High Court thereon – Limits thereto

BANKING AND FINANCE LAW:- International commercial transactions – Nature of – Constituents of

BANKING AND FINANCE LAW:- Foreign exchange transaction – Transmission of money – Bank contracted to transmit or remit money abroad by customer abroad – Where defaults in transmitting same – Who can site defaulting bank

UNITED BANK FOR AFRICA PLC V. BTL INDUSTRIES LIMITED

BANKING AND FINANCE LAW- Banking matters – Exclusive jurisdiction of Federal High Court thereon – Limits thereto.

BANKING AND FINANCE LAW – banking practices – Foreign exchange transaction – Transmission of money – Bank contracted to transmit or remit money abroad by customer abroad – Where defaults in transmitting same – Who can site defaulting bank.

BANKING AND FINANCE LAW – International commercial transactions – Nature of – Constituents of

BANKING AND FINANCE LAW – Jurisdiction is banking matters – Action founded on banker/customer relationship – Whether High Court can entertain.

UNITED BANK FOR AFRICA PLC V. ALHAJI BABANGIDA JARGABA

BANKING AND FINANCE:- Banking practices – Branch manager as agent of parent bank – Status of – Whether considered as directing mind of bank – Nature of agency and authority – Whether ostensible authority – Action of –When deemed binding on bank – Justification – How can be repudiated

BANKING AND FINANCE:- Banking instruments – Cheque – Cheque drawn by customer on his bank – Who retains custody thereof after clearance – Check drawn on another bank for the benefit of his bank – Whether sufficient proof of payment to bank

UNITED BANK OF AFRICA LIMITED V. JULIUS  A. IBHAFIDON

BANKING – Persons authorised to maintain and operate foreign currency domiciliary accounts, offences created thereunder

BANKING AND FINANCE LAW:- Banking practices – Branch manager as agent of parent bank – Status of – Whether considered as directing mind of bank – Nature of agency and authority – Whether ostensible authority – Action of –When deemed binding on bank – Justification – How can be repudiated

BANKING AND FINANCE LAW:- Banking instruments – Cheque – Cheque drawn by customer on his bank – Who retains custody thereof after clearance – Check drawn on another bank for the benefit of his bank – Whether sufficient proof of payment to bank

UNITED OVERSEAS MERCHANTS LIMITED V. FARMERS SUPPLY COMPANY (KDS) LIMITED

BANKING AND FINANCE LAW

UNITY BANK PLC V. DENCLAG LIMITED & ANOR

BANKING AND FINANCE LAW:- Entry in a banker book – Existence, nature and contents of- Nature of secondary evidence admissible to establish same – Condition precedent to admissibility of

BANKING AND FINANCE LAW:- Ledger – Whether qualifies as a banker’s book

URQUHART LINDSAY AND CO. V. EASTERN BANK LTD.

BANKING AND FINANCING LAW:- Banking practices – Obligation arising from a Letter of Credit represented as an Irrevocable Credit on behalf of a bank customer for the benefit of a third party – Duty of bank thereto – When refusal to honour payment would amount to breach of contract by bank regardless of instruction by bank-customer to ban

BANKING AND FINANCE LAW: Banker – Customer – Two Accounts – Bills specifically appropriated to One Account – Equitable Assignment – Right of Banker to transfer Proceeds to the other Account.

WEMA BANK PLC V.  OLOKO

BANKING AND FINANCE LAW – BILL OF EXCHANGE:- Nature of a bill of exchange – Whether a bill of exchange would command the weight of a bank draft

BANKING AND FINANCE LAW:- Banker-customer relationship – When money is paid by a customer into the bank -Whether there is a contract between the banker and the customer in which the banker receives the money as a loan from a customer against the promise by the banker to honour the customer’s cheque or orders of the customer – Whether gives rise to duty on bank to honour issued by customer – Effect of failure thereto

BANKING AND FINANCE LAW:- Cheque and a draft – Whether there is a difference between both – Whether ‘the word draft no doubt includes a bill of exchange as well as a cheque’ – Whether draft is a nomen generale which embraces every request by the drawer upon the drawee to pay money – Effect

WILLIAMS AND GLYN’S BANK LTD V. BOLAND AND ANOTHER (HL) (2)

BANKING – BANK GUARANTEE: Meaning and Legal effect of

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JUDGMENTS OF NIGERIAN COURTS

By Litigation/Procedure Areas