BANKING AND FINANCE LAW CASES/JUDGMENTS-2

BOOTHIA MARITIME  INC. V. FAREAST MERCANTILE CO. LTD

BANKING AND FINANCE:- Customer relationship – How regulated

BANKING – Customer having two accounts – Bank transferring funds from one account to another to reduce overdraft without consent of customer – Propriety of

BANKING PRACTICE:- Customer having two separate accounts – One pri­vate, the other business – Bank transferring funds from one account to another without consent of customer – Whether permissible

BRONIK MOTORS LTD. V. WEMA BANK LTD.

BANKING AND FINANCE LAW: Banking practices – Foreign [dollar denominated] loan secured by an individual but guaranteed by Nigerian bank – Payment of loan by Nigerian bank – Failure of primary debtor to pay back to Nigerian bank – How treated

CORPORATIVE & COMMERCE BANK PLC V. JONAH DAN OKORO EKPERI

BANKING AND FINANCE LAW: Banking practices

DIAMOND BANK LIMITED V. GENERAL SECURITIES AND FINANCE COMPANY LTD.

BANKING LAW – PAYMENT OF INTEREST:- Whether the pleadings and evidence led thereon was sufficient to sustain the award of interest in favour of the respondent

DR. AKPO MUDIAGA-ODJE V. YOUNES POWER SYSTEM NIGERIA LTD.

BANKING AND FINANCE: Banking practices – Recovery of loan

ENEKWE V. INTERNATIONAL MERCHANT BANK OF NIGERIA LTD

BANKING AND FINANCE:- Documentary credit – Irrevocable credit – Duty of bank – Letter of credit required to be negotiated through defendant bank’s agent – Letter of credit in fact negotiated through plaintiff bank – Whether letter of credit permitting plaintiffs to act as negotiating bankers – Whether plaintiffs reasonably entitled to interpret letter of credit as authorising them to act as negotiating bankers – Whether defendants estopped from denying that plaintiffs authorised to negotiate letter of credit.

EZEKIEL OKOLI V. MORECAB FINANCE (NIG.) LTD.

BANKING.- Loan recovery – Action for – Defence open to defendant

BANKING AND FINANCE – LOAN TRANSACTIONS:-

F.B.N. PLC V. NAGARFI

BANKING AND FINANCE LAW:- Rate of interest chargeable on overdraft and loan facilities where no express agreement was made

FESTUS S. YESUFU V. AFRICAN CONTINENTAL BANK LTD

BANKING AND FINANCE LAW:- Banker and customer relationship – Whether  that of debtor and creditor – Current account – When a bank credits the current account of its customer with a certain sum – Whether bank becomes a debtor to the customer in that sum – When a bank debits the current account of its customer with a certain sum – Whether the customer becomes a debtor to the bank in that sum – Implication when a bank reverses a credit entry of a certain sum in the current account of its customer by debiting the account with the same sum

BANKING AND FINANCE:- Banking practices – Foreclosure of mortgaged property in satisfaction of customer debt –

FIRST AFRICAN TRUST BANK LTD V. PARTNERSHIP INVESTMENT CO. LTD

BANKING AND FINANCE LAW:- Banking practices – Facilitation of international trade/imports – Money received as collecting banker pursuant to the satisfaction of the value on a Bill of Exchange – Where conditions precedent to the payment of money to drawer/exporter is not made – Where notice of repudiation of contract pursuant due to conditions precedent not made was communicated to collecting bank – Duty of collecting banker to drawee/importer – Whether can rely on a technical ground of not being a privy to the contract between drawer/exporter and drawee/importer to retain the money

BANKING AND FINANCE LAW – BILL OF EXCHANGE:- Where not remitted due to failure of consideration – Repayment to drawee as money had and received – Whether based on currency and value disclosed on the Bill of Exchange or local currency and conversion rate at time of transaction

FIRST BANK OF NIGERIA PLC V. MRS DIBO ABOKO

BANKING AND FINANCE LAW:- Recovery of loan by banker from customer

BANKING AND FINANCE LAW:- Case arising from recovery of loan by banker from customer

BANKING AND FINANCE LAW:- Banker amending pleadings to increase amount claimed and interest, facts and circumstances remaining the same

FIRST NATIONAL SECURITIES LTD. V. JONES AND ANOTHER

BANKING AND FINANCE:- Banker’s guarantees issued by the Export Credits Guarantee Department (“ECGD”) – Allegation that guarantees were issued as part of a scheme to defraud the Bank – How treated

GOLD COIN JOAILLIERS SA V. THE UNITED BANK OF KUWAIT

BANKING AND FINANCE – SECURITIES FOR ADVANCES :- Banking practices – Banker’s Lien – Legal effect

HABIB NIGERIA BANK LIMITED V. BENSON OCHETE GOMBA NWOLU

BANKING AND FINANCE:- Distressed bank cases involving the Nigeria Deposit Insurance Corporation (NDIC) as an agency of the Federal Government – Whether exclusively under the jurisdiction of the Federal High Court – Claim for declaration as to the illegality of a loan transaction involving an NDIC predecessor/defunct bank – How treated

HEDLEY BYRNE AND CO. LTD. V. HELLER AND PARTNERS LTD.

BANKING & FINANCE LAW:- Banking Transactions – Wrongful dishonour of cheque drawn on solicitor’s clients account – Difference between person in business’ and trader – Whether claimant entitled to substantial damage though not specifically pleaded

HONGKONG AND SHANGHAI BANKING CORP V. KLOECKNER & CO AG

BANKING AND FINANCE LAW – MORTGAGE – EQUITABLE MORTGAGE: How equitable mortgage can be created

IKOMI V. BANK OF WEST AFRICA LTD

BANKING AND FINANCE LAW:- Contract formation – Guarantee of current account – Consideration – Guarantor alleging mistake on his part – Where not misled by bank – When guarantor cannot plead non est factum and or hide under allegation that he did not read contract document

BANKING AND FINANCE LAW:- Banking practices – Recovery of loan – Where total sum disputed and a lower sum admitted by customer – Bank’s application for judgment in the sum admitted – Customer’s objection thereto in preference to judgment as full and final satisfaction of debt – How treated

INTEGRATED DIMENSIONAL SYSTEMS LTD V. AFRICAN INTERNATIONAL BANK LTD

BANKING AND FINANCE:– Interest on overdraft facilities – Express agreement between a banker and a customer – Effect of same on normal banking practice relating to charging of interest

BANKING AND FINANCE LAW:- Overdraft -Customer drawing more than amount in his account – Presumption raised thereby

BANKING AND FINANCE LAW:- Overdraft – When repayable – When right of action to recover accrues

BANKING AND FINANCE LAW:- Payment of money into Bank account – How proved

ISSA V. UNITED BANK FOR AFRICA LTD.

BANKING AND FINANCE LAW:- Banker-Customer relations – Loan granted by way of overdraft and secured via legal mortgage on property – Recovery of loan and accrued interest upon default by exercise of right of sale of mortgage property – Dispute arising therefrom – How treated

BANKING AND FINANCE LAW:- Rule in Union Bank of Nigeria Ltd. v. Ozigi (1994) 3 NWLR (Pt. 333) 385 – Bank’s right to unilaterally determine flexible interest rates applicable to an existing loan facility regardless of an initial fixed loan rate – How arises – Whether can be contracted out of

JAMMAL STEEL STRUCTURES LTD. V. A.C.B.

BANKING AND FINANCE LAW:– Consolidation of customer’s account – Right of a banker to same unless precluded by agreement – Whether recourse to the right by the defendant occasioned any damage or injury to the plaintiffs in the instant case

JOE UWAGBA V. FEDERAL REPUBLIC OF NIGERIA

BANKING AND FINANCE – LOAN:- Banking practices – Grant of guaranteed loans to customer – Recovery of – How treated

JOHNSON V. SOBAKI

BANKING AND FINANCE LAW:- Making wrong/false entry into Bank Account- Implications thereof

KASUMU AND OTHERS V. BABA-EGBE

BANKING AND FINANCE LAW:- Banker-Customer relationship – Duties of Banker – Whether being a customer or not affects the duty imposed on banker for advice given as such

BANKING– BAILMENT:- Bank as clearing agent – Duty of

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