AFRICAN CONTINENTAL BANK PLC & ORS V. DAMIEN IKECHUKWU NWAIGWE

UMOREN, J.C.A. (Delivering the Leading Judgment): This is an appeal against the ruling of B.S. Bansi and C.A. Negamumso J, J. sitting at the High Court of Justice Mubi, Adamawa State in their appellate capacity in Suit No. ADSM/28A/96 dated 4/12/96.

The plaintiff/respondent in this appeal was a businessman based at Yola and a customer to the First Respondent, the African Continental Bank (A.C.B.) PLC at its Yola Branch. In November 1993 the respondent agreed to purchase the assets - mainly of machineries, spare parts and electrical appliances - of a company by name Roccon Nig. Ltd., at the cost of N25 Million. In order to meet the cost of the assets, the respondent applied to the 1st appellant for an overdraft. The 2nd and 3rd appellants were Branch Manager and Supervisor respectively of the 1st Appellant, Yola Branch. The respondent was later granted overdraft facilities of N1.5 Million.

The respondent then was able to purchase the equipment hereinbefore mentioned from Roccon Ltd. T…