CHIMA AKWARA ( DOING BUSINESS IN THE NAME AND STYLE OF CHIMA AKWARA METAL WORKS & FOUNDRY) V. INTERNATIONAL BANK FOR WEST AFRICA LIMITED

PATS-ACHOLONU, JCA.: (Delivering the Leading Judgment ) ThePlaintiff’s/ Appellant’s case as made out in his pleadings is that in 1981 he negotiated and obtained credit with NEWBY IRON FOUNDERS LIMITED in England for the supply of Iron Pipe. He nominated the Defendant/Respondent as his Bank for the purposes of the transaction. In December, 1981, the Overseas Company Shipped Iron WaterPipe Fittings to the Appellants worth N17,647.00 on credit. In July, 1982 the Plaintiff paid for the supply in Local Currencyto be remitted to the supplier at the prevailing exchange rate. In August 1982, the Respondent on behalf of the Appellant applied to the Central Bank for Foreign Exchange allocation for the transfer of the Bill BC 1406/81/AB. On 17/2/83, the Defendant/Respondent confirmed this in the application for the transfer of that letter. When the money to be paid to the Overseas Customer was for a while not paid, the Appellant complained of the delay. Up till the end of 1983 the money was no…