AREWA PAPER CONVERTERS LTD V. N.I.D.C. (NIGERIA UNIVERSAL BANK) LTD

MOHAMMED JSC (Delivering the Lead Judgment): This is an appeal against the decision ofthe Court of Appeal,Kaduna delivered on 22/5/2003, allowing the preliminary objection raised by the respondent in this court to the appeal of the appellant at the Court ofAppeal against the decision of the Federal High Court of 7/3/2000, refusing to set aside the judgment of the FailedBanks Tribunal,Kano zone given on24/4/98 inthe sumof N969,572.01 with interest at 21%, against the appellant.

The appellant beinga customer of the Nigeria UniversalBank Limited was indebted to the bank in its current account to the tune of N969,572.01 which remained unpaid up to the time the Failed Banks Tribunals were established under the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Decree, 1994. The respondent therefore as plaintiff filed an action for the recovery of the debt from the appellant under the undefended list procedure before the Failed Banks Tribunal, Kano zone. In the course of …