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Barclays Bank of Nigeria Ltd v. Central Bank of Nigeria

(1976) JELR 45220 (SC)

Supreme Court  •  SC.197/75  •  4 Jun 1976  •  Nigeria

Coram
ATANDA FATAYI-WILLIAMS JSC; AYO GABRIEL IRIKEFE JSC; MOHAMMED BELLO JSC;

Judgement

A. FATAYI-WILLIAMS, J.S.C. (Delivering the Leading Judgment): By an originating summons issued in the Federal Revenue Court sitting in Lagos, the Plaintiffs, now Appellants

1. Seek against the Defendants the determination of the court on the following questions, namely:-

(a) Whether or not the right of the Plaintiffs to be reimbursed for payments made by its branches in London and New York in circumstances specified in the particulars to this originating summons was extinguished by the Banking Obligations (Eastern States) Decree 1970; and

(b) properly treated by the Central Bank of Nigeria pursuant to section 4 of the Decree aforesaid by excluding it in calculating the residue of banking funds of Barclays Bank of Nigeria Limited.

2. If the answers to 1(a) and (b) are in the negative an order for the refund to the Plaintiffs of such sum as may be agreed by the parties or determined by the court to be due as not having been properly treated when calculating the residue of such banking f…

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