CITY EXPRESS BANK LIMITED V. TRADE AND FINANCIAL SERVICES

SALAMI JCA (Delivering the Lead Judgment): This is an appeal against the decision of the High Court of Lagos State of Nigeria sitting in Lagos delivered on 25th April, 1997 per Akinsanya J.

The plaintiff, a foreign company had an agreement with Napex Nigeria Limited for the importation and supply of goods - electric light bulbs, granulated sugar and tuna fish. The goods were to be imported into the country by the plaintiff with all sums of money due thereafter paid into the plaintiff’s accounts with the defendant bank. The defendant for the purpose of these transactions agreed to take custody of the goods upon their arrival, but as it had no warehousing facilities of its own, an agreement was made between the plaintiff, defendant and Carnco Foods Limited for the commodities to be kept at the warehouse of Carnco Foods Ltd. The agreement for importation of the goods are contained in exhibits F, F1 and F2 which were duly entered into by the plaintiff, defendant and Napex Nigeria Limit…