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CONTINENTAL TRUST BANK LIMITED & ORS v. THE CENTRAL BANK OF NIGERIA & ORS

(2002) JELR 47518 (CA)

Court of Appeal  •  CA/L/254/02  •  19 Dec 2002  •  Nigeria

Coram
GEORGE ADESOLA OGUNTADE JCA; SULEIMAN GALADIMA JCA; MUSA DATTIJO MUHAMMAD JCA;

Judgement

G. A. OGUNTADE, J.C.A. (Delivered the Leading Judgment): In suit No. FHC/L/CS/83/2002, the appellants as plaintiffs brought an originating summons against the respondents as the defendants seeking the determination of the question.

"Whether the recommendation and/or decision of the 1st defendant contained at paragraph 63(XVI) of the Report on the Investigation of the alleged fraudulent conversion of N860 Million by City Securities Ltd (CSL) and First City Monument Bank Limited (FCMB) which report is herewith attached and marked as Exhibit A to wit: The petitioners (the plaintiffs) claim amounting to N763,445,000 should be forfeited as a deterrent to others-is inconsistent with the findings contained at paragraphs 53 and 62(e) and (f) of the said Exhibit 'A' and therefore perverse, unreasonable and repugnant to rule of fairness, equity and ultra vires the 1st defendant."

The plaintiffs, in the event the above question was answered in the affirmative, sought the following reliefs:

"1. …

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