FIDELITY BANK PLC V. KATES ASSOCIATED INDUSTRIES LTD.

SAMUEL CHUKWUDUMEBI OSEJI, J.C.A (Delivering the Leading Judgment): This appeal is against the judgment of the High Court of Anambra State holden at the Onitsha Judicial Division (Coram: Hon. Justice V.N. Umeh) delivered on the 21st day of June 2010, wherein the said court granted reliefs in favour of the plaintiff.

The appellant herein (Fidelity Bank Plc) was the defendant in the trial court while the Respondent (Kates Associated Industries Ltd) was the plaintiff.

The Respondent which was a customer of the appellant applied for and was granted a N10 million credit facility which was approved as follows, Vide an offer letter dated 28/11/1996.

(i) N5, 000,000 Import Finance Facility

(ii) N5, 000,000 Overdraft facility

Other term stipulated therein is that the tenor of the Facility would be for one year on revolving interest basis at 21% interest per annum.

The following were agreed as collaterals for the said facility:-

(i) Original shipping documents to be consigned to the appellant.

…