PATS-ACHOLONU, J.S.C. (Delivering the Leading Judgment): The 1st appellant a Financial Institution had in the course of its operation, the respondent as a customer who lodged a reasonably large sum of money in the Bank. It became distressed and was unable to meet its customary obligations in that it could not pay its customers money lodged therein. It was eventually sold over to the Central Bank for N1.00. The Central Bank handed it over to Nigeria Deposit Insurance Corporation to manage.
The respondent being one of its customers made efforts to get his deposits in the bank back but all to no avail due to the 1st appellant's impecuniosity. The appellants stated that on their part they tried to negotiate, and verily explored several opportunities and options to attempt to pay but the respondent wanted all his money or nothing and was not amiable to any discussion that was not geared towards full payment of his money in the bank. In consequence of failure to meet the demands of the res…