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NIGERIA DEPOSIT INSURANCE CORPORATION V. CENTRAL BANK OF NIGERIA & ANOR

(2002) JELR 14190 (SC)

Supreme Court  •  SC.55/1999  •  1 Mar 2002  •  Nigeria

Coram
SALIHU MODIBBO ALFA BELGORE JSC; IDRIS LEGBO KUTIGI JSC; ANTHONY IKECHUKWU IGUH JSC; ALOYSIUS IYORGYER KATSINA-ALU JSC; SAMSON ODEMWINGIE UWAIFO JSC;

Judgement

S. O. UWAIFO, JSC (Delivering the Leading Judgment): The plaintiff/respondent was granted a banking licence No. 000039 dated 10 June, 1988 by the first defendant. By a statutory instrument [S.1.6 of 1995] dated 29 June, 1995, the first defendant with the approval of the Head of State revoked the said licence. The apparent reason for the revocation was that the plaintiff bank was in a grave financial condition which has "culminated in the total erosion of its capital base and the dissipation of the depositors' funds resulting in the inability of the bank to meet its obligations to its depositors and creditors, and the various actions taken by the regulatory authorities to halt further deterioration, including calls on the shareholders to recapitalize the bank, have failed." This is undoubtedly a very strong reason to which the respondent should normally equally react without delay. The appointment of the second defendant/appellant as the provisional liquidator of the bank was simultane…

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