OCEANIC BANK INTERNATIONAL (NIG.) LTD. V. G. CHITEX INDUSTRIES LIMITED

FABIYI, JCA (Delivering the Leading Judgment): This is an appeal against the judgment delivered at the High Court of Justice, Onitsha in Anambra State of Nigeria on 5/3/98. In the judgment, the Learned Trial Judge awarded a total sum of N3,566,000.00 in favour of the Plaintiff/Respondent against the Defendant/ A Appellant herein. The Plaintiff at Trial Court claimed against the Defendant as follows: “(1) Damages for the loss occasioned by appreciation of dollar and depreciation of Naira (N256,000 - N390,000)---N66,000.00. (2) Damages for the loss of credit facilities, goodwill, profits and future prospects estimated at N3,500,000.00. Total ---------------------------------------------------------N3,566,000.00” At the Trial Court, pleadings were duly filed and exchanged by the parties. Two witnesses testified on behalf of the plaintiff while an official of the Defendant testified on its behalf.

For a proper appreciation of the issues strongly canvassed in this appeal, it is imperative…