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OCEANIC BANK INTERNATIONAL PLC v. ABEOKUTA COMMERCIAL & IND. COMPANY LIMITED

(2014) JELR 36638 (CA)

Court of Appeal  •  CA/I/139/2012  •  24 Mar 2014  •  Nigeria

Coram
CHIDI NWAOMA UWA JCA; HARUNA SIMON TSAMMANI JCA; OBIETONBARA DANIEL-KALIO JCA;

Judgement

OBIETONBARA DANIEL-KALIO, JCA (Delivering the Leading Judgment): This appeal is over a banker customer relationship. Succinctly stated, the facts show that the Respondent, Abeokuta commercial and Industrial Company Limited was persuaded or allowed itself to be persuaded to change bank from Afribank to the Appellant bank in the hope of enjoying a more beneficial loan facility from the Appellant.

After Correspondences, negotiations and assurances, the expected loan facility did not materialize. As a result, the Respondent sued the Appellant in the Lower Court and sought various amounts of money in damages for losses suffered.

After hearing the case, the Lower Court came to the conclusion that the Respondent fulfilled the conditions precedent that qualified it to enjoy a loan facility from the Appellant. The court therefore awarded the Respondent amounts on different heads of damages for losses suffered as a result of the failure of the Appellant to fulfill its part of the contract. ₦2,0…

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