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FRANCIS SHANU & ANOR V. AFRIBANK NIGERIA PLC.

(2002) JELR 41664 (SC)

Supreme Court  •  SC.169/1997  •  21 Jun 2002  •  Nigeria

Coram
SALIHU MODIBBO ALFA BELGORE JSC; EMMANUEL OBIOMA OGWUEGBU JSC; UTHMAN MOHAMMED JSC; SAMSON ODEMWINGIE UWAIFO JSC; AKINTOLA OLUFEMI EJIWUNMI JSC;

Judgement

S. O. UWAIFO, J.S.C. (Delivering the Leading judgment): This is an appeal from a judgment of the Court of Appeal, Benin Division, given on 11 July, 1997 [Coram: Akintan and Nsofor JJCA, Akpabio J.C.A. dissenting] which allowed the appeal against the decision of G. E. Edokpayi, J., sitting at the High Court, Benin.

The plaintiffs, now appellants, alleged as per their amended statement of claim to have imported into Nigeria, the sum of US$25,000,000 in 100 dollar bills making 250,000 such bills, on a tanker vessel called MV Botony Trinity which berthed at Warri port on or about 29 June, 1983. They said the money was eventually paid into the respondent bank [Afribank Nigeria Plc. Warri branch] upon an agreement with the bank to pay the plaintiffs the naira equivalent of N2 per dollar, making a total of N50,000,000.00. This was on 22 July, 1983 whereof, as alleged, the plaintiffs opened a current account into which the sum of N40,000,000.00 was credited in exchange for US$20 million. The …

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