STANDARD TRUST BANK LIMITED V. CONTRACT RESOURCES NIG. LIMITED & DEPUTY SHERRIFF, HIGH COURT OF JUSTICE, ENUGU.

FABIYI, JCA (Delivering the Lead Ruling): This suit was filed by the respondent, as plaintiff, and placed on the undefended list. He claimed as follows:-

“1. The value of plaintiff’s crossed banker’s draft No. 48356 dated 18/8/99 for N45,178,570.03 paid into our account with the defendant for presentation and collection through their Lagos office on 20/8/99. The defendant breached our agreement for presentation and collection through their Lagos office on 20/ 8/99. The defendant breached our agreement for presentation as per the memorandum of 19/8/99. The defendant negligently failed to present for acceptance the said Bill in accordance to (sic) the Bills of Exchange Act. Although the defendant had due notice thereof by letter dated 26/8/99 from the plaintiff.”

The respondent also claimed interest at the rate of 20% till payment or judgment and 10% from date of judgment until the payment of judgment sum. The affidavit in support of the suit filed in the undefended list principally…