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UNION BANK OF NIGERIA PLC V. E.D. EMOLE

(2001) JELR 44286 (SC)

Supreme Court  •  SC.96/1995  •  14 Dec 2001  •  Nigeria

Coram
ADOLPHUS GODWIN KARIBI-WHYTE JSC; MICHAEL EKUNDAYO OGUNDARE JSC; SYLVESTER UMARU ONU JSC; SAMSON ODEMWINGIE UWAIFO JSC; AKINTOLA OLUFEMI EJIWUNMI JSC;

Judgement

M.E. OGUNDARE, JSC. (Delivering the Leading Judgment): The Plaintiff/respondent was at all times relevant to this appeal a customer of the Defendant/Appellant Bank. He maintained a current account at the Factory Road, Aba branch of the Defendant Bank. Sometime in November, 1984, he requested the Bank to open some letters of credit in favour of his overseas suppliers of goods. One of such letters was LC No. 72/84 for 'a392,391.78 (Ninety-Two Thousand, Three Hundred and Ninety-One Pounds, Seventy'97Eight Pence). At the request of the Bank Plaintiff deposited a sum of N99, 793.15 (Ninety-Nine Thousand, Seven Hundred and Ninety-Three Naira Fifteen Kobo) as the full cover for the said letter of credit, based on the exchanged rate prevalent on 6th November, 1984. The letter of credit was opened by the Bank. In April 1985 Plaintiff went to the Aba branch office of the defendant Bank to collect the shipping documents relating to the letter of credit. There he was told that due to foreign exch…

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