WEMA BANK PLC V. DE-UNITED HARDWARE LIMITED & ANOR

ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A. (Delivering the Leading Judgment): The Appellant filed an amended Notice of Appeal on 20/2/17 against the judgment of the Lagos State High Court, coram WILLIAMS, J., delivered on 22/12/15 in suit No: LD/2274/11 on eight grounds.

The summary of the facts is that the 1st Respondent was a customer of the Appellant and had approached a staff (the 2nd Respondent) of the bank for an alternative contact where he could buy forex because the bank had none to sell. The 2nd Respondent introduced the 1st Respondent to a forex vendor Mr. Arowolaju who went into negotiation with the 1st Respondent to deal in a total sum of N18,590,000.00 in favour of two companies. The forex vendor defaulted after the sum was transferred to him on the instructions of the 1st Respondent.

Upon being aware of the situation, the 2nd Respondent wrote to the E.F.C.C. in the name of the 1st Respondent petitioning the forex vendor, following which the sum of N6m was paid and nothing …