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Nigerian Banking Law Reports NIGERIAN BANKING LAW REPORTS [2001 – 2003] VOLUME 12 To be cited as: [2001 – 2003] 12 N.B.L.R. Nigeria Deposit Insurance Corporation Nigeria Deposit Insurance Corporation Plot 447/448 Airport Road Central Business District P.M.B. 284, Garki Abuja, Federal Capital Territory [FCT] Nigeria Tel: +23495237715-6, +523696740-44 Members of the LexisNexis Group worldwide South Africa LexisNexis (Pty) Ltd DURBAN 215 Peter Mokaba Road (North Ridge Road), Morningside, Durban, 4001 JOHANNESBURG Building No. 9, Harrowdene Office Park, 124 Western Service Road, Woodmead, 2191 CAPE TOWN Office Floor 2, North Lobby, Boulevard Place, Heron Close, Century City, 7441 www.lexisnexis.co.za Australia LexisNexis, CHATSWOOD, New South Wales Austria LexisNexis Verlag ARD Orac, VIENNA Benelux LexisNexis Benelux, AMSTERDAM Canada LexisNexis Canada, MARKHAM, Ontario China LexisNexis, BEIJING France LexisNexis, PARIS Germany LexisNexis Germany, MÜNSTER Hong Kong LexisNexis, HONG KONG India LexisNexis, NEW DELHI Italy Giuffrè Editore, MILAN Japan LexisNexis, TOKYO Korea LexisNexis, SEOUL Malaysia LexisNexis, KUALA LUMPUR New Zealand LexisNexis, WELLINGTON Poland LexisNexis Poland, WARSAW Singapore LexisNexis, SINGAPORE United Kingdom LexisNexis, LONDON USA LexisNexis, DAYTON, Ohio © 2013 Nigeria Deposit Insurance Corporation, published by LexisNexis (Pty) Ltd under licence ISSN 1595-1030 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including electronic, mechanical, photocopying and recording, without the written permission of the copyright holder, application for which should be addressed to the publisher. Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature. Whilst every effort has been made to ensure that the information published in this work is accurate, the editors, publishers and printers take no responsibility for any loss or damage suffered by any person as a result of the reliance upon the information contained therein. EDITORIAL BOARD 1. Professor J.O. Anifalaje Chairman Faculty of Law, University of Ibadan 2. Alheri Bulus Nyako Editor-in-Chief Board Secretary/Director, Legal Department N.D.I.C. 3. Michael Olufemi Olaitan Member Legal Practitioner 4. Gabriel Olukayode Kembi Member Legal Practitioner 5. Adekunle Oladapo Omowole Member Legal Practitioner Director, Corporate Affairs Commission 6. Nasiru Tijani Member Legal Practitioner Director, Nigerian Law School 7. Belema A. Taribo Member Legal Practitioner N.D.I.C. 8. Dan Ike Agwu Secretary Legal Practitioner N.D.I.C. iii LIST OF JUSTICES OF THE SUPREME COURT OF NIGERIA AS AT JULY 31ST, 2013 1. HON. JUSTICE ALOMA MARIAM MUKHTAR (Chief Justice of Nigeria) 2. HON. JUSTICE MAHMUD MOHAMMED 3. HON. JUSTICE WALTER SAMUEL NKANU ONNOGHEN 4. HON. JUSTICE IBRAHIM TANKO MUHAMMAD 5. HON. JUSTICE CHRISTOPHER MITCHELL CHUKWUMA-ENEH 6. HON. JUSTICE MUHAMMAD S. MUNTAKA- COOMASIE 7. HON. JUSTICE JOHN AFOLABI FABIYI 8. HON. JUSTICE SULEIMAN GALADIMA 9. HON. JUSTICE BODE RHODE VIVOUR 10. HON. JUSTICE NWALE SYLVESTER NGWUTA 11. HON. JUSTICE MARY PETER ODILI 12. HON. JUSTICE OLUKAYODE ARIWOOLA 13. HON. JUSTICE CLARA BATA OGUNBIYI 14. HON. JUSTICE MUSA DATTIJO MUHAMMAD 15. HON. JUSTICE KUMAI BAYANG AKAAHS 16. HON. JUSTICE STANLEY SHENKO ALAGOA iv SENIORITY LIST OF JUSTICES OF THE COURT OF APPEAL AS AT JULY 31ST, 2013 1. HON. JUSTICE ZAINAB ADAMU BULKACHUWA (Acting President) 2. HON. JUSTICE AMINAT ADAMU AUGIE 3. HON. JUSTICE IBRAHIM MOHAMMED MUSA SAULAWA 4. HON. JUSTICE CHIMA CENTUS NWEZE 5. HON. JUSTICE JOSEPH SHAGBOR IKYEGH 6. HON. JUSTICE RITA NOSAKHARE PEMU 7. HON. JUSTICE CHINWE EUGENIA IYIZOBA 8. HON. JUSTICE FATIMA O. AKINBAMI 9. HON. JUSTICE DALHATU ADAMU, CFR 10. HON. JUSTICE ABDU ABOKI 11. HON. JUSTICE THERESA NGOLIKA ORJI-ABADUA 12. HON. JUSTICE ITA GEORGE MBABA 13. HON. JUSTICE H.A. ABIRU 14. HON. JUSTICE MONICA B. DONGBAN-MENSEM 15. HON. JUSTICE CHIDI NWAOMA UWA 16. HON. JUSTICE ADAMU JAURO 17. HON. JUSTICE O.O. DANIEL-KALIO 18. HON. JUSTICE ABUBAKAR JEGA ABDULKADIR 19. HON. JUSTICE MOJEED ADEKUNLE OWOADE 20. HON. JUSTICE ISAIAH OLUFEMI AKEJU 21. HON. JUSTICE E. AGIM 22. HON. JUSTICE OLADEINDE GEORGE SHOREMI 23. HON. JUSTICE HELEN MORONKEJI OGUNWUNMIJU 24. HON. JUSTICE SIDI DAUDA BAGE 25. HON. JUSTICE AYOBODE OLUJIMI LOKULO-SODIPE v [2001 – 2003] 12 N.B.L.R. Nigerian Banking Law Reports 26. HON. JUSTICE TOM SHUAIBU YAKUBU 27. HON. JUSTICE RAPHAEL CHIKWE AGBO 28. HON. JUSTICE OYEBISI FOLAYEMI OMOLEYE 29. HON. JUSTICE JUMMAI HANNATU SANKEY 30. HON. JUSTICE P.O. IGE 31. HON. JUSTICE I.S. BDLIYA 32. HON. JUSTICE MOHAMMED LADAN TSAMIYA 33. HON. JUSTICE EJEMBI EKO 34. HON. JUSTICE C.E. NWOSU IHEME 35. HON. JUSTICE M. FASANMI 36. HON. JUSTICE JONAH ADAH 37. HON. JUSTICE AMIRU SANUSI 38. HON. JUSTICE ABUBAKAR DATTI YAHAYA 39. HON. JUSTICE REGINA OBIAGELI NWODO 40. HON. JUSTICE MOORE A.A. ADUMIEN 41. HON. JUSTICE T. AKOMOLAFE-WILSON 42. HON. JUSTICE MOHAMMAD LAWAL GARBA 43. HON. JUSTICE UZO I. NDUKWE-ANYANWU 44. HON. JUSTICE JOSEPH TINE TUR 45. HON. JUSTICE O.A. OTISI 46. HON. JUSTICE PAUL ADAMU GALINJE 47. HON. JUSTICE HUSSEIN MUKHTAR 48. HON. JUSTICE OBANDE F. OGBUINYA 49. HON. JUSTICE T. ABUBAKAR 50. HON. JUSTICE UWANI MUSA ABBA AJI 51. HON. JUSTICE JOHN INYANG OKORO 52. HON. JUSTICE PHILOMEN MBUA EKPE 53. HON. JUSTICE HARUNA MOHAMMED TSAMMANI 54. HON. JUSTICE TIJJANI ABDULLAHI 55. HON. JUSTICE AHMAD OLAREWAJU BELGORE 56. HON. JUSTICE TUNDE OYEBANJI AWOTOYE 57. HON. JUSTICE J.S. ABIRIYI vi [2001 – 2003] 12 N.B.L.R. Seniority List of Justices of the Court of Appeal 58. HON. JUSTICE SOTONYE DENTON-WEST 59. HON. JUSTICE IGNATIUS IGWE AGUBE 60. HON. JUSTICE ABUBAKAR ALKALI ABBA 61. HON. JUSTICE JIMI OLUKAYODE BADA 62. HON. JUSTICE MASSOUD ABDULRAHMAN OREDOLA 63. HON. JUSTICE UCHECHUKWU ONYEMENAN 64. HON. JUSTICE KUDIRAT M. O. KEKERE-EKUN 65. HON. JUSTICE JAFARU MIKA’ILU 66. HON. JUSTICE A.GANA MISHELIA 67. HON. JUSTICE SAMUEL CHUKWUDUMEBI OSEJI 68. HON. JUSTICE MUHAMMAD AMBI-USI DANJUMA vii SENIORITY LIST OF JUSTICES OF THE FEDERAL HIGH COURT OF NIGERIA AS AT JULY 31ST, 2013 1. HON. JUSTICE N. AUTA (Chief Judge) 2. HON. JUSTICE A. ABDUL-KAFARATI 3. HON. JUSTICE O. J. OKEKE 4. HON. JUSTICE S. YAHAYA 5. HON. JUSTICE ADAMU BELLO 6. HON. JUSTICE P. F. OLAYIWOLA 7. HON. JUSTICE ADAMU A. HOBON 8. HON. JUSTICE J. T. TSOHO 9. HON. JUSTICE GLADYS K. OLOTU 10. HON. JUSTICE J. E. SHAKARHO 11. HON. JUSTICE L. AKANBI 12. HON. JUSTICE C. M. OLATOREGUN-ISOLA 13. HON. JUSTICE BINTA F. M. NYAKO 14. HON. JUSTICE A. M. LIMAN 15. HON. JUSTICE S. YAHUZA 16. HON. JUSTICE A. I. CHIKERE 17. HON. JUSTICE M. I. SHUAIBU 18. HON. JUSTICE SALIU SAIDU 19. HON. JUSTICE A. O. FAJI 20. HON. JUSTICE G. O. KOLAWOLE 21. HON. JUSTICE B. BELLO ALIYU 22. HON. JUSTICE A. F. A. ADEMOLA 23. HON. JUSTICE M. I. AWOKULEHIN 24. HON. JUSTICE R. N. OFILI-AJUMOGOBIA 25. HON. JUSTICE A. L. ALLAGOA 26. HON. JUSTICE I. N. BUBA 27. HON. JUSTICE A. O. OGIE 28. HON. JUSTICE B. O. KUEWUMI 29. HON. JUSTICE M. G. UMAR viii [2001 – 2003] 12 N.B.L.R. Seniority List of Justices of the Federal High Court 30. HON. JUSTICE A. R. MOHAMMED 31. HON. JUSTICE R. M. AIKAWA 32. HON. JUSTICE P. I. AJOKU 33. HON. JUSTICE S. M. SHUAIBU 34. HON. JUSTICE A. A. OKEKE 35. HON. JUSTICE Z. B. ABUBAKAR 36. HON. JUSTICE I. M. SANI 37. HON. JUSTICE S. E. CHUKWU 38. HON. JUSTICE I. E. EKWO 39. HON. JUSTICE M. B. IDRIS 40. HON. JUSTICE MUHAMMED TANKO SALIHU 41. HON. JUSTICE MAUREEN ADAOBI ONYETENU 42. HON. JUSTICE OKON EFRETI ABANG 43. HON. JUSTICE DORCAS VENENGE AGISHI 44. HON. JUSTICE MUHAMMED SHITTU ABUBAKAR 45. HON. JUSTICE ISAH BATURE GAFAI 46. HON. JUSTICE FOLASHADE ADEJOKE OLUBANJO 47. HON. JUSTICE MUHAMMED NASIR YUNUSA 48. HON. JUSTICE IJEOMA LUCIA OJUKWU 49. HON. JUSTICE BABATUNDE OLAIDE QUADRI 50. HON. JUSTICE BABA GANA-ASHIGAR 51. HON. JUSTICE EMMANUEL A. OBILE 52. HON. JUSTICE CHUKWU JEKWU JOSEPH ANEKE 53. HON. JUSTICE D. U. OKOROWO 54. HON. JUSTICE PHOEBA M. AYUA 55. HON. JUSTICE NATHANIEL AYO-EMMANUEL ix [2001 – 2003] 12 N.B.L.R. Nigerian Banking Law Reports 56. HON. JUSTICE SULEIMAN I. ALIYU 57. HON. JUSTICE MOHAMMED L. ABUBAKAR 58. HON. JUSTICE F.O. GIWA-OGUNBANJO 59. HON. JUSTICE MUSA HARUNA KURYA 60. HON. JUSTICE EVELYN N. ANYADIKE 61. HON. JUSTICE UCHE MMA AGOMOH 62. HON. JUSTICE OLUREMI O. OGUNTOYINBO 63. HON. JUSTICE NGANYIWA H. AJIYA 64. HON. JUSTICE CHINDA R. S. ADELE 65. HON. JUSTICE FATU O. RIMAN x THE NIGERIAN BANKING SYSTEM 1. The Development of Banking in Nigeria The historical development of the financial system in Nige- ria dates back to 1892 when modern banking business com- menced and a formal and institutional channel of saving mobilization was introduced into the economy with the establishment of the African Banking Corporation (“ABC”). The operation of ABC was later taken over in 1894 by the British Bank of West Africa (which later became Standard Bank) and subsequently, First Bank of Nigeria. Owing to the colonial heritage, the pioneer commercial banks in Nigeria were of foreign origin and their operations favoured finance of foreign trade and commerce. Thereafter, several other foreign and a host of indigenous banks were established. The establishment of indigenous banks was initially propelled largely by nationalistic con- sciousness rather than the existence of relevant resources, including basic skilled manpower, for running such institu- tions. Consequently, most of the early indigenous banks collapsed in rapid succession. Banks that failed during the early stage of the evolution of the Nigerian financial system were largely those with problems of inadequate capital, poor management, and fraudulent practices, among other factors. An important feature of the Nigerian financial system, es- pecially before the establishment of the Central Bank of Nigeria (“CBN”), was small scope of operations of partici- pating foreign institutions and the complete absence of any form of institutional regulatory framework which would provide the necessary guide for both the operations and orderly development of the system.
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