NIGERIAN BANKING LAW REPORTS [1976 – 1984] VOLUME 3 Published by Nigeria Deposit Insurance Corporation 2006 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 This Volume is to be cited as [1976 – 1984] 3 N.B.L.R. 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 any retrieval system of any nature. © 2006 ISSN 1595-1030 Printed by: LexisNexis Butterworths South Africa Durban: 215 North Ridge Road, Morningside, 4001 Johannesburg: Grayston 66, 2 Norwich Close, Sandton, 2196 Cape Town: Ground Floor, Watford House, 2 Ring Road, Century City, 7441 Printed and bound by Interpak Books Pietermaritzburg EDITORIAL BOARD 1. Professor J.O. Anifalaje Chairman Dean, Faculty of Law, University of Ibadan 2. Alheri Bulus Nyako Editor-in-Chief Board Secretary/Head of Legal Department N.D.I.C. 3. Michael Olufemi Olaitan Member Legal Practitioner 4. Ahmed Almustapha “ Registrar-General Corporate Affairs Commission 5. Gabriel Olukayode Kembi “ Legal Practitioner 6. Adekunle Oladapo Omowole “ Legal Practitioner Corporate Affairs Commission 7. Nasiru Tijani “ Legal Practitioner Senior Lecturer, Nigerian Law School 8. Belema A. Taribo “ Legal Practitioner N.D.I.C. 9. Moses Ter-llumun Adaguusu “ Legal Practitioner N.D.I.C. 10. Dan Ike Agwu Secretary Legal Practitioner N.D.I.C. iii LIST OF JUSTICES OF THE SUPREME COURT OF NIGERIA AS AT MAY 17TH, 2005 1. HON. JUSTICE MUHAMMADU LAWAL UWAIS, GCON (Chief Justice of Nigeria) 2. HON. JUSTICE SALIHU MODIBBO ALFA BELGORE 3. HON. JUSTICE IDRIS LEGBO KUTIGI 4. HON. JUSTICE SYLVESTER UMARU ONU 5. HON. JUSTICE ALOYSIUS IYORGYER KATSINA-ALU 6. HON. JUSTICE UMARU ATU KALGO 7. HON. JUSTICE AKINTOLA OLUFEMI EJIWUNMI 8. HON. JUSTICE NIKI TOBI 9. HON. JUSTICE DAHIRU MUSDAPHER 10. HON. JUSTICE DENNIS ONYEJIFE EDOZIE 11. HON. JUSTICE IGNATIUS CHUKWUDI PATS-ACHOLONU 12. HON. JUSTICE GEORGE ADESOLA OGUNTADE 13. HON. JUSTICE SUNDAY AKINOLA AKINTAN v LIST OF JUSTICES OF THE COURT OF APPEAL AS AT MAY 17TH, 2005 1. HON. JUSTICE UMARU ABDULLAHI, CON (President) 2. HON. JUSTICE ALOMA MARIAM MUKHTAR 3. HON. JUSTICE ISA AYO SALAMI 4. HON. JUSTICE JAMES OGENYI OGEBE 5. HON. JUSTICE RABIU DANLAMI MUHAMMAD 6. HON. JUSTICE MAHMUD MOHAMMED 7. HON. JUSTICE RAPHAEL OLUFEMI ROWLAND 8. HON. JUSTICE MUHAMMAD S. MUNTAKA COOMASIE 9. HON. JUSTICE DALHATU ADAMU 10. HON. JUSTICE IBRAHIM TANKO MUHAMMAD 11. HON. JUSTICE BABA ALKALI BA’ABA 12. HON. JUSTICE SAKA ADEYEMI IBIYEYE 13. HON. JUSTICE ZAINAB ADAMU BULKACHUWA 14. HON. JUSTICE SULEIMAN GALADIMA 15. HON. JUSTICE VICTOR AIMEPOMO O. OMAGE 16. HON. JUSTICE JOHN AFOLABI FABIYI 17. HON. JUSTICE F.F. TABAI 18. HON. JUSTICE PIUS OLAYIWOLA ADEREMI 19. HON. JUSTICE KUMAI BAYANG AKAAHS 20. HON. JUSTICE OLUFUNLOLA OYEOLA ADEKEYE 21. HON. JUSTICE ABOYI JOHN IKONGBEH 22. HON. JUSTICE PATRIC IBE AMAIZU 23. HON. JUSTICE JOSEPH JEREMIAH UMOREN vi 24. HON. JUSTICE WALTER S.N. ONNOGHEN 25. HON. JUSTICE M. DATTIJO MUHAMMAD 26. HON. JUSTICE CHRISTOPHER M. CHUKWUMA-ENEH 27. HON. JUSTICE AMIRU SANUSI 28. HON. JUSTICE IFEYINWA CECILIA NZEAKO 29. HON. JUSTICE ISTIFANUS THOMAS 30. HON. JUSTICE JAFARU MIKA’ILU 31. HON. JUSTICE IKECHI F. OGBUAGU 32. HON. JUSTICE AMINA A. AUGIE 33. HON. JUSTICE ABUBAKAR ABDULKADIR JEGA 34. HON. JUSTICE NWALE SYLVESTER NGWUTA 35. HON. JUSTICE MONICA DONGBAN- MENSEM 36. HON. JUSTICE STANLEY SHENKO ALAGOA 37. HON. JUSTICE M. L. GARBA 38. HON. JUSTICE JEAN OMOKRI 39. HON. JUSTICE TIJANI ABDULLAHI 40. HON. JUSTICE UWANI M. ABBA AJI 41. HON. JUSTICE MARY PETER ODILI 42. HON. JUSTICE KUDIRAT M.O. KEKERE- EKUN 43. HON. JUSTICE GERTRUDE IFUNANYA UDOM AZOGU 44. HON. JUSTICE BODE RHODE VIVOUR 45. HON. JUSTICE RAPHAEL CHIKWE AGBO 46. HON. JUSTICE LADAN MOHAMMED TSAMIYA vii LIST OF JUSTICES OF THE FEDERAL HIGH COURT OF NIGERIA AS AT MAY 17TH, 2005 1. HON. JUSTICE R. N. UKEJE (Chief Judge) 2. HON. JUSTICE A. MUSTAPHA 3. HON. JUSTICE D. D. ABUTU 4. HON. JUSTICE I. N. AUTA 5. HON. JUSTICE R. O. OLOMOJOBI 6. HON. JUSTICE M. A. EDET 7. HON. JUSTICE A. A. ABDU-KAFARATI 8. HON. JUSTICE SOBA 9. HON. JUSTICE O. J. OKEKE 10. HON. JUSTICE S. YAHAYA 11. HON. JUSTICE A. BELLO 12. HON. JUSTICE A. B. GUMEL 13. HON. JUSTICE A. O. AJAKAIYE 14. HON. JUSTICE F. F. OLAYIWOLA 15. HON. JUSTICE ADAMU HOBON 16. HON. JUSTICE J. T. TSOHO 17. HON. JUSTICE S. J. ADAH 18. HON. JUSTICE CHUKWURA NNAMANI 19. HON. JUSTICE R. O. NWODO 20. HON. JUSTICE G. C. OKEKE 21. HON. JUSTICE G. K. OLOTU 22. HON. JUSTICE J. E. SHAKARHO 23. HON. JUSTICE L. AKANBI 24. HON. JUSTICE C. M. OLATOREGUN 25. HON. JUSTICE BINTA F. M. NYAKO 26. HON. JUSTICE A. LIMAN 27. HON. JUSTICE S. YAHUZA 28. HON. JUSTICE C. ARCHIBONG 29. HON. JUSTICE I. EJIOFOR 30. HON. JUSTICE A. I. CHIKERE 31. HON. JUSTICE M. L. SHUAIBU viii 32. HON. JUSTICE SALIU SAIDU 33. HON. JUSTICE G. O. KOLAWOLE 34. HON. JUSTICE A. O. FAJI 35. HON. JUSTICE B. BELLO ALIYU 36. HON. JUSTICE B. I MOLOKWU 37. HON. JUSTICE A. F. ADETOKUNBO- ADEMOLA 38. HON. JUSTICE CHUDI NWOKORIE 39. HON. JUSTICE M. I. AWOKULEHIN 40. HON. JUSTICE R. N. OFILI-AJUMOGOBIA 41. HON. JUSTICE L. ALLAGOA 42. HON. JUSTICE A. O. OGIE 43. HON. JUSTICE BABS KUEWUMI 44. HON. JUSTICE UMAR M. GARBA 45. HON. JUSTICE NYAURE BABA 46. HON. JUSTICE A. R. MOHAMMED 47. HON. JUSTICE T. ABUBAKAR ix TABLE OF CONTENTS Index of Table of Cases Reported ........................ xiii Index of Subject Matter ....................................... xv Index of Cases referred to.................................... xxxv Index of Statutes referred to ................................ lvii Index of Rules referred to.................................... lxiii Index of Books referred to................................... lxv xi TABLE OF CASES REPORTED Page Abimbola v. Bank of America (Nigeria) Limited and another ....................................................................... 216 Adekoya v. National Bank of Nigeria Limited ........... 497 Adeleke v. National Bank of Nigeria Limited ............. 393 Aderibigbe v. National Bank (Nigeria) Limited .......... 436 Adetoyin and another v. Bank of the North Limited ... 191 African Continental Bank Limited v. Ehiemua and another ...................................................................... 349 African Continental Bank Limited v. Yesufu .............. 354 Agbafe v. Viewpoint (Nigeria) Limited ...................... 242 Akpene v. Barclays Bank of Nigeria Limited and another ....................................................................... 203 Angus Builders Company Limited v. Bank of America (Nigeria) Limited ...................................................... 467 Arab Bank (Nigeria) Limited v. Dantata ..................... 288 Attorney–General of the Federation v. Ekpa ............... 173 Awobotu v. State ......................................................... 73 Balogun v. National Bank of Nigeria Limited ............. 371 Bank of America Nigeria Limited v. Kujore and others ......................................................................... 402 Bank of the North Limited v. Bernard ......................... 104 Barclays Bank of Nigeria Limited v. Abubakar........... 337 Barclays Bank of Nigeria Limited v. Ashiru and others ......................................................................... 408 Barclays Bank of Nigeria Limited v. Central Bank of Nigeria ....................................................................... 119 Benson v. National Bank of Nigeria Limited............... 12 Central Bank of Nigeria and another v. National Bank of Nigeria Limited .................................................... 153 Coker v. Standard Bank of Nigeria Limited ................ 146 Co-operative Bank Limited v. Otaigbe ........................ 587 Co-operative Bank of Eastern (Nigeria) Limited v. Eke 521 xiii [1976 – 1984] 3 N.B.L.R. Nigerian Banking Law Reports Federal Republic of Nigeria v. Lawal ......................... 650 Glanvil Enthoven and Company Limited v. African Continental Bank Limited ........................................ 34 Ide Chemists Limited v. National Bank of Nigeria Limited ...................................................................... 111 Imarsel Chemical Company Limited v. Africa Continental Bank Limited ........................................ 1 Johnson v. Odeku ........................................................ 165 National Bank of Nigeria Limited v. Are Brothers (Nigeria) Limited ...................................................... 278 National Bank of Nigeria Limited v. Fasoro ............... 317 National Bank of Nigeria Limited v. Korban Brothers (Nigeria) Limited and others .................................... 142 National Bank of Nigeria Limited v. Shoyoye and another ...................................................................... 229 Ochuuwa v. Barclays Bank of Nigeria Limited .......... 444 Odumosu v. African Continental Bank Limited .......... 177 Okafor v. Union Bank of Nigeria Limited .................. 631 Onyechi v. National Bank of Nigeria ........................... 303 Otto Wolff (Nigeria) Limited v. National Bank of Nigeria Limited ........................................................ 272 Standard of Bank Nigeria Limited v. Bank of America