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CaseLaw

Abacha Foundation Vs. UBA (2010) CLR 2(e) (SC)

Judgement delivered on February 25th 2010

Brief

  • Banker/Customer relationship
  • Award of interest
  • Judgement debt

Facts

The Appellants were the Plaintiffs at the High Court of the Federal Capital Territory, Abuja where they claimed against the Respondent as follows:-

  • 1
    The sum of N25,300,000.00 (Twenty-five million, three hundred thousand Naira only) being money wrongfully and/or negligently "transferred" from the Plaintiffs' Account No. 201078886 with the Abuja Branch of the Defendant Bank.
  • 2
    Further or in the alternative, the Plaintiffs claim the said sum as a debt which debt the Defendant has failed to pay despite repeated demands.
  • 3
    In the further alternative, the Plaintiffs claim the said sum as money converted by the Defendant.
  • 4
    Further, or in the alternative, the Plaintiffs claim the said sum as money had and received by the Defendants to the Plaintiffs' use.
  • 5
    A consecutive and accumulative claim of interest on the said sum at the rate of 21% per annum from 7/7/98 until payment."

The parties filed and exchanged pleadings. On 8/3/2000 the learned Chief Judge gave judgment in favour of Plaintiffs/Appellants for N25.3m. The judgment debt was to attract interest at the rate of 21% from 7/7/98 until payment of the judgment debt.

Dissatisfied with the judgment of the trial Court, the Defendant appealed to the Court of Appeal sitting at Abuja. The Plaintiff also brought a cross-appeal. The Court of Appeal affirmed the judgment of the trial Court on the principal claim but allowed the appeal on interest. It set aside the said award of 21% interest.

The Plaintiffs/Appellants were dissatisfied with that aspect of the judgment of the Court of Appeal which set aside the award of 21% interest by the trial Court. The Plaintiffs/Appellants consequently appealed to the Supreme Court.

Issues

Whether the Court of Appeal was right in its finding that there is no iota of evidence...

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