Akin Kuponiyi
An Indian-based manufacturer and exporter, D S Dave through its Nigerian appointed Attorney ROFRIS Investment and Trust Limited has renewed its 33-year legal battle against United Bank for Africa PLC over breach of contract.
In an amended statement of claim filed before a Federal High Court in Lagos, southwest Nigeria by a Lagos lawyer, Barrister Ade Oyebanji, it was alleged that sometimes in 1983 a customer of UBA, Kemson Trading Stores ordered for importation of Agricultural machines from D.S. Dave on the 28 of December, 1983 with the bank issuing a letter of credit in favour of the plaintiff while Kemson Trading Stores paid the bank the sum of 38,000 pounds being the cost of the goods ordered for by Kemson Trading Stores from D.S.Dave.
Upon the issuance of letter of credit by UBA., in favour of the plaintiff, the goods were released to Kemson Trading Stores.
However since the goods were released to Kemson Trading Stores since January 1984, UBA has failed, neglected and refused to remit to the plaintiff the sum of 38,000 pounds under the letter of credit.
The plaintiff said it made several effort from his base in India and on so many occasions had to travel to Nigeria to recover the money but without result.
Thereafter the plaintiff appointed Rofris Nigeria Limited as its attorney to help him recover the money.
The attorney contacted the bank who referred the matter to the Debt Management of the Central Bank of Nigeria, after several correspondences and visits to the Debt management Office in Abuja, the Attorney was told that the plaintiff ‘s claim was rejected by reconciliation bank, that is Central Bank of Nigeria because there was “no importer submission “during the refinancing exercise which was concluded in March, 1988, whereas it was the duty of the bank to submit all relevant documents relating to the transaction to the Central Bank of Nigeria and it was as a result of the failure of the bank to do same that the sum due to the plaintiff was not refinanced.
The plaintiff states that there have been several meetings and correspondences between the plaintiff and the bank in the past years to demand for the money due to him but the bank refused to pay the said sum of 38,000 pounds.
Consequently, the plaintiff claims against UBA are as follows: An order of the court directing UBA to pay the said sum of 38,000 pounds with interest at the rate of 21 per cent from January, 1984 until March, 2004 and thereafter at the same rate until final liquidation. General damages in the sum of N9,500,000.
However in the statement that the defence filed by the law firm of Udo Udoma, Below-Osagie on behalf of the bank, UBA while denying almost all the arguments of the plaintiff, stated that Kemson Trading Stores, the importer deposited the sum of N41,000.which was the naira equivalent of GBP 38,000 pounds as at December, 1983 but failed during the refinancing exercise to submit to reconciliation bank the requisite import documents to March the identity and claims of the plaintiff which would have led to the refinancing of the fund and subsequent remittance to the plaintiff as established in the letter of credit
Consequently, the bank states that the action of the plaintiff is misconceived, frivolous, an exercise of gold digging, vexatious and an abuse of court process of the court and ought to be dismissed with substantial cost.
The presiding judge, M S Hassan has adjourned till 29 June, 2016 for continuation of hearing.
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