Facts:

The claimant is a company carrying on general insurance while the defendant is a commercial bank with its business in Lagos. The parties were involved in business from two different transactions. The claimant company had won a mandate from the Accountant General and received N26,442,028.00 (Twenty six million, four hundred and forty two thousand, twenty eight naira) as payment was for the Pension & Gratuity benefits of staff of the Federal Universities of Agriculture at Makurdi, Abeokuta and Umudike. In the mandate, the Claimant was designated “Underwriter” and the defendant; “Banker”. The Claimant placed the funds in a call deposit account with the Defendant.

Furthermore, the claimant had in the course of its business, issued Credit Bonds to secure loans granted by the Defendant to four of the Defendant’s customers. The Customers could not repay and the Defendant called in on the Credit Bond