Facts:

In 1983, Standard Polyplastic Industries Ltd. (The Respondent) applied for letters of credit to be opened on its behalf by First Bank of Nigeria Plc (The Appellant) to import industrial spare parts and two sets of mould for the production of beer crates with electric control cabinets. For this purpose, the Appellant debited the account of the Respondent domiciled with it and further applied to the Central Bank of Nigeria (CBN) for allocation of foreign exchange which was duly approved and the forms returned to the Appellant who gave same to the Respondent. However, the Appellant failed to remit the dollar sum debited from the Appellant’s account, to the corresponding bank for onward payment to the Respondent’s customer in London. The Appellant did not also credit back the respondent’s account for the Naira equivalent. Due to the inadvertence of the Appellant, the Respondent had to source for foreign exchange at a higher rate, travelled to London and paid the customer wherein it was issued with receipts by the customer for the sum of $129,150.00 and $5,430.00. Despite repeated complaints and requests made by the Respondent, the Appellant continued to utilise the respondent’s money in its business since 1983. On this note, the Respondent instituted an action against the Appellant for a refund of the unremitted sum, as well as interest on the said sum. At the conclusion of trial before the trial Court, a considered Judgment was delivered in favour of the Respondent.

Dissatisfied with the judgment of the trial court, the Appellant appealed to the Court of Appeal (lower Court). The lower Court dismissed the appeal and affirmed the judgment of the trial court.

Further dissatisfied by the judgment of the lower Court, appealed to the Supreme Court.