Facts:

The appellant a banking institution in Nigeria was sued by BTL Industries its customer; the respondent and plaintiff in the trial court. The parties had enjoyed a banking relationship from 1980. The respondent was engaged in the importation and distribution of building materials business. It would import goods through its overseas suppliers “Meridian trade Corporation; Meridian International Credit Corporation and International Trade Meridian, Meridian Hamburg, Germany and Tata of India”. To meet these transactions the plaintiff obtained credit facilities through secured means of bills of exchange, or bills for collection or by letter of credit. The value of each bill or letter of credit was stated in foreign currency in total of N8,541,557,66 (Eight million, five hundred and forty-one thousand, five hundred and fifty seven Naira sixty six kobo).

The appellant would deduct the sums from the respondent’s current account. The appellant would in turn use the sum debited to secure Central bank of Nigeria allocation of foreign exchange. The respondent alleged that the appellant negligently failed to secure Central Bank of Nigeria allocation of foreign currency. In its claim in the Lagos High Court it sought a return of the money it paid for remittance to the overseas exporters who had supplied goods.