Facts
The Appellant averred that there existed a business relationship between the Appellant and Respondent subject to contract JY-OONL and KTTA14045 in the value of $64,107,180.00 for export of Tin, Columbite and Tantalite Ores. The terms of the contractual relationship was established to involve the intermediary firm – Eglone Group Asia Pte Ltd – as the offshore brokerage firm and the third party company, Miracle Waters Ltd as the local supplier of material goods. The Appellant stated that the Respondent as the confirming bank, had specific duties and obligations distinct and separate to the Appellant, while the Appellant as the Exporter had specific duties and obligations to King-Tan Tantalum Industry Ltd and Guangdong Jiayuan Metals Co. Ltd. as importers with Industrial and Commercial Bank of China as the issuing bank. It was the case of the Appellant that due to the Respondent’s negligence to and failure to carry out its obligations on time by confirming the Letters of Credit issued by the buyer’s bank – Industrial and Commerce Bank of China (ICBC), the contract was terminated and default fees were unilaterally deducted by the Respondent from the Appellant’s account.
Miffed by the cancellation of the contracts, the Appellant instituted an action at the High Court of the Federal Capital Territory vide a Writ of Summons claiming inter alia, “the sum of Four Thousand, Four Hundred and Eighty- Six Dollars, Four Cents ($4486.04) (equivalent in naira value of NGN740,256.00) at the material time of the exchange rate of NGN165.00 per USD being the money unlawfully withdrawn from the Plaintiff’s Domiciliary account No. 5070298728 to pay off the penalty/default charges on the performance board.” The Appellant also claimed for special, anticipated and aggravated damages against the Respondent.
