Limitation Law: Whether Negotiation or Discussion Between Parties Stops Time from Running.
Prince Nwokocha Ezikpe (Trading under the name and style of Felimex Mercantile Nigeria Alliance) 2.
Felimex Nigeria Limited Respondents (Lead Judgement delivered by Honourable Mohammed Lawal Garba, JSC) Fact s Between May 1982 and January 1983, the Appellant, acting on the instruction of the Respondents, debited the 2nd Respondent’s account with the Naira equivalent of US$217,381.05, for remittance to their overseas business partners as payment for goods supplied.
The remittance was to be made in accordance with the relevant foreign exchange regulations, which required all payments in foreign exchange to be made by the Central Bank of Nigeria upon an application by a domestic bank.
Accordingly, the Central Bank of Nigeria would issue promissory notes in favour of the Respondents’ foreign business partners. the funds were not remitted, prompting the Respondents to make inquiries through letters and visits to the Appellant’s offices. The issue, however, remained unresolved. Consequently, the Respondents commenced an action at the trial court by a Writ of Summons filed on 20th August, 2008, seeking the recovery of the sum of US$217,381.05 or its Naira equivalent; interest at 19.5% per annum on the sum claimed, from January 1983 until final liquidation; ₦5 million in general damages for breach of contractual banking obligations; and the costs of the action.
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