Akin Kuponiyi 

     Supreme Court of Nigeria has affirmed the judgement of a Federal high court sitting in Lagos south west Nigeria that ordered Stanbic IBTC bank Plc to pay one of its customers Mr Patrick Akinkuotu  and his company Long Term Global Capital ltd the sum of N2.5billion for breach of contract. 

   The judgement of the apex court  arose from the judgement of a Federal high court in Lagos,who had earlier awarded the N2.5billion as damages against the bank.  

    The case of Akinkuotu and his company against Stanbic IBTC bank Plc as presented by their lawyer Chief Felix Fagbohungbe SAN was that, the bank  granted overdraft facility of N600Million to Long Term Capital Ltd on the 11th of April, 2007.The bank also granted two additional facilities of N400Million and N250Million to Mr Patrick Akinkuotu on the 11th of May, 2007and 17th of July, 2007 respectively. The facilities were for a term of 365days with an option of rollover amongst other terms. 

   Upon application by Mr Akinkuotu, the facilities granted them were merged and same were secured with shares held by them in various companies. The bank, upon instruction received via e-mail sold 28,745,400 units of GTB PLC shares held by Mr Akinkuotu and his company at the sum of N267,775,799.21.

      The Plaintiffs become aggrieved and contended that the proceed of the shares sold by the bank was very low. They also contended that they have liquidated the overdraft facillites granted them by Stanbic IBTC bank Plc, consequently they sued the bank for breach of contract and claimed damages for loss of business 

opportunity.

    Chief Fagbohungbe SAN on his part, argued that the case of his client is that of gross negligence and unprofessionally selling the shares separately owned by Mr Akinkuotu and his company at significantly lower and unauthorized prices whilst purportedly acting on Mr Akinkuotu’s unsigned e-mail alone between him and the officer of the bank Mr.N.Udoh while ignoring entirely the specific terms of the sale mandate officially issued by his clients 

 The trial court while entering judgement in their favour awarded them N2.5billion damages,said “The law stipulates that court should discountenance an unsigned document as its contents cannot override a duly executed mandate in the circumstances” 

     Dissatisfied with the judgement of the court, Stanbic IBTC bank Plc appealed the judgement,however its case was dismissed by the court of appeal. 

     Thereafter, the bank took its case to Supreme  Court, the court after appraising the facts and submission of Chief Felix Fagbohungbe SAN appearing with Barrister Abayomi Adeniran  as presented on behalf of Mr Akinkuotu and his company and O. Ayanlaja SAN appearing with Tayo Oyetibo SAN  for Stanbic IBTC Plc ,in a judgment delivered by five panel members of judges dismissed the appeal of the bank for  lacking in merit  and awarded cost of N50,000 in favour of Mr Akinkuotu and his company and against Stanbic IBTC Bank Plc .