Leadership (Abuja)
Mansur Sani Malam
17 November 2008
Kano — First Bank of Nigeria Plc in Kano state has been ordered by the state High Court, situated at Miller Road High Court complex, to pay Zam Zam Industries Limited the sum of 40,706.78, pounds as compensation.
In the judgement given recently , the presiding judge, Justice A.T. Badamasi, said the bank could also pay the compensation in Nigerian currency at the July, 2005 exchange rate. He stated that the interest should be at the prevailing bank rate of the above sum from 1983 to July 1998, and that the bank must as well pay the plaintiff the sum of N100,000 general damages for breach of contract, 10 per cent interest on the judgement sum from Thursday, November 13, 2008 until final liquidation of the judgement debt.
Mrs. Rajaa Khalil of the Zam Zam Industries Limited, had filed a suit at the court, urging it to order the bank (First Bank of Nigeria Plc) to pay her back the said amount she deposited at the bank in 1983 with the agreement that it (the bank) will remit same to a bank in the UK, Jamal Trust Bank.
She explained that two years after, the UK bank notified her that it did not receive the money. She said the First Bank had informed her, when contacted through her counsel, that its failure to remit the money was due to some problems it encountered from the Central Bank of Nigeria.
The plaintiff added that the bank then in 1995, said it would pay her back the money in local currency because by the time the transaction took place, one Naira was equivalent to one Pound Sterling.
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