Respondent was a director in Alpha Merchant Bank Plc from 2nd June 1988 till 1993. Central Bank revoked the Bank's licence through a Gazette of the Federal Republic of Nigeria No. 9 vol. 121 of 8th September 1994.

Respondent had several accounts with the bank such as Dubic Industries Ltd., D.U. Chemicals Ltd and Africa Pulp and Paper Mills Ltd through which he "over utilised foreign exchange for which he did not provide equivalent naira cover”.

Based on the above he was convicted by the defunct Failed Banks Tribunal and sentenced to 5 years imprisonment on the 1st Count, on the second Count, the sentence was N100,000.00 fine or 3years imprisonment.

The appeal to the Special Appeal Tribunal was allowed on the sentence by substituting for each Count N100,000.00 fine or 2 years imprisonment.

No further right of appeal existed from the decision of the Special Appeal Tribunal.

In June 1999, the Appellant filed an originating summons in the Federal High Court challenging the decisions of the Failed Banks Tribunal and the Special Appeal Tribunal contending that he should not have been tried and convicted for acts which did not constitute any offence at the time they were done. He consequently prayed the Court to set aside the conviction and the sentence.

The Federal High Court pursuant to the provisions of Section 295 (2) of the 1999 Constitution referred the matter to the Court of Appeal.

A full Court of the Court of Appeal impliedly answered the questions raised in the Respondents favour. The Appellant being dissatisfied with the decision of the Court of Appeal further appealed to the Supreme Court.