CaseLaw
Okeya Trading Co. & Anor Vs. BCCI & Anor (2014) CLR 1(c) (SC)
Judgement delivered on January 17th 2014
Brief
Facts
The 1st respondent stopped operations due to the revocation of its license. The 1st respondent was an affiliate of the Bank of Credit and Commerce International (BCCI) (Holdings) Luxembourg South Africa but changed its name upon Liquidation to African International Bank Limited (AIB) in 1991. It continued banking operation until 2005 because of its inability to meet the (twenty-five Billion Naira) share capital.
The 2nd respondent argued that AIB was formally known as Universal Bank registered on 17/01/1990 whose address was 18 Ibrahim Taiwo Road, Kano State, Nigeria. Hence, AIB was Universal Bank and not Bank of Credit and Commerce International that changed into AIB and that Bank of credit and commerce International was not known to the Nigeria Deposit Insurance Corporation (NDIC). This was based on the search he conducted on AIB.
Consequently, NDIC had no dealing with the appellant nor applicant as neither had any claim, cause of action against, or personal dealing with the NDIC as AIB had not been dissolved.
The appeal against the decision of the Court of Appeal was entered in the Supreme Court in 2003 as Appeal No. SC.96/2003 and filed solely against BCCI. No application was filed to substitute AIB for BCCI when the appeal was entered into in 2003.
The applicant therefore prayed for an order, substituting the deceased, 2nd appellant with the applicant; and an order substituting the 1st respondent with the Nigeria Deposit Insurance Corporation.
Issues
Whether a case had been made out for the substitution sought....