OREDOLA OKEYA TRADING CO. & ANOR v. BANK OF CREDIT & COMMERCE INTERNATIONAL & ANOR (IN RE: AMOLEGBE)
(MUHAMMED; FABIYI; PETER-ODILI; ARIWOOLA;MUHAMMAD: JJ.CA)
Mr. Sakiru Amolegbe (the Applicant), by a Motion on Notice dated 6 June 2013, sought an order of the Supreme Court substituting the late Alhaji Yesufu Alabi Amolegbe, the deceased 2nd Appellant, with the Applicant in the pending appeal. He also sought an order substituting the Bank of Credit and Commerce International (BCCI) (the 1st Respondent) with the Nigeria Deposit Insurance Corporation (NDIC) (the 2nd Applicant)
The application was predicated on the ground that the banking licence of the 1st Respondent, which subsequently became known as African International Bank Limited (AIB), had been revoked by the Central Bank of Nigeria. The Applicant contended that, by virtue of the relevant statutory provisions, the 2nd Applicant became the provisional liquidator of the failed bank with the authority to defend legal proceedings on its behalf. He further maintained that the 1st Respondent had ceased carrying on banking business and was therefore no longer a competent party to the appeal. The Applicant also averred that the 1st Respondent was, until July 1991, affiliated with Bank of Credit and Commerce International (Holdings) Luxembourg S.A. Following the liquidation of its parent company, it changed its name to African International Bank Limited and continued banking operations until sometime before 2005, when it eventually ceased operations.
