A media firm, Agimor Media Consultant International Limited, has raised concerns over a recent Supreme Court ruling in the case of Owigs & Obigs Nigeria Ltd vs. a Commercial Bank (name withheld for legal reasons).
According to Israel Eshanekpe, CEO of the firm in an open letter directed to the National Judicial Council, NJC, a copy of which was made available to newsmen, the judgement raises concern about the broader implications for trade and judicial credibility.
At the heart of the dispute is a breach of Letter of Credit confirmation under Contract No: JYOONL-001/KTTA 140415, which automatically terminated the aforementioned contract according to Owigs and Obigs Nig Ltd.
The Supreme Court judgment, delivered in Appeal No: SC/CV/709/2020, reportedly upheld a version of events that the appellant argues was based on a non-existent or mischaracterized financial instrument, creating confusion about the bank’s role and obligations in the contract.
Legal analysts and members of the international business community have expressed concern that the decision, while final, may not fully reflect the commercial realities of standard Letter of Credit practices, especially as outlined by international trade regulations.
In a public statement, Owigs & Obigs Ltd described the ruling as inconsistent with the evidence provided in court and appealed to the National Judicial Council (NJC) to consider a review, citing the potential damage to Nigeria’s business reputation and legal predictability.
The company further argued that the decision could unintentionally affect the teaching of commercial law, as students and legal professionals struggle to reconcile the judgment with established international standards of trade finance.
While respecting the authority of the Supreme Court, stakeholders are calling for a constructive dialogue on how the judiciary can continue to uphold commercial justice in a globalized economy, particularly in cases involving complex financial instruments.
As the conversation continues, there are also growing appeals for the Respondent Bank to clarify its position, with some suggesting that distancing itself from the controversy could help restore confidence in Nigeria’s banking and legal sectors.
