UBN HELD LIABLE FOR FAILURE TO REMIT FOREIGN EXCHANGE: LESSONS

The Story In 1982, Omni Products (Nig.) Ltd. (“Omni Products”) and Amechi Christopher E’Chukwu (“The Appellants”) applied to and obtained from the Federal Ministry of Finance approvals for the remittance of foreign exchange to their foreign principals, Bekaert International Trade, Belgium. Union Bank of Nigeria Plc (“UBN” or “The Respondent”) was aware of the approvals. […]