A media firm, Agimor Media Consultant International, has raised concerns about a Supreme Court ruling in the case of Owigs & Obigs Nigeria Ltd vs. a bank.
Israel Eshanekpe, chief executive officer, in an open letter to National Judicial Council, said the judgment raises concerns about implications for trade and judicial credibility.
At the heart of the dispute is a breach of Letter of Credit confirmation under Contract: JYOONL-001/KTTA 140415, which automatically terminated the contract according to Owigs and Obigs.
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In a statement, Owigs & Obigs described the ruling as inconsistent with the evidence and appealed to National Judicial Council to review it.
Stakeholders are calling for a dialogue on how the judiciary can uphold commercial justice in a globalised economy, particularly in cases involving complex financial instruments.