In Diamond Bank Plc. v. Wellcare Alliance Ltd. (2015) LPELR-40762 (CA), the Court held as follows: “I share the re-instatement of the law by my learned brother that the Appellant as a banker to the Respondent owed the Respondent a duty to exercise reasonable care and skill the breach of which entitles the Respondent to claim damages for negligence. It is settled law that the legal relationship between a bank and a customer based on contract is that of a Creditor and Debtor, or Principal and Agent. The creditor/Principal being the customer and the Debtor/agent being the bank. The contractual relationship imposes a duty of care on the Bank the breach of which will impose on the bank a liability of negligence. See Standard Trust Bank Ltd. v. Anumnu (2008) 14 NWLR Pt. 1106 Pg. 125; UBA Plc. v. Godm Shoes Industries (Nig.) Plc. (2011) 8 NWLR Pt. 1250 Pg. 590.”
CUSTOMER – BANKER RELATIONSHIP IS CONTRACTUAL
Furthermore, generally, the relationship of a bank customer and a banker is contractual. In other words, a customer to a bank in relation to the business of banking is any person having an account with a bank or for whom a bank has agreed to collect items and includes a bank carrying an account with another bank. – ARIWOOLA J.S.C. Union Bank v. Chimaeze (2014)