THERE’S STILL HOPE FOR NIGERIA! Case Review by ICNC

Hinzugefügt: 2026-05-28

[00:00:00]There's a new case that was decided by the Supreme Court. The case is between Auto Ease A, the company called Major Concepts Limited. I'm going to put the link to this case in our caption so that you can go and read to your satisfaction. In this case, Mr. Auto Ease A paid $1 million for an armored Maybach car to be delivered to him by this company. First of all, he paid 700 million and the company did not deliver the car. The company requested for an extra 300 million. He forwarded the payment to them, but they never delivered the car.

[00:00:28]And so, he took the case to court. Guess what their defense was? Their defense was that because he paid the money in dollars, transaction is an illegal transaction. Remember that under the CBN Act of 2007 and the Foreign Exchange Monitoring and Miscellaneous Provisions Act of 2004, we are not allowed to trade in any other currency other than the Nigerian currency, which is the naira, in Nigeria. And so, this company decided to use this as a defense to say that the contract is illegal because they collected dollars from Mr. Auto Ease A.

[00:00:57]And the Supreme Court said, "No, you cannot approbate and reprobate at the same time. You cannot be shifting the goal post after you have benefited from a contract. You have already collected your money. You collected that money in dollars. You should have at that point let the person know that this contract is not legal. Take your money back. Give me the money in naira. That is the only basis for which I'm going to deliver the car to you." But you have already received the money and you are now looking to use this act as an excuse for not delivering the car that you have agreed to deliver. The court therefore held that that contract is binding. So, this is not an excuse for you to go and start trading in other currencies other than the naira. But we are just letting you know that indeed the Supreme Court of Nigeria is still very active and there is still hope for the common man even in Nigeria. The very next time that you hear somebody say that there is no law in Nigeria, that the judiciary is sleeping in Nigeria, that there is no hope for the common man in Nigeria, I want you to forward this video to that person because the Supreme Court of Nigeria just made me absolutely proud of being a lawyer. My name is Ijeoma Maxima Nze. I am the commercial lawyer. I'm a practicing lawyer here in Lagos, Nigeria and I am a certified arbitrator. Yes, we've made tons and tons of videos like this on this page. I'm sure you found this one very valuable. We encourage you to take your time to go through the page, like, share, subscribe, and I'll surely see you in the next one. Cheers.