Wema Bank Plc v. Osilaru [2008]

“The following are the concepts of banking: (a) That a Bank is a legal entity statutorily regulated and statutorily backed. (b) That ownership of deposits pass to the bank which can deal with the same without reference to the customer, except as overdraft or loan and except where the bank acts as a bailee for the custody of securities like gold, stock and share certificates of depositors etc. (c) That the bank is profit oriented. (d) That it can create its own legal tender or currencies, like drafts, promissory notes (cheques) and so on.”

~ Alfred P. E. Awala JCA

(1943-2017)