“They Are Hunting Me Like a Criminal”: Businessman Alleges Police Harassment After Supreme Court Ruling in $64m Contract Dispute with Zenith Bank Plc
The lead judgment reportedly stated that “the advising or confirming bank does not have any legal relationship with the beneficiary.”
However, under the rules of Uniform Customs and Practice for Documentary Credits (UCP 600), a confirming bank assumes a direct and independent obligation to honour payment to the beneficiary, establishing a clear legal relationship.
