Facts:

The appellant was a customer of the 1st defendant bank with Account No. 194. On 24th July 1995, one Nicholas Osuji entered into an agreement (Exhibit B) relating to the sale of a Peugeot 504 saloon car with registration number IM4641D to the 1st defendant. The parties to the agreement agreed inter alia that the 1st defendant would give possession of the vehicle to the appellant to use same in trust for the 1st defendant.

Further to this agreement, the appellant executed a letter of pledge admitted by the trial court as Exhibit C in favour of the 1st defendant in consideration of obtaining an overdraft facility in the sum of N100,000.00 (One hundred thousand naira) which was the agreed price of the vehicle.