An action for money had and received is a common law action and has always been used in circumstances whenever conversion lies and money have been received on behalf of the plaintiff by the Defendant. The claim is to compel the Defendant to restore such money to its true owner. See AEROFLOT V. U.B.A. supra or where the Defendant. The claim is obliged by the ties of natural justice and equity to refund the money.
– Nwodo, JCA. OLAM v. Intercontinental Bank (2009)