ACCESS BANK PLC V. EMMANUEL IKPON & 2 ORS

UWANI MUSA ABBA AJI, J.S.C.(DELIVERING THE LEADING JUDGEMENT): The facts as presented by the Appellant are that the 1st Respondent as Plaintiff sued the 2nd and 3rd Respondents as Defendants at the Federal High Court, Ikoyi, Lagos, for the recovery of the loan advanced to the 2nd and 3rd Respondents for the purchase and export of cocoa products. The trial Court assumed jurisdiction over the matter and on 16/3/2005, entered judgment in favour of the 1st Respondent for the sum of $440,000 against the 2nd and 3rd Respondents. In execution of the judgment, the trial Court issued a Garnishee Order Nisi against the Appellant attaching the funds in the account of the 2nd Respondent with the Appellant, who was indebted to the Appellant to the tune of about ₦30 million. However, the 2nd Respondent's account with the Appellant was frozen since 2003, even before the suit was instituted, following criminal investigation against the 2nd Respondent and its Managing Director. The trial Court made th…