MR. BRENDAN NICODEMUS AKPAN V. FIRST BANK OF NIGERIA PLC

STEPHEN JONAH ADAH, J.C.A. (Delivering the Leading Judgment): This is an appeal against the decision of the High Court of Akwa Ibom State in Suit No. HT/38/2001 delivered on the 17th day of February, 2014 by S. E. Okon, J.

The Appellant was the Claimant at the Court below while the Respondent was the Defendant.

The background facts from the record of appeal are that the Appellant a customer of the Respondent applied for an overdraft facility of Three Million Naira (N3,000,000.00) to assist him boost his frozen fish trade. The Respondent eventually approved One Million, Five Hundred Thousand Naira (N1.5m) and it was released to the Appellant by the Respondent. A direct Legal Mortgage Agreement was executed to evidence the transaction. The legal mortgage was created in respect of the Appellants property covered by Certificate of Occupancy dated 20th January, 1995 and registered as 41/41/73 at the Land Registry, Uyo. The relationship of the parties got sour over a period of time as a resul…