OLUSEGUN ALALADE V. ECONOMIC AND FINANCIAL CRIMES COMMISSION, NUHU RIBADU, IBRAHIM LAMORDE, BUSARI OKUNOLA, EMMANUEL DAMUDU, HYACINTH OBINNA, DANLADI YATA, M.S. HASSAN, MRS E. A. AYODELE, ATTORNEY GENERAL OF THE FEDERATION , WALE KOLAJO & FESTUS OJO

YARGATA BYENCHIT NIMPAR, J.C.A. (Delivering the Lead Judgment): This appeal is against the judgment of the Federal High Court, sitting at the Lagos Judicial Division and delivered by HONOURABLE JUSTICE I. N. BUBA on the 25th May, 2017, in Suit No. FHC/L/CS/604/2009 wherein the Court below dismissed the claims of the Appellant as contained in his Amended Statement of Claim dated 16th February, 2016. Dissatisfied with the judgment, the Appellant filed a Notice of Appeal dated 20th July, 2017 but filed on 3rd day of August, 2017, setting out three (3) Grounds of Appeal.

The facts relevant to this appeal are amenable to a brief summary. The Appellant, a Chartered Accountant and Chairman of Hydra Agencies Ltd (HYDRA), maintained a banking relationship with Eagle Bank Ltd (now in liquidation). HYDRA obtained a ₦100 million export loan from the bank, but the agreement was breached due to unforeseen circumstances which prevented the performance of the contract. The bank petitioned to recover t…