ANTONIO OIL COMPANY LTD V. ASSETS MANAGEMENT CORPORATION OF NIGERIA (AMCON)

STEPHEN JONAH ADAH, JSC (Delivering The Leading Judgement): This is an appeal against the decision of the Court of Appeal, Lagos Division delivered on 21st day of June, 2017.

The facts of this case are straightforward. The respondent who was the plaintiff at the trial court took out a Writ of Summons claiming the following reliefs:

a. The sum of N74,400,178.37 being the amount owed the claimant by the defendant as at 31st December, 2008 on account of the overdraft facility granted the defendant by the plaintiff.

b. Interest on the amount claimed on "1" above at the rate of 17% per annum from 1st of January, 2009 until judgment and thereafter at the same rate till liquidation of the judgment debt.

The Writ was placed on the undefended list sequel to an order of the trial court made on 3rd day of February, 2009. A Notice of Intention  to defend was filed by the defendant and was later argued. The trial court on 4th of August, 2009 ruled and ordered that the suit be transferred from the un…