ANTONIO OIL COMPANY LTD V. ACCESS BANK PLC

OBASEKI-ADEJUMO (Delivering the Leading Judgment):The appellant herein filed an appeal vide a notice of appeal dated 13th June, 2011 against the ruling of the Federal High Court, coram M. B. Idris, J., delivered on 6th May, 2011.

The respondent/plaintiff at the lower court had filed suit FHC/L/CS/28/2009 against the defendant/appellant seeking for the following reliefs:

(1) The sum of N74,400,178.37 being the amount owned the Claimant by the defendant as at 31st December,2008 on account of the overdraft facility granted the defendants by the plaintiff.

(2) Interest on the amount claimed in above at the rate of 17% per annum from 1st January, 2009, until judgment and thereafter at the same rate till liquidation of the judgment debt. See pages 5 - 39 of the record).

The summary of the facts leading to the case at the lower court arose from an overdraft facility to the defendant/appellant in the sum of N100,000,000.00 for the purchase of petroleum products it was for utilization within 180 d…