ABIOLA AND SONS BOTTLING COMPANY LTD V. SEVEN-UP BOTTLING COMPANY LTD ADEMOLA SOMORIN ESQ. F.C.A. (TRADING UNDER THE NAME AND STYLE OF ADEMOLA SOMORIN & CO.) FIRST CITY M ERCHANT BANK

RHODES-VIVOUR JSC (Delivering the Lead Judgment): The 3rd

respondent/cross-appellant is one of the appellant’sbankers. It granted loans amounting to 3.5 million (three million, five hundred thousand naira) to the appellant. The loan was secured by a debenture deed, dated 27 November 1986, in favour of the 3rd respondent. Owing to the appellant’s default in repaying the loan with interest, the 3rd respondent/cross-appellant relied on a provision in the debenture deed, and appointed the 2nd respondent/cross- appellant the receiver/manager over the assets of the appellant. In performing his duties, the 2nd respondent/cross-appellant sold some of the assets of the appellant to the lst respondent. Alarmed by the sale of its assets, the appellant as plaintiff took out a writ of summons in a Kwara State High Court, Ilorin Division, against the respondents/cross-appellants for: l. A declaration that the removal, sale, disposal of and/or sharing by the defendant of the (subject matter) 44 vehic…