AUSTIN LAZ AND COMPANY LTD & ANOR V. ALIYU AHMED

MUDASHIRU NASIRU ONIYANGI, J.C.A. (Delivering the Leading Judgment): In Suit No. FHC/B/CS/08/2014 filed by Aliyu Ahmed (Receiver for the Bank of Industry Ltd.) as plaintiff against (1) Austin Laz and Co. Ltd. (2) Austin Lazarus Asinmonye as defendants at the Federal High Court, Benin City and which is by way of an originating summons asking the Court to determine the following questions:

(1) Whether giving the failure, refusal and/or neglect of the 1st Defendant/Appellant to pay up the term loan and accrued interest owned the lender, the 1st and 2nd Defendants/Appellants are at law debtors of the lender.

(2) Whether giving the failure, refusal and/or neglect of the 1st and 2nd Defendants/Appellants to repay their debts owned the lender, the lender is at law entitled to appoint a receiver over their assets charged under the Deed of Tripartite Agreement between Bank of Industry Ltd (as Lender) and Austin Laz and Co. Ltd. (as Borrowers) and Mr. Austin Asinmonye (as Mortgagor) (Deed of Trip…