BANK OF THE NORTH LIMITED V. ALHAJI BALA YAU

ACHIKE, JSC (Delivering the Lead Judgment): The plaintiff/appellant, a bank, claimed against the defendant/respondent in Maiduguri High Court the sum of N494,593.39, being the debit balance as at 28/2/87 in the respondent’s account with the appellant bank plus 13% per annum compound interest on same from 28/2/87 to date of judgment and 10% simple interest per annum from the date of judgment until the whole judgment debt is fully paid. The appellant also claimed a declaration that moneys secured by Deed of Legal Mortgage dated 1st day of May, 1979 over property covered by the Certificate of Occupancy No. BO/2167, created by the respondent to secure his borrowings from the appellants had fallen due for payment and that the appellant as an unpaid mortgage was entitled to exercise its right of sale under the said Deed of Legal Mortgage.

The main controversy between the parties arose from the appellant’s debiting the account of the defendant with the sum of N185,650.00, being the total v…