BEDKO (NIG) LTD V. AMCON & ORS

UCHECHUKWU ONYEMENAM, J.C.A. (Delivering the Leading Judgment): This appeal is against the ruling of the Federal High Court delivered in Suit No: FHC/ABJ/CS/1136/2020 by A. l. Chikere, J. on 26th July, 2021, wherein the trial Court held that the 1st Respondent's action against the Appellant is not statute barred and struck out the motion of the Appellant.

​The brief fact of the case is that Tropical Commercial Bank, which after banks' consolidation became Unity Bank Plc. sometime in 2005 awarded to the Appellant an import finance loan facility of N265,000,000.00 (Two hundred and sixty-five million) Naira only for the importation of fertilizer. Later on, the Appellant and the 2nd Respondent had a fallout as the Appellant purportedly could not repay the loan, the interest and bank charges that accumulated in the account. Unity Bank Plc. instituted a debt recovery action in 2009 in the FCT High Court and judgment was entered against the Appellant and 2nd Respondent on 22nd January, 2013. …