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C. N. ONUSELOGU ENTERPRISES LTD v. AFRIBANK (NIGERIA) PLC

(2005) JELR 45142 (CA)

Court of Appeal  •  CA/E/32/2001  •  4 Jul 2005  •  Nigeria

Coram
SULEIMAN GALADIMA JCA; OLUFUNLOLA OYELOLA ADEKEYE JCA; JA'AFARU MIKA'ILU JCA;

Judgement

SULEIMAN GALADIMA, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of Agbo (J.) of the Enugu High Court, delivered on 16/11/2000, in an arbitration award in favour of plaintiff (hereinafter referred to as "the respondent") in a claim brought against the defendant (hereinafter referred to as "the appellant").

The case of the appellant is that he is an engineering contractor and customer of the respondent who had a fixed deposit of ₦18 Million which was given to the respondent as a collateral to secure an over-draft of ₦5 Million, which was later increased.

When disagreement arose about the state of the appellant's account, both parties willingly submitted the dispute to arbitration by a legal practitioner. The arbitrator gave the appellant an award of ₦7,893,408.34 together with interest of 21% thereon from 1/9/94, till the date of judgment and 5% interest from then until the judgment sum is liquidated.

Being dissatisfied with this judgment, the appella…

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