CAPITAL BANCORP LIMITED V. SHELTER SAVINGS AND LOANS LIMITED DR. CHRIS NGIGE

ALOMA MUKHTAR JSC (Delivering the Lead Judgment): In the High Court of Lagos State, the plaintiff, who is the appellant in this court instituted anaction against the defendants jointly and severally forwilful and wrongful detention of a 60KVAPerkins unused generating set. The plaintiff is a limited liability company doingbusiness of stock broking and finance, the 1st defendant isalso a limited liability company and does businessof finance, and the 2nd defendant is a creditor of the 1st defendant. The plaintiffand the 1st defendant entered into a finance lease agreement for the sum of N2,700,000.00 disbursed to the 1st defendant for purchase of various equipments amongst which was one unit of 60KVA soundproof Perkins generatingset model 63544 with engine number LJ3012U582905Xpurchased for the sumof N516,757.00. The 1st defendant defaultedin payingits monthly A installments,and the plaintiff continued to demandpayment ofthe outstanding rental.As at 15/5/94 the 1st defendant was owing …