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CAPPA & D'ALBERTO (NIGERIA) PLC V. NIGERIA DEPOSIT INSURANCE CORPORATION (Liquidator Of IVORY MERCHANT BANK (NIG.) LIMITED)

(2021) JELR 106985 (SC)

Supreme Court  •  SC.147/2006  •  22 Jan 2021  •  Nigeria

Coram
Mary Ukaego Peter-Odili, JSC Olukayode Ariwoola, JSC Chima Centus Nweze, JSC Ejembi Eko, JSC Uwani Musa Abba Aji, JSC

Judgement

UWANI MUSA ABBA AJI, J.S.C. (Delivering the Leading Judgment): This appeal is against part of the judgment of the Court of Appeal, Lagos Division, delivered on 30/11/2000, wherein the lower Court arbitrarily reduced the rate of interest awarded the Appellant/Plaintiff in the trial Court from 25% per annum to 4% per annum from 27/3/1990, till judgment and 4% per annum thereafter until final liquidation of the judgment as opposed to the rate of 21% per annum awarded by the trial Court, without giving any reasons or stating the law under which it acted. Dissatisfied, the Appellant therefore seeks the reversal of that portion of the lower Court’s judgment relating to interest and restore the judgment of the trial Court in respect of same.

By the amended Statement of Claim dated 5/2/1991 (see pages 93-97), the Appellant/Plaintiff claimed against the Respondent:

​1. The refund of the sum of ₦3,121,446.00 (Three Million, One Hundred and Twenty One Thousand, Four Hundred and Forty Six Naira Onl…

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