COMMERCIAL BANK CREDIT LYONNAIS NIGERIA LIMITED & ORS V. CHIEMELIE MOTOR NIGERIA LIMITED & ORS

AHMAD OLAREWAJU BELGORE J.C.A. (Delivering the Leading Judgment): It is a consolidated suit between suit no FHC/EN/CS74/2000 and FHC/EN/CS/160/99 which was duly consolidated on 18th January, 2001.

The now respondents in this appeal were plaintiffs in the above stated consolidated suit at the Court below, while the appellants in this appeal were Defendants in the consolidated suits at the Court below. The Respondents and the 1st Appellant made claims and counter claims against each other with regard to disputed balance of the loan asked by the 1st Appellant and secured by legal mortgage on two landed properties registered as collaterals.

June 2000 the 1st Appellant foreclosed the mortgage on plot 260 Woliwo layout Onitsha by selling the property through auctioneers to a bondage third party who purchased for value. The respondent challenged the sale by action commenced in High Court of Anambra State. At a later date 22nd February, 2007 the solicitor for both parties signed written terms o…