ECOBANK NIGERIA PLC V. NAVY COMMODORE HARRY NGONADI

ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A.(Delivering the Leading Judgment): This is an appeal against the judgment of OKE, J., of the High Court of Lagos State, Commercial/Fast Track Division delivered on 3rd November 2014.

The brief fact of this case according to the Appellant is that the Respondent is a customer of and maintains an account with Appellant on which basis he applied for and was granted a mortgage loan facility in September, 2007 for the purchase of a property situate at No 11, Kasumu Ekemode Street, Victoria Island, Lagos State. Issues came up when the Appellant assigned the debt element of the mortgage facility to the Assets Management Corporation of Nigeria (AMCON) on 6th April, 2011 on the ground that the Respondent reneged the terms of the loan agreement. Meanwhile, the Respondent had raised a complaint that the excess charges/interest were placed on his account by the Bank. The excess interest was subsequently reversed from the total debt attributed to the Responde…