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IGNATIUS ENWELU v. GIUMEX INVESTMENT LIMITED

(2017) JELR 37785 (CA)

Court of Appeal  •  CA/E/4/2013  •  10 Mar 2017  •  Nigeria

Coram
HELEN MORONKEJI OGUNWUMIJU JCA; RITA NOSAKHARE PEMU JCA; MISITURA OMODERE BOLAJI-YUSUFF JCA;

Judgement

HELEN MORONKEJI OGUNWUMIJU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the Judgment of Hon. Justice Peter N.C. Umeadi of the Anambra State High Court delivered on 21/6/12. The facts that led to this appeal are as follows:-

The case of the Respondent as plaintiff at the High Court was that the Appellant (defendant) borrowed the sum of N605, 000.00 from one Jumbo M.C.S Limited with his title document to his property at No. 6, co-operative street, Okpoko, Anambra State deposited as collateral. When the Appellant could not pay up the sum of money, the said Jumbo M.C.S Ltd attempted to put up the collateral for auction so as to offset the loan debt.

The Appellant approached the Respondent and offered to sell the property at No. 6 co-operative street, Okpoko, Anambra State to the Respondent at face value because the sum that would be recovered if it was auctioned would be lesser. The parties then agreed to a consideration of N1,400,000.00 and the Respondent thereafter…

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