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FIRST CITY MONUMENT BANK LIMITED V. HON. CHIEF OGBUEFI

(2021) JELR 109621 (CA)

Court of Appeal  •  CA/A/211/2019  •  3 Feb 2021  •  Nigeria

Coram
Stephen Jonah Adah, JCA Yargata Byenchit Nimpar, JCA Mohammed Baba Idris, JCA

Judgement

MOHAMMED BABA IDRIS, J.C.A. (Delivering the Leading Judgment): By an amended statement of claim filed on the 24th November, 2016, the Respondent as plaintiff at the trial Court instituted an action against the Appellant as defendant at the trial Court and sought for the following reliefs against the Appellant thus:

1. A declaration that the nature of the relationship between the Plaintiff and the Defendant which was predicated on contributory equity of N40,000,000.00 by the Plaintiff and N60,000,000.00 by the defendant for joint trading on stocks of blue chip companies exclusively to be professionally managed by the defendant implies that the plaintiff is not a borrowing customer of the defendant but a business partner of sort with the defendant.

2. A declaration that the entity contributory nature of the business relationship between the Plaintiff and the defendant which was exclusively and professionally managed by the defendant for the mutual benefit of the Plaintiff and defendant im…

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