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FEDERAL MORTGAGE BANK OF NIGERIA V. NIGERIA DEPOSIT INSURANCE CORPORATION.

(1999) JELR 38499 (SC)

Supreme Court  •  SC.66/1997  •  12 Feb 1999  •  Nigeria

Coram
SALIHU MODIBBO ALFA BELGORE JSC; ABUBAKAR BASHIR WALI JSC; MICHAEL EKUNDAYO OGUNDARE JSC; EMMANUEL OBIOMA OGWUEGBU JSC; UTHMAN MOHAMMED JSC; SYLVESTER UMARU ONU JSC; ANTHONY IKECHUKWU IGUH JSC;

Judgement

M. E. OGUNDARE JSC. (DELIVERING THE LEADING JUDGMENT): The plaintiff (now appellant) placed the sum of ₦5,000,000.00 (five million naira) on a short-term deposit with the United Commercial Bank (hereinafter is referred to as the defendant) on 8/12/92 at an interest of 40% per annum. There were roll-overs. The deposit eventually matured on 6/3/94. The defendant defaulted in paying back the said deposit and interests despite numerous demands made by the plaintiffs. By a writ of summons filed on 31/5/94, the plaintiff claimed from the defendant-

"(i) The sum of five million naira (₦5,000,000.00) being the principal amount paid on the short-term deposit/placement made on the effective date of 8/12/92 by the plaintiff with and in favour of the defendant and which said sum finally matured on 6/3/94 after four roll-overs which the defendant has refused and failed to repay despite demands by the plaintiff.

(ii) Interest on the above mentioned sum at the agreed rate of 40% per annum from 6/12/93…

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