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FEDERAL MORTGAGE BANK OF NIGERIA. v. P. N. OLLOH

(2002) JELR 33610 (SC)

Supreme Court  •  SC.118/1997  •  19 Apr 2002  •  Nigeria

Coram
IDRIS LEGBO KUTIGI JSC; EMMANUEL OBIOMA OGWUEGBU JSC; UTHMAN MOHAMMED JSC; SAMSON ODEMWINGIE UWAIFO JSC; AKINTOLA OLUFEMI EJIWUNMI JSC;

Judgement

S. O. UWAIFO, J.S.C. (Delivering the Leading Judgment): The respondent got a loan from the appellant's Benin City Branch in 1979 upon a mortgage deed in which he used his property at No.23 (now No.63) Okumagba Avenue, Warri as collateral. In September, 1992, he liquidated the principal loan together with accrued interest. He then asked that a deed of release be prepared in order for him to have his property back unencumbered. The appellant failed to do so but merely handed back to him his document of title. The respondent has alleged that he could not raise another loan to develop his country home because without the deed of release, the property remains apparently encumbered. On 16th March, 1994, the respondent filed a writ of summons in the High Court of Delta State at Warri against the appellant claiming damages of N5,000,000.00 and an order directing the appellant to release his property from encumbrance. Pleadings were exchanged. Thereafter the appellant brought an application on…

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