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FORBY ENGINEERING COMPANY LIMITED & ANOR v. ASSET MANAGEMENT CORPORATION OF NIGERIA

(2018) JELR 33118 (CA)

Court of Appeal  •  CA/L/1154/2014  •  9 Mar 2018  •  Nigeria

Coram
MOHAMMED LAWAL GARBA JCA; BIOBELE ABRAHAM GEORGEWILL JCA; JAMILU YAMMAMA TUKUR JCA;

Judgement

MOHAMMED LAWAL GARBA, J.C.A. (Delivering the Leading Judgment): In the Suit No. FHC/L/CS/1023/2012, before the Federal High Court, sitting at Lagos, the Respondent (as Plaintiff) had claimed reliefs against the Appellants (as Defendants) in paragraph 17 of the Statement of Claim dated the 22nd August, 2012, as follows:-

(i). A DECLARATION that the Loan Purchase and Limited Servicing Agreement (LPLSA) entered into between Finbank Plc. and the Plaintiff effectively dated December, 31st, 2010 by virtue of which the sum of N1,233,846,486.65 being amount owed Finbank Plc (formerly First Inland Bank Plc and formerly First Atlantic Bank Plc) by the 1st Defendant and guaranteed by the 2nd Defendant was duly assigned to the Plaintiff, is valid.

(ii) A DECLARATION that the Plaintiff is entitled to recover the sum of N1,222,846,486.65 being the amount outstanding upon deduction of the sum of N11,000,000.00 paid over to the Plaintiff (AMCON) by Finbank Plc. in reduction of the outstanding sum of N1…

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