FORTUNE INTERNATIONAL BANK PLC. & ORS V. CITY EXPRESS BANK LTD.

JOHN INYANG OKORO, J.C.A (Delivering the Leading Judgment): This appeal is against the Ruling of the Federal High Court Lagos in Suit No. FHC/L/CS/58/02 delivered on 29th July, 2002 by A. A. Gumel, J. wherein the learned trial Judge entered Judgment in favour of the Respondent herein as per its claim dated 26th June, 2002. A synopsis of the facts giving birth to this appeal will suffice.

The Respondent/cross Appellant as plaintiff in the trial court, granted a Term Loan Facility of N500, 000,000.00 (five hundred million naira) through its offer letter dated 12th January, 2001 to the 2nd Appellant who accepted and utilized the same as encapsulated on pages 6 - 10 of the record of appeal. The 1st Appellant which shares the same ownership structure with the 2nd Appellant, further to its Board Resolution, executed a corporate Guarantee for the said facility in favour of the Respondent/cross Appellant. The 3rd, 4th and 5th Appellants also executed personal Guarantees in favour of the Respo…