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FRANCHAL (NIG.) LTD. & ANOR V. N.A.B. LTD.

(2000) JELR 44179 (SC)

Supreme Court  •  SC.186/1994  •  2 Jun 2000  •  Nigeria

Coram
MUHAMMADU LAWAL UWAIS JSC; ADOLPHUS GODWIN KARIBI-WHYTE JSC; UTHMAN MOHAMMED JSC; ALOYSIUS IYORGYER KATSINA-ALU JSC; AKINTOLA OLUFEMI EJIWUNMI JSC;

Judgement

UWAIS, C.J.N. (Delivering the Leading Judgment): This is an interlocutory appeal against the decision of the Court of Appeal refusing an application by the appellants for stay of execution pending appeal. The background facts to the case are as follow. The appellants were indebted to the respondent. On 29 October, 1993 the respondent took out a writ of summons in the erstwhile High Court of Anambra state holden at Onitsha. The case was placed on the undefended list. The respondent's claim against the appellants was for:

"(a) N39,053,312.89 (Thirty-nine Million, fifty-three thousand, Three Hundred and Twelve Naira, Eighty-nine Kobo) being the balance of the principal sum of overdraft granted to the first defendant (1st appellant) and personally guaranteed by the second defendant (2nd appellant).

(b) N32,575,004.67 (Thirty-two Million, Five hundred and seventy five thousand, four naira, sixty-seven Kobo) being interest, commissions and other bank charges which accrued to the principal …

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