ADAMU JAURO, J.C.A (Delivering the Leading Judgment): This is an appeal against a part of the ruling of the Federal High Court sitting in Lagos delivered on 11th day of October 2000 by Hon. Justice R. A. Kasim in suit No. FHC/L/FBC/186/99.
The facts of the case giving rise to this appeal are as follows:
The respondent as liquidator of Allied Bank of Nigeria Plc. filed an application in the Lagos Zone of the Failed Banks Tribunal to recover the sum of N10, 612,167.96 with interest, being loan outstanding against the appellant's granted by the Bank before the revocation of its Banking Licence, The application was filed in the registry of the Tribunal on the 9th February, 1998, under the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Decree No. 18 of 1994 (hereinafter called Failed Banks Decree). Upon the promulgation of the Tribunal (Certain Consequential Amendments, Etc) Decree NO.62 of 1999, pending cases in the Failed Banks Tribunals were transferred to the Fed…