GUARANTY TRUST BANK PLC V. OBOSI MICRO FINANCE BANK LIMITED

YARGATA BYENCHIT NIMPAR, JCA (Delivering the Leading Judgment): This appeal is against the judgment of the Lagos State High Court delivered on the 2nd March, 2017 by HON. JUSTICE W. ANIMAHUN wherein judgment was entered for the claimant. Dissatisfied with the decision, the Appellant filed a Notice of Appeal dated 7/3/2017 setting out 2 grounds of appeal attacking the judgment of the Court below.

The Respondent by a writ of summons sought for the following reliefs:

a) Refund of N30,079,673.77 (Thirty Million, Seventy Nine Thousand, Six Hundred and Seventy Three Naira, Seventy Seven kobo).

b) Interest on (a) above at the rate of 23% from the date of receipt of refund cheques from the defendant being 3/7/2013 till judgment and thereafter at the same rate till liquidation.

c) 100% penalty on N30,079,673.77 being penalty for the Defendant's non- compliance with Article 3.2.4(g), 3.2. 15(xiii) (6) of the Central Bank of Nigeria Monetary Policy Circular No.39.

d) N500,000,000.00 being compensatio…