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IBRAHIM LAWAN (NIGERIA) LIMITED & ANOR v. FIRST CITY MONUMENT BANK PLC

(2017) JELR 41903 (CA)

Court of Appeal  •  CA/J/239/2005  •  8 Jun 2017  •  Nigeria

Coram
UCHECHUKWU ONYEMENAM JCA; HABEEB ADEWALE OLUMUYIWA ABIRU JCA; ELFRIEDA OLUWAYEMISI WILLIAMS-DAWODU JCA;

Judgement

UCHECHUKWU ONYEMENAM, J.C.A. (Delivering the Leading Judgment): The decision herein is as result of the appeal against the judgment of the High Court of Borno sitting in Maiduguri. At the trial Court, the learned trial Judge entered judgment for the Respondent under the Undefended List on 2nd June, 2004.

The Respondent's claim per the writ of summons is for the sum of N13,739,912.98 being balance due and outstanding against the Appellants jointly and or severally in favour of the Respondent as at 28th February, 2003 on a temporal overdraft credit facility of N10 million granted the Appellants in October 1999. Interest on the outstanding sum of N13,739,912.98 at the rate of 30% per annum (floating rate) from 1st March, 2003 until judgment and thereafter, interest at the rate of 10% per annum until the judgment sum is fully repaid. The Appellants also claimed cost of the suit.

On 3rd April, 2003 leave was granted the Respondent to place the suit under the undefended list. The Appellants …

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