INTERCITY BANK PLC V. FEED & FOOD FARMS NIG. LTD. MEDICOWA NIGERIA LTD. MR. MAHFOUZ FAWAZ

R. D. M UHAM MAD, JCA (Delivering the Lead Judgment): Mr.

Mahfouz, Fawaz the third respondent herein is the joint Chairman of the 1st and 2nd respondents who are both duly incorporated limited liability companies. Sometimes in 1996 the 2nd respondent opened a current account with the appellant at its Kano Branch. The appellant then granted a loan

facility of N3,000,000 (Three million naira) to the 2nd respondent. The

facility was secured by the 2nd respondent’s landed property situate at No. 15, Batawa Close, Kano. The 3rd respondent as Chairman of the 1st respondent also deposited the 1st respondent’s certificate of occupancy in respect of its premises in Bauchi to the appellant. Things did not go well between the appellant and the respondents. The appellant decided to exercise its power of sale by virtue of the deed of mortgage created over No. 15, Batawa Close, Kano. It advertised to sell the house in several media houses. As a result the respondents as plaintiffs instituted an action…