judy.legal
Login Register

INTERNATIONAL ENERGY INSURANCE PLC v. STERLING BANK PLC

(2017) JELR 37322 (CA)

Court of Appeal  •  CA/L/467/2015  •  10 Mar 2017  •  Nigeria

Coram
JOSEPH SHAGBAOR IKYEGH JCA; UGOCHUKWU ANTHONY OGAKWU JCA; JAMILU YAMMAMA TUKUR JCA;

Judgement

JAMILU YAMMAMA TUKUR, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Lagos State in Suit No. LD/199/2011 delivered on 13th October 2014, by Honourable Justice Lawal - Akapo in favour of the Respondent.

The material facts of the case culminating in this appeal are herein rendered thus:

The Respondent Bank granted the sum of N10,360,000.00. (Ten Million, Three Hundred and Sixty Thousand Naira) to one Havage Engineering Services Limited under a Lease Finance facility.

The Appellant as insurer of Havage Engineering Services Limited, executed in favour of the Respondent, Bond Policy IEI/0308/0001/CRB/KAD,assuming responsibility for payment of the facility in case of default, as part of the security for the Lease Facility.

Upon default by Havage Engineering Services Limited, the Respondent, made several demands to the Appellant, to liquidate the facility and accrued interest, which the Appellant failed to do.

Consequent on the above, the Res…

There's more. Sign in to continue reading

judy.legal is the comprehensive database of case law and legislation from Ghana, Kenya and Nigeria. Gain seamless access to over 20,000 cases, recent judgments, statutes, and rules of court.


Get started   Login