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MINAJ HOLDINGS LIMITED v. ASSET MANAGEMENT CORPORATION OF NIGERIA

(2015) JELR 42270 (CA)

Court of Appeal  •  CA/L/114/2014  •  30 Apr 2015  •  Nigeria

Coram
UZO I. NDUKWE-ANYANWU JCA; TIJJANI ABUBAKAR JCA; YARGATA BYENCHIT NIMPAR JCA;

Judgement

UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This appeal is against the judgment of the Federal High Court, Lagos Division delivered by C. J. Aneke J. on the 11th of December, 2013. The Plaintiff, now Respondent in this appeal, on the 14th of December, 2012 filed an Originating Summons, supported by an Affidavit dated 14th of December, 2012, against the Defendant, now Appellant who on its own part filed a Counter-Affidavit and written address dated 11th of January, 2013 at the Court below.

The following facts are not in dispute between the parties in this case. The Appellant was a customer of Union Bank Plc. It borrowed from the said Bank the total sum of N8,935,824,268.66 (Eight Billion, Nine Hundred and Thirty Five Million, Eight Hundred and Twenty-Four Thousand, Two Hundred and Sixty Eight Naira, Sixty-Six Kobo) and was unable to pay. This loan formed part of a series of loans purchased from Union Bank Plc by the Respondent under the AMCON ACT. The Respondent re…

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