MR SAMUEL SUNDAY AFEMIKHE (PRACTISING UNDER THE NAME AND STYLE OF S. S. AFEMIKHE & CO (CHARTERED ACCOUNTANTS) & ORS V. STANBIC IBTC BANK PLC

EBIOWEI TOBI, JCA (Delivering the Leading Judgment): This present appeal arose from the judgment of Hon. Justice Adenike J. Coker (Mrs.) sitting in the High Court of Lagos State delivered on 31/5/2016 in Suit No. LD/ADR/1537/2013 – Mr. Samuel S. Afemikhe and 2 Ors v. Stanbic IBTC Bank Plc.

The brief set of facts at the lower court is that the 1st Appellant (then 1st Claimant), a customer of the Respondent (then Defendant) applied for and was granted a credit facility of ₦6 Million to finance his firm’s working capital requirements. It was agreed that the facility be secured by a third party legal mortgage over a property known as and situate at No. 9, Jubril Martins Street, Surulere, Lagos. Series of negotiations ensued between 2003 and 2007 with a view to reaching an amicable resolution on how to repay the facility when the Appellants failed to pay back the facility at maturity. Appellants claimed that there was an attempt by the Respondent to surreptitiously register a mortgage over…