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NIGERIA DEPOSIT INSURANCE CORPORATION V. SYLVANUS IFEDIEGWU & ORS

(2002) JELR 46768 (CA)

Court of Appeal  •  CA/E/111/2001  •  16 Apr 2002  •  Nigeria

Coram
EUGENE CHUKWUEMEKA UBAEZONU JCA SULE AREMU OLAGUNJU JCA MUSA DATTIJO MUHAMMAD JCA

Judgement

MUHAMMAD, J.C.A. (Delivering the Leading Judgment): This is an appeal against the garnishee order nisi decreed by Hon. Justice A. O. Ajakaiye of the Federal High Court, Enugu on 28/5/2001, in favour of Sylvanus Ifediegwu the garnishor thereat and the 1st respondent before us. By the said order, the appellant's (i.e. Nigeria Deposit Insurance Corporation's) money to the tune of (N18,810,000.00k) Eighteen million, eight hundred and ten thousand naira in the possession of the Central Bank of Nigeria, the 2nd respondent in the appeal, was attached.

The need to understand the issues raised by the instant appeal necessitates stating in some details the facts from which the appeal evolved. These facts are hereunder supplied.

On 30th January, 1998, the Co-operative and Commerce Bank of Nigeria, Plc applied for and took out a writ to wind-up its affairs through proceedings at the lower court pursuant to the provisions of Companies and Allied Matters Act, 1990, as amended by S. 38 of the Banks …

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