ONYEKACHI AJA OTISI, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of Hon. Justice A. Ademola of the Federal High Court, Calabar, delivered on the 21st day of January, 2011 in Suit No. FHC/CA/CS/5/2006.
These are the facts leading to this appeal as relayed by the Appellant: In 1996, the Appellant was appointed Receiver/Liquidator of both Merchant Bank of Africa and Century Merchant Bank Ltd in liquidation. After the appointment the Appellant brought an action at the Failed Banks (Recovery of Debts) and Financial Malpractices Tribunal Lagos Zone III, against the Respondent as debtor to the said Banks in liquidation. On 13/5/97 the Appellant obtained judgment against the Respondent for the recovery of some amount of money which the Respondent owed the said two banks in liquidation. In the process of executing of the said judgment, the Appellant made some concessions. The Appellant granted the Respondent an interest waiver of 70%, thereby reducing thei…