NIGERIA DEPOSIT INSURANCE CORPORATION (RECEIVER OF PAN AF RICAN BANK LIMITED) V. VIBELKO NIGERIA LIMITED CHIEF IGNATIUS KOGBARA

ADEKEYE JCA (Delivering the Lead Judgment): This is a cross-appeal against the judgment of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Tribunal, Enugu zone 1 delivered on the 12th day of October, 1998. The main appeal in the matter was struck out on the 16th of January, 2002. The cross-appellant is the Nigeria Deposit Insurance Corporation, the receiver for Pan African Bank Limited, a failed bank. It was the applicant before the Failed Banks Tribunal where it claimed against Vibelko Nigeria Ltd and Chief Ignatius Kogbara as respondents/debtors jointly and severally as follows:-

1. An order of the Tribunal for the recovery of the sum of

(1) ₦10,012,687.18

(2) ₦333,612.96.

2. An order of the Tribunal for the payment of ₦10,346,300.12 at the rate of 21% per annum from the 31st of July, 1996 and until the judgment/debt is liquidated.

The foregoing claims arose out of loans and facilities granted to the 1st cross-respondent a limited liability company, whose c…