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ETHELBERT UZODINMA NWOSU v. FIRST BANK OF NIGERIA

(2016) JELR 36886 (CA)

Court of Appeal  •  CA/L/582/2011  •  22 Mar 2016  •  Nigeria

Coram
UZO I. NDUKWE-ANYANWU JCA; JOSEPH SHAGBAOR IKYEGH JCA; CHINWE EUGENIA IYIZOBA JCA;

Judgement

UZO I. NDUKWE-ANYANWU, J.C.A. (Delivering the Leading Judgment): This is an appeal against the judgment of the High Court of Lagos State delivered on the 5th day of March, 2011 by Hon. Justice L.B. Lawal-Akapo.

The facts briefly stated are as follows;

By a letter dated October 11, 2007, the Respondent as Claimant at the Lower Court advanced a share purchase loan to the Appellant as Defendant in the sum of N8,000,000.00 [Eight Million Naira only] herein known as Facility 1 which tenure was for 12 months. Also, by a letter dated November 9, 2007, the Respondent advanced another share purchase loan to the Appellant in the sum of N16,000,000.00 (Sixteen Million Naira only) herein known as Facility 2 which tenure was also for 12 months. Pursuant to the loan advancement, the Respondent and Appellant entered into a two share purchase loan agreements dated October 15, 2007 and November 14, 2007 covering both facility 1 and facility 2 respectively herein referred to as the Loan Agreements.

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