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(2021) JELR 109433 (CA)

Court of Appeal  •  CA/LAG/CV/1129/2019  •  1 Apr 2021  •  Nigeria

Obande Festus Ogbuinya, JCA Obietonbara Owupele Daniel-Kalio, JCA Onyekachi Aja Otisi, JCA


OBIETONBARA OWUPELE DANIEL-KALIO, J.C.A. (Delivering the Leading Judgment): The Appellant, Ocean Deep Properties Limited as the Claimant, filed at the High Court of Lagos State (the lower Court) a Writ of Summons in which it sued the Respondent, Access Bank Plc (the Defendant). The matter was earlier transferred from the Federal High Court where it was previously filed. 

The case of the Appellant at the lower Court in summary, is this: On 10/10/2006, the Respondent then known as Intercontinental Bank Plc, granted a term loan of Two Billion Naira to the Appellant for the purpose of financing the purchase of blue chip shares. The loan was made through an offer letter of the Respondent which was accepted by the Appellant. Following the acceptance of the loan offer and satisfaction of conditions precedent to the acceptance of the offer, it was the Respondent’s duty to disburse the loan into the Appellant's account and then utilize the loan to buy shares. The purchased shares were to be und…

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