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EZEKIEL OKOLI V. MORECAB FINANCE (NIG.) LTD.

(2001) JELR 53002 (CA)

Court of Appeal  •  CA/E/83/99  •  17 Jan 2001  •  Nigeria

Coram
JOHNSON T. AKPABIO, JCA (Presided and Read the Lead Judgment) SULE AREMU OLAGUNJU, JCA JOHN AFOLABI FABIYI, JCA

Judgement

AKPABIO, JCA (Delivering the Lead Judgment): This is an appeal against a judgment of Ofomata, J., of Anambra State High Court of Nigeria, holden at Onitsha in Suit No. 0/144/97, delivered on 6th October, 1997, wherein he entered judgment in favour of the plaintiff in the sum of N1,178,503.00 (One Million, one hundred and seventy-eight thousand, five hundred and three Naira only) being the amount of unpaid loan obtained by defendant from the plaintiff, with interest at the agreed rate of 21% per annum until judgment and thereafter at the rate of 5% per annum until the entire sum was liquidated, which suit was placed on the undefended list.

The events leading to the institution of this action at the court below may be summarised as follows:

The plaintiff is a Finance Company with its principal place of business at No. 62 New Market Road, Onitsha. Following an application by the defendant for a loan of Nl,062,000.00 (One Million, Sixty-two thousand Naira only) by his letter dated 8/8/96,…

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