PACERS MULTI-DYNAMICS LTD & ORS V. ACCESS BANK

CHIMA CENTUS NWEZE, J.S.C. (Delivering the Leading Judgment): This is an appeal against the judgment of the Court of Appeal, Lagos Judicial Division, delivered on January 26th, 2006. The judgment affirmed the ruling of the High Court of Lagos State, delivered on March 23rd, 2004. The parties filed Terms of Settlement on April 30th, 2001, before the High Court of Lagos State, pursuant to which a consent judgment was entered by the trial Court. The relevant order of the trial Court pursuant to the terms of settlement, reads thus:

It is ordered that judgment be and is hereby entered as per the terms of settlement dated 20th day of April, 2001 and filed in Court on the 25th day of April, 2001, as follows:

1. The defendants have agreed to settle their indebtedness to the plaintiff by paying the total sum of N175 million (one hundred and seventy-five million, Naira) in full and final settlement of their entire indebtedness to the plaintiff on the various banking facilities granted to the firs…