POATSON GRAPHIC ARTS TRADE LIMITED & ANOR V. NIGERIA DEPOSIT INSURANCE CORPORATION

UGOCHUKWU ANTHONY OGAKWU, J.C.A. (Delivering the Leading Judgment): It is apposite to start this judgment with a lucent redaction of how we got here. There was a customer/banker relationship between the 1st Appellant and the defunct Trade Bank PLC. In the course of the relationship certain facilities were afforded to the 1st Appellant for which a legal mortgage was created. The 1st Appellant, contending that Trade Bank PLC did not handle the facility properly, instituted proceedings before the High Court of Lagos State in SUIT NO. ID/942/1998: POATSON GRAPHIC ARTS TRADE LIMITED v. TRADE BANK PLC seeking in the main, a declaration that Trade Bank PLC was not entitled to enforce the right of sale under the Deed of Legal Mortgage.

While the said action was pending, the Respondent on record, Nigeria Deposit Insurance Corporation (NDIC) was appointed as liquidator for Trade Bank PLC and it was accordingly substituted for Trade Bank. This was in 2009. The Respondent, thereafter with leave of…