ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A. (Delivering the Leading Judgment): This appeal stems from the judgment of Hon. Justice T. O. DIAI of the Delta State High Court sitting at Ogwashi – Uku judicial division delivered on 19th April, 2012.
A brief summary of the facts is that the Respondent approved an agricultural loan facility of N15,000,000 (Fifteen Million Naira) for the Appellants to expand their plantain plantation, consequent upon a Federal Government loan scheme to farmers published in the Guardian Newspaper of 10th April, 2006. On 22nd August, 2007, the Respondent released only N9,241,270 to the Appellants as first part of the loan and withheld the remaining loan sum of N5,025,542.34.
The Respondent charged interest of 8% and 16.5% on the entire loan including the withheld part of the loan contrary to the loan agreement and without notice to the Appellants or recourse to the Central Bank guidelines.
The Respondent also wrongly withheld the sum of N1,411,767.43 indemnity paid…