STAR FINANCE & PROPERTY LTD. & ANOR V. NIGERIAN DEPOSIT INSURANCE CORPORATION

JOHN INYANG OKORO, JCA (Delivering the Leading Judgment): The Respondent herein, as Plaintiff instituted this action at the Federal High Court Lagos via a writ of summons and statement of claim filed on 30th October, 2006. The claim against the Appellants as Defendants, jointly and severally was as follows:-

"(a) The sum of N250,000,000.00 (two hundred and fifty, million naira) being the money paid to the 1st Defendant by Metropolitan Bank Ltd., under a Memorandum of Understanding dated 13th May, 2002 for the benefit of Metropolitan Bank Ltd.

(b) Interest thereon at the rate of 21% per annum from 30th of January, 2006 until Judgment is delivered.

(c) Interest on the above amount at 7% per annum from the date of Judgment until liquidated".

In defence of the action, the Appellants, as Defendants filed a statement of defence and counter-claim wherein they prayed the court for the following reliefs:-

(a) A declaration that a tenancy relationship exists between the 1st Counter Claimant a…