UNITED BANK FOR AFRICA PLC V. ZACHEAUS OGUNYEMI

JAMES SHEHU ABIRIYI, JCA (Delivering the Leading Judgment): This is an appeal against the judgment delivered on the 7th June, 2011 in the High Court of Ondo State holden at Akure. The Appellant was the Defendant in that Court while the Respondent was the Plaintiff.

The claim of the Respondent at the lower Court was for the following:

1. ₦10 Million as special and general damages for the unlawful withholding of the funds and loss of profit respectively in breach of agreement:

Particulars of Damages ₦ : K

i. Money withheld by the defendant 375,611 45

ii. Loss of profit and General Damages for breach 9,624,388. 45

Total 10,000,000.00

2. 10% interest on the judgment debt from the date of judgment until the same is finally liquidated.

According to the Respondent, he was a customer of the Appellant at their Alagbaka Branch here in Akure.

In 2004, he took a loan of N3million from the Appellant to enable him supply diesel to Electricity Board. The Government did not pay him and interest continued to …