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UNITY LIFE & FIRE INSURANCE COMPANY LTD. V. INTERNATIONAL BANK OF WEST AFRICA LTD.

(2001) JELR 33175 (SC)

Supreme Court  •  SC.178/1995  •  9 Mar 2001  •  Nigeria

Coram
SALIHU MODIBBO ALFA BELGORE JSC; ANTHONY IKECHUKWU IGUH JSC; ALOYSIUS IYORGYER KATSINA-ALU JSC; AKINTOLA OLUFEMI EJIWUNMI JSC; EMMANUEL OLAYINKA AYOOLA JSC;

Judgement

IGUH, J.S.C. (Delivering the Leading Judgment): In the Lagos Judicial Division of the High Court of Lagos State, the plaintiff instituted an action claiming, jointly and severally, against the defendants the sum of N238,203.27. This amount was said to be due and payable by the defendants to the plaintiff as at the 28th February, 1982 as per the plaintiff's amended statement of claim. The said amount comprised the principal amount lent, interest at the rate of 11 1/2% and other Bank charges outstanding against the 1st defendant as at the 25th February, 1982 as reflected in the 1st defendant's statement of account with the plaintiff Bank. The transaction was secured by a Deed of Guarantee executed by the 2nd defendant in favour of the plaintiff.

Pleadings were ordered in the suit and were duly settled, filed and exchanged.

The brief facts of the case are that the 1st defendant applied for and was granted some loan/overdraft facility by the plaintiff Bank to the tune of N140,000.00 with …

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