UNIVERSAL OIL LIMITED & ANOR V. NIGERIA DEPOSIT INSURANCE CORPORATION

HUSSEIN MUKHTAR, J.C.A. (Delivering the Leading Judgment): This appeal is against the ruling of the Federal High Court, Lagos delivered by C. Nnamani, J on the 18th July, 2001. The facts of the case may be summarized thus:

Sometime in May 1999 the respondent as receiver/liquidator of Great Merchant Bank Ltd filed an application with suit No. FBFMT/L/Z11/CV/80/99 for the recovery of debt before the Lagos Zone (VII) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Tribunal.

Upon the dissolution of the Failed Banks Tribunal, the application which was still pending before the said tribunal when it was transferred to the Federal High Court (Lagos Division) and assigned for hearing before the Honourable Justice C. Nnamani, with suit number FHC/L/FBC/80/2000.

The respondents claim in the said application was for thirteen million one hundred and eighty three thousand, eight hundred and sixteen naira, twenty eight kobo (N=13, 183,816.28) being the balance remaining u…