ZENITH BANK PL. V. CHIEF ARTHUR JOHN & ORS

ALI ABUBAKAR BABANDI GUMEL, J.C.A.: (Delivering the Leading Judgment): On the 10th June, 2010, the Owerri Division of this Court, in a unanimous judgment in Appeal No. CA/PH/103/2006, in slightly modified terms, affirmed the judgment of Isoho, J, sitting at the Umuahia Division of the Federal High Court, delivered on 17th November, 2005, in Suit No. FHC/UM/CS/03/2000, between Chief Arthur John and Ors. v. Shell Petroleum Dev. Co. Nig. Ltd. (SPDC Nig. Ltd).

By an order of this court granted on 10th October, 2006, the execution of the above said judgment of Tsoho, J. was conditionally stayed upon the judgment, debtor (SPDC Nig. Ltd) giving the judgment Creditors (Chief Arthur John and others) a Bank Guarantee from Zenith Bank Plc in the judgment sum of about N1,849,000,000 (One Billion, Eight Hundred and Forty Nine Million Naira) within 30 days of the making of that order. This bank Guarantee was accordingly provided to the letter. It was provided to commence and take effect from 28th O…