Access Bank PLC V. Vicapek International Limited & Anor (2016)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

JAMES SHEHU ABIRIYI, J.C.A. (Delivering the Leading Judgment)

This is an appeal against the judgment delivered on the 9th March, 2012 in the High Court of Osun State holden at Osogbo wherein the Respondents were the Plaintiffs while the Appellant was the Defendant/Counterclaimant.

The claim of the Respondents against the Appellant was for the following:

(i) A declaration that by the terms and condition of the Forth (sic) Three Million Naira (N43,000,000.00k) Bankers Acceptance Facility agreement entered between the Claimant and the Defendant which agreement was executed by the Claimant at Osogbo on 21st December, 2007, the Claimant is not in any way, form or manner indebted to the Defendant.

(ii) A declaration that by terms of the written agreement between the Claimant and the Defendant the collateral securities for the said facility are the Claimant’s shares at Zenith Bank Plc, Professional shares purchased by the Defendant’s subsidiary Intercontinental Securities Limited and no more.

(iii) An order directing the Defendant to give a true and accurate account of the value of the Claimant’s shares in its

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custody at the expiration of the tenure of the said facility and to pay the balance (if any) into the account of the Claimant.

(iv) An order of perpetual injunction restraining the Defendant, by itself, its solicitors (especially Wilson Atirene of the law firm of WILSON ATIRENE & CO) agents, representatives or privies and the Law Enforcement Agents from further harassing embarrassing and arresting the Claimant, its agents representatives or privies as a result of the facilities which is the subject matter of this suit or any matter relating thereto.

(v) The sum of Five Hundred Million Naira Only (N500,000,000.00) being general and special damages for the arrest, assault, defamation, deprivation and tribulation of the 2nd Claimant as a result of the her (sic) arrest detention and humiliation suffered consequent upon her travails on 9th of September, 2009 in the premises of the Eagles Squad of the Osun State Police Command, Osogbo.

(vi) Another sum of N20,000,000.00 being special damage in consequence of the defendants failure or default to sell the shares at the expiration of the tenor of the facility which sum of money would have accrued as

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profit on the said date to the 1st Claimant.

PARTICULARS OF SPECIAL DAMAGES