Ezeonwu Osita I. V. Nanka Micro-finance Bank Limited (2016)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

HELEN MORONKEJI OGUNWUMIJU, J.C.A. (Delivering the Leading Judgment)

This is an appeal against the Judgment of Hon. Justice I.M. Onwuamaegbu of the Anambra State High Court in Suit No. AG/110/2004 delivered on 11/05/2005.

Briefly, the facts that led to this appeal are as follows: –

The Appellant was a customer of the Respondent. He applied and was granted a loan facility of N1,000,000.00 (One Million Naira) by the Respondent. The Appellant defaulted in the payment of the said loan and Respondent claimed that on 31/10/04, the Appellant’s debt stood at N2,429,119.16. The Respondent consequently instituted an action at the trial Court under the Undefended List against the Appellant for liquidated money demand.

The claim as contained in the writ is set out below:-

a. N2,429,119.16 being debts owed the plaintiff by the defendant as at 31/10/04.

b. 25 percent on per annum interests in the above sum from 31/10/04 until the entire judgment debts are liquidated.

c. 5 percent interest per annum of the judgment debt until same is liquidated.

The Appellant did not file a Notice of Intention to Defend and judgment

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was accordingly entered in favour of the Respondent, then Plaintiff at trial.

In the said judgment, the trial Court granted the claim of the Plaintiff and ordered as follows: –

1. The defendant shall pay to the plaintiff the sum of N2,429,119.16 (two million, four hundred and twenty-nine thousand, one hundred and nineteen naira, sixteen kobo) being debts owed the plaintiff by the defendant as at 31/10/2004.
2. There will be 5 percent interest per annum on the judgment debt until same is liquidated.

Dissatisfied with the Judgment, the Appellant has Appealed to this Court. The Appellant’s brief settled by R.A. Yinusa Esq. was filed on 22/1/16 and was deemed filed on 25/10/16. The Appellant also filed a reply brief on 14/11/16 while the Respondent’s brief settled by B.S. Nwankwo SAN was filed on 31/10/16. Appellant’s counsel relied on the amended Notice of Appeal filed 25/1/16 deemed filed on 25/10/16.

In the brief settled by R.A Yinusa Esq. for the Appellant, three issues were identified for determination as follows:-