Federal Mortgage Finance Ltd V. Okedo Enterprises Ltd (2009)

LawGlobal-Hub Lead Judgment Report

NWALI SYLVESTER NGWUTA, J.C.A.

This is an appeal against the judgment delivered on 22/11/2000 by the High Court of Justice, Akwa Ibom State sitting at Uyo.

The Respondent (then plaintiff) claimed against the appellant (as defendant) the following reliefs:

” 1. A declaration that is contractual relationship with the defendant at all material times is governed by the provisions of the Deed of Mortgage executed between the plaintiff and the defendant and no more.

2. A declaration that the Defendant’s right to foreclose and or sell its Estate held by virtue of Certificate of Occupancy No. ITR/084/82 and located at Itam Junction in the capital city of Uyo, Akaw Ibom state of Nigeria has not crystallized.

3. An order directing the Defendant to effect a reconciliation of the plaintiff’s account with the Defendant.

4. An injunction to restrain the defendant, Federal Mortgage Finance Limited, by its directors, officers, servants or agents or whosoever from selling, disposing or otherwise dealing with the plaintiff’s Estate located at Itam Junction, Uyo, Akwa Ibom State of Nigeria.”

The parties filed and exchanged pleadings. In its statement of defence and counter-claim the appellant counter claimed:

“(a) The sum of No 13,833,342.88 being amount overdue and payable as principal sum and accrued interest on Mortgage facility granted to the plaintiff by the defendant Bank as at 31/3/2000 which the plaintiff has failed, refused and or neglected to repay despite repeated demands.

(b) Interest on the said sum of No 13,833,341.88 at the rate of 20%per annum from 31/3/2000 until final liquidation.”

The respondent filed a Reply and defence to the Counterclaim in which it denied the appellant’s counter-claim.

On 17/3/2000 and pursuant to a prior agreement between learned Counsel for the parties the trial Court ordered

“The plaintiff is to deposit the N1 million to the Defendant and to file the teller with the Court, pending the appearance of the Independent Auditor, Mr. Gamble in Court for the guidelines of the Court in Reconciliation of Account between the plaintiff and the defendant”

The order was complied with.