Aiyetoro Community Trading Company Ltd. & Anor V. Nigerian Agricultural and Co-operative Bank Ltd. (2002)

LawGlobal-Hub Lead Judgment Report

BA’ABA, J.C.A.

This is an appeal against the judgment of the Ondo State High Court, holden at Okitipupa, in the Okitipupa Judicial Division, delivered on 4th May, 1989. The respondent was the plaintiff at the lower court, where it instituted an action against the appellants, who were the defendants, claiming against the appellants as per paragraph 13 of the amended statement of claim as follows:-

“Wherefore the plaintiff claims:-

(i) Payments of all such monies due to the plaintiff and such costs as would be payable if this claims were the only relief granted.

(ii) Foreclosure or sale in default of payment of the said three landed properties namely:-

(a) A piece of land along Igbokoda/Okitipupa road in Igbokoda measuring 4283.408 square metres covered by a deed of conveyance dated 15th February, 1978, registered as No. 49 at page 49 in volume 62 at the Lands Registry at Akure.

(b) A piece of land along Igbokoda/Okitipupa road in Igbokoda Measuring 7053.382 square metres covered by a deed of conveyance dated 15th February, 1978 and registered as No. 50 in volume 62 at the Lands Registry at Akure.

(c) A piece of land at No. 39, Obiri Street, Okitipupa, measuring 1150.46 square yards covered by a deed of conveyance dated 29th January, 1969 and registered as No. 11 at page II in volume 1109 at the Lands Registry at Akure.

(iii) Delivery by the 1st defendant to the plaintiff of vacant possession of the mortgaged properties that is:

(a) A piece of land along Igbokoda/Okitipupa road in Igbokoda, measuring 4283.408 square metre covered by a deed of conveyance dated 15th February, 1978 and registered as No. 49 at page 49 in volume 62 at the Lands Registry at Akure.

(b) A piece of land along Igbokoda/Okitipupa road in Igbokoda measuring 7053.383 square metres covered by a deed of conveyance, dated 15th February, 1978 and registered as No. 50 at page 50 in volume 62 at the Lands Registry at Akure.

(c) A piece of land at No. 39, Obiri Street, Okitipupa measuring 1150.46 square yards covered by a deed of conveyance dated 20th January, 1969 and registered as No. 11 at page 11 in volume 1109 at the Lands Registry at Akure.

(iv) Costs.

(v) Interest on the said sum of N1,852,342.71 (one million eight hundred and fifty two thousand, three hundred and forty two naira, seventy one kobo) from 1st January, 1986. until judgment at the rate of 9% per annum (as required by the Central Bank of Nigeria’s recent guidelines) until the whole debt is fully paid.”