Asol Nigeria Limited V. Access Bank Nig PLC (2014)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

SIDI DAUDA BAGE, J.C.A. (Delivering the Leading Judgment)

This appeal is against the decision of the Lagos High Court of Justice presided over by Honourble Justice A. A. Oyebanji and contained in her ruling dated 5th October, 2006.(Found on pages 62-70 of the record of appeal).

In her said ruling, the learned trial judge refused the application of the Appellant (then judgment creditor/Applicant) for the release to it of the sum of N17, 492,081.11 representing the judgment sum awarded it by the learned trial judge in her judgment of 2nd December, 2005 (found on pages 49-53 of the record) entered in favour of the Appellant/judgment creditor on the basis of admissions made by the Respondent/Judgment Debtor in its pleadings before the court below, together with interest therein (see application on pages 36-48 of the record of appeal) and which said amount was and still is in the custody of the Chief Registrar of the Lagos High Court consequent upon an order of interim preservation of the court made on the 20th of December, 2004 (found on pages 34 and 35 of the record of appeal).

The learned trial judge had maintained in her said ruling that in view of the fact that the substantive suit/matter was still pending in the High Court, the release of the said judgment sum should await the final judgment in the substantive suit.

Being dissatisfied with the said ruling, the Appellant appealed the same, vide its notice of appeal dated 18th October, 2006 (found on pages 136 to 138 of the record of appeal).

This brief is in support of arguments in respect of the said appeal against the ruling of the learned trial judge of 5th October, 2006, refusing the Appellant’s application for the release, by the Chief Registrar of the Lagos High Court of Justice, of the said judgment debt of N17, 492,081.11 plus all accrued interest thereon, consequent upon the entry of judgment for the said amount in the Appellant’s favour by the learned trial judge on the basis of admissions made by the Defendant (now Respondent) in its pleadings.

The facts which gave rise to the subject hereof is that the present appellant (as claimant in the court below) had brought an action against the Respondent (as Defendant) by a writ of summons and statement of claim (found on pages 1-10 of the records), praying for the following reliefs:

i. “Payment of the sum of N17, 492,081.11 (Seventeen Million, Four Hundred and Ninety Two Thousand, Eighty-one Naira, Eleven Kobo) being due and payable to the Claimant as money had and received its use and benefit. Or ALTERNATIVELY damages for conversion in the sum of N17, 492,081.22 (Seventeen Million,Four Hundred and Ninety Two Thousand, Eighty-one Naira, Eleven Kobo.)

ii. Payment of interest on the said sum of N17,492.081.11 (Seventeen Million, Four Hundred and Ninety Two Thousand, Eighty-one Naira, Eleven Kobo) at the rate of 21% per annum from the 22nd of January, 2002 till the date of judgment herein and thereafter at the rate of 10% per annum till final liquidation.

iii. An order of perpetual injunction restraining the Defendant whether by itself or by its servants, Agents, privies or how whatsoever from further defalcating the Claimant’s said current account with it in the said amount of N17, 492,081.11 (Seventeen Million, Four Hundred and Ninety-Two Thousand, Eighty One Naira, Eleven Kobo) or any other sum whatsoever standing to the credit thereof and from the continued conversion of the Claimant’s funds.

iv. The sum of N1, 101,988,566.94 (One Billion, One Hundred and One Million, Nine Hundred and Eighty Eight Thousand, Five Hundred and Sixty Six Naira, Thirty Four Kobo) as special damages for the wrongful dishonor of the Claimant’s cheques by the Defendant and the defalcation by the Defendant of the claimant’s said current account with the Defendant in the sum of N17, 492,081.11

v. Aggravated and exemplary general damages of N900, 000,000.00 (Nine Hundred Million Naira) for the conversion of the Claimant’s cheques totaling N17, 492,081.11 (Seventeen Million, Four Hundred and Ninety Two Thousand, Eighty-one Naira, Eleven Kobo), the wrongful dishonor of the plaintiffs cheques and the defalcation if its current account by the Defendant.

vi. Cost.

Following the exchange of pleadings by the parties, the Respondent (then Defendant) had made certain admissions of facts in its statement of Defence (found in pages 11 to 13 of the record so wherein it admitted the Appellant’s claim to the sum of N17, 492,081.11 (seventeen million, four hundred and ninety two thousand eighty one naira, eleven kobo) which represented the total number of cheques drawn in its favour and unlawfully and/or illegally cashed/cleared by the Respondent as its banker without the authority, consent and/or knowledge of the Appellant, who was the drawee of the said cheques, all of which were marked ‘A/’ or ‘Account payee only’.