Chartered Brains Limited & Anor V. Intercity Bank Plc (2009)

LawGlobal-Hub Lead Judgment Report

JIMI OLUKAYODE BADA, J.C.A.

This is an appeal against the Judgment of the High Court of Niger State in the Minna Judicial Division, delivered on the 11th day of December 2003 in Suit No: NSHC/M/69/2001: INTERCITY BANK PLC VS. (1) CHARTERED BRAINS LTD (2) ABDUL ZUBAIR.

The Respondent as Plaintiff in the Court below had by paragraph 15 of its statement of claim against the Appellants as Defendants claimed as follows:-

“Whereof the Plaintiff claims the sum of N7,460,259.85K being the balance of the loan (unpaid) granted by the Plaintiff to the Defendants with interest at 21% per annum from the date this suit was filed and thereafter 10% interest till the entire sum is fully liquidated.”

At the conclusion of hearing, the learned trial Judge delivered Judgment in favour of the Plaintiff granting the relief sought.

The Defendants/Appellants being dissatisfied with the Judgment of the lower Court now appealed to this Court.

The Learned Counsel for the Appellant formulated four issues for determination as follows:-

“(1) Whether the Respondent’s action at the lower Court was already statute barred at the time the action was commenced.

(2) Whether the 2nd Appellant was privy to the term loan agreement that gave rise to this action and whether he can be sued and held liable under the said term loan agreement.

(3) Whether the Respondent had any reasonable cause of action against the 2nd Appellant.

(4) Whether the lower Court had jurisdiction to hear and determine this matter on merit.”

The Learned Counsel for the Respondent did not formulate any issue for determination but he adopted the issues as formulated by the Learned Counsel for the Appellants.

At the hearing, Learned Counsel for both the Appellants and the Respondent adopted and relied on their respective briefs of argument.

Since the Learned Counsel for the Respondent has adopted the issues for determination formulated by Learned Counsel for the Appellants, therefore this appeal shall be determined upon the said issues for determination.