Davandy Finance And Securities Limited & Ors v. Elder Emmanuel Mba Aki & Ors (2023)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

UGOCHUKWU ANTHONY OGAKWU, JCA (Delivering the leading judgment)

The 1st – 3rd respondents were the plaintiffs before the High Court of the Federal Capital Territory, Abuja in suit No. FCT/HC/CV/ 574/2002 Elder Emmanuel Mba Aki & Ors. v. Davandy Finance and Securities Limited & Ors. The action was commenced on the undefended list.

However, the appellants and the 4th respondent, who were the defendants at the lower court, were able to disclose a defence on the merits to the action whereupon the case was transferred to the general cause list for hearing. The 1st – 3rd respondents claimed the following reliefs in the action:

(a) An order for the payment of the sum of N45,000,000 (Forty-five million naira) only being the total amount due to the 1st plaintiff on his investments in the defendants company.

(b) An order for the payment of the sum of N4,750,000.00 (Four million seven hundred and fifty thousand naira) being the total amount due to the 2nd plaintiff on her investment in the defendants company.

(c) An order for the payment of the sum of N2,850,000.00 (Two million eight hundred and fifty thousand naira) only being the total amount due to the 3rd plaintiff on her investment in the defendants company.

(d) An order for the payment of 10% interest on the different sums of money due to plaintiffs from November, 2012 when this suit was instituted till judgment is recovered.

(e) An order for the payment of N3,000,000.00 (Three million naira) only being cost of prosecuting this suit.

After hearing had commenced in the matter, the 1st-3rd Respondents debriefed their counsel, and their new counsel amended their pleadings to claim the reliefs set out above, and further filed fresh witness statements on oath in line with the amended pleadings, which amended pleadings now defined the litis contestatio.

After a full dressed hearing where the parties adduced testimonial and documentary evidence, the lower court entered judgment for the 1st – 3rd respondents in the following terms:

1. The defendants are ordered to pay the sum of N15,000,000.00 (Fifteen million naira) only being the total amount due to the 1st claimant on his investments in the defendants company.
2. The defendants are ordered to pay the sum of N1,250,000.00 (One million, two Hundred and fifty thousand naira) only being the total amount due to the 2nd claimant on her investment in the defendants company.
3. The sum of N750,000.00 (Seven hundred and fifty thousand naira) only being the total amount due to the 3rd claimant on her investment in the defendants company.
4. The sum of N4,130.00 as cost.
5. The defendants are ordered to pay 10% interest on the judgment sum per annum from the date of the judgment until final liquidation of same.

The appellants, dissatisfied with the decision of the lower court, appealed against the same by original notice of appeal filed on 8th June, 2020.

However, the extant notice of appeal on which the appeal was argued is the amended notice of appeal filed on 26th September, 2022, which was filed pursuant to the order of this court made on 21st September, 2022. The scarified judgment of the lower court which was delivered on 11th March, 2020 is on pages 513 – 546 of Volume II of the records of appeal.

In prosecution of the appeal, the two volume records of appeal was compiled and transmitted, and briefs of argument were filed and exchanged between the appellants and the 1st – 3rd respondents.

The 4th respondent did not file any brief of argument. At the hearing of the appeal, the learned counsel for the parties urged the court to uphold their respective submissions in the determination of the appeal.