Ecobank Nigeria PLC V. Navy Commodore Harry Ngonadi (2016)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

ABIMBOLA OSARUGUE OBASEKI-ADEJUMO, J.C.A.(Delivering the Leading Judgment)

This is an appeal against the judgment of OKE, J., of the High Court of Lagos State, Commercial/Fast Track Division delivered on 3rd November 2014.

The brief fact of this case according to the Appellant is that the Respondent is a customer of and maintains an account with Appellant on which basis he applied for and was granted a mortgage loan facility in September, 2007 for the purchase of a property situate at No 11, Kasumu Ekemode Street, Victoria Island, Lagos State. Issues came up when the Appellant assigned the debt element of the mortgage facility to the Assets Management Corporation of Nigeria (AMCON) on 6th April, 2011 on the ground that the Respondent reneged the terms of the loan agreement.

Meanwhile, the Respondent had raised a complaint that the excess charges/interest were placed on his account by the Bank. The excess interest was subsequently reversed from the total debt attributed to the Respondent on his account and the new indebted figure less the excess interest element was communicated to the Central Bank of Nigeria (“CBN”). Meanwhile,

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the Appellant filed an action to nullify the assignment and recover excess charges while at the same time negotiating and settling the said debt with AMCON during the pendency of the suit.

The Appellant being dissatisfied with the judgment filed an Amended Notice of Appeal at pages 394 of the Record. It is dated and filed on 2nd March, 2015 on ten grounds.

The Appellant’s brief is dated and filed on 2nd March, 2015 and a Reply brief dated 10th July, 2015 but deemed 6th October, 2015.

Same was settled by David Ogenyi Ogebe of Ogebe Ogebe Legal Practitioners.The Respondent’s brief of Argument is dated and filed 10th June, 2015. It was settled by John Nwosu LP of Nwosu & Partners.

The issues formulated by the Appellant are as follows:

1) “Whether the assignment of Respondents debt to AMCON by the Appellant was illegal unlawful and negligent in law and in fact.

2) Whether the Respondent is entitled to a refund of N6, 235, 169,74 (six million two hundred and thirty five thousand one hundred and sixty nine Naira seventy four kobo as ordered by the lower Court.

3) Whether the Respondent placed any sufficient evidence

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