Keystone Bank Limited V. Marketing And Media Limited (2016)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

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

The Appellant filed this appeal against the judgment of K. A. JOSE, (Mrs.) J., of the Lagos State High Court Lagos delivered on 2nd May, 2012.

The suit in the lower Court was commenced by a Writ of Summons and Statement of Claim dated 6th May, 2009.

“i. The sum of N20,000,000.00 (Twenty Million Naira) as damages for breach of contract.

ii. The sum of N10,000.000.00 (Ten Million Naira) as damages for loss of use of money at the said time.

iii. 21% interest on the money in the Claimant’s account from October, 2008 until same is paid.

iv. A declaration that the deduction of N869,541.25 from the Claimant’s account without its consent is unauthorized, is illegal.

v. N1,000.000.00 (One Million Naira) being cost of this litigation.”

The contention in this matter was that Respondent operated an account Number 1501000036 with Appellant’s Bode Thomas Branch, Surulere for the purpose of its business and had a credit of N8,000.000.00 (Eight Million Naira) in its accounts. The Appellant refused to honour cheques’ claim by claimant

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and placed a restriction on the said account while it deducted sums of N869,541,24.00 from the account without Respondent’s authority or consent.

At the conclusion of the trial, judgment was entered in favour of the Respondent. The Appellant dissatisfied filed the notice of Appeal dated 23rd July, 2012 against part of the judgment of the lower Court.

The Appellant filed its Brief of Argument dated 20th November, 2013 filed 29th November, 2013. Same was settled by Kunle Ayorinde, Esq. of Layonu & Co. together with its Reply Brief of Argument filed and dated 21st May, 2015.

The Respondent’s Brief of Argument is dated and filed 27th February, 2014 and same was settled by Ademola Ekundayo Esq., Ayodele Osanyinlusi of Hill City Associates.