MR. Osa Osunde V. Ecobank Nigeria PLC (2016)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

CHINWE EUGENIA IYIZOBA, J.C.A. (Delivering the Leading Judgment)

This is on interlocutory Appeal against the Ruling of the High Court of Lagos State delivered on the 19th day of October 2010. The Respondent herein as Claimant instituted an action in the High Court of Lagos State, Lagos Judicial Division against the Appellant as defendant on 20/01/10 claiming as follows:

i. The sum of N1,223,503,001.69 (One Billion Two Hundred and Twenty Three Million, Five Hundred and Three Thousand One Naira and Sixty Nine Kobo) being amount outstanding as at 30th November 2009 on the facility the sum of N1,000,000,000.00 granted to the Appellant?s company.

ii. Interest on the said sum of N1,223,503,001.69 at the agreed rate of 17% per annum till judgment is delivered and thereafter a post judgment interest rate of 10% per annum until the final liquidation of the judgment debt by the Defendant.

iii. The guaranteed costs of instituting and prosecuting this action, as assessed by the Respondent in the sum of N10 Million against the Appellant.

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Upon being served with the Respondent’s Writ of Summons, Statement of Claim, list of witnesses, witness

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depositions, exhibits and Motion on Notice for Summary Judgment, the Appellant, instead of filing his Statement of Defence, depositions of his witnesses exhibits to be used in his defence and a written brief in reply to the application for summary judgment as required by Order 11 Rule (4) (4) of the Lagos State High Court (Civil Procedure) Rules filed a Notice of Preliminary Objection dated 27/04/10 challenging the jurisdiction of the Court to hear the suit and sought an order striking out the suit. On the expiration of 42 days within which the appellant was to file his statement of defence, if any, the Respondent on 14/05/10 applied for the issuance of Pre-Hearing Notices and upon approval by the Court complete pre-hearing Information Sheet providing answers to the questions therein. On 21/05/10 the Appellant completed prehearing Information Sheet and provided answers to the questions therein. On 19/10/10 when the case come up for hearing, the proceedings of the court ran thus:

“Parties absent.

S. O. Ogunyemi appears for the Claimant.

E. Odeh appears for the Defendant.

Ogunyemi: We have filed pre-trial conference forms and the Defendant

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