Nospecto Oil & Gas Limited V. Marcauley Olayiwola Kenney & Ors (2014)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

AMINA AUDI WAMBAI, J.C.A. (Delivering the Leading Judgment)

The appeal herein emanated from the decision of the Kaduna State High Court in suit No. KDH/KAD/88/2009 delivered on the 7th April, 2009 by Hon. Justice H.A.L. Balogun wherein summary judgment was entered in favour of the plaintiffs against the defendants therein.

The plaintiffs at the lower court (now the respondents) by a writ of summons dated 9/2/09 commenced civil proceedings against the appellant (as defendant) and by a motion on notice, applied for summary judgment claiming against the appellant as follows:

“Whereof the plaintiffs jointly claim the total sum of N14,400,000,00 (N4.4M) only made up of diverse sums of money had and received by the defendant from the plaintiffs which the defendant had failed and refused to refund till date.”

The appellant, a limited liability company licensed to carry on business as an independent marketer of petroleum products and engaged in such commercial transaction, approached the 1st, 3rd, 4th and 8th – 10th respondents through its agents and requested them to take up investment slots with the appellant which upon maturity, a period ranging from 4 to 7 week, would be returned to the respondents with the accrued profits. The appellant undertook to refund the money and the accrued profits not later than 7 weeks whether demanded or not.

The respondents subsequently paid and the appellant received the said sums of money for which the appellant issued its official receipts to the respondents.

“i. 1st plaintiff paid to and defendant received the sum of N450,000.00 (Four Hundred and Fifty Thousand Naira) only.

ii. 2nd plaintiff paid to and the defendant received the sum of N6,300,000 (Six Million, Three Hundred Thousand Naha) only

iii. 3rd plaintiff paid to and the defendant received the sum of N900,000.00 (Nine Hundred Thousand Naira) only.

iv. 4th plaintiff paid to and the defendant received the sum of N1,350,000.00 (One Million, Three Hundred and Fifty Thousand Naira) only.

v. 5th plaintiff paid to and the defendant received the sum of N1,800,000.00 (One Million, Eight Hundred Thousand Naira) only.

vi. 6th plaintiff paid to and the defendant received the sum of N450,000.00 (Four Hundred and Fifty Thousand Naira) only.

vii. 7th plaintiff paid to and defendant received the sum of N675,000.00 (Six Hundred and Seventy Thousand Naira) only.

viii. 8th plaintiff paid to and the defendant received the sum of N900,000.00 (Nine Hundred Thousand Naira) only.