Okoro Nwachukwu V. Boji-boji Microfinance Bank Nigeria Limited (2013)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

SIDI DAUDA BAGE, J.C.A. (Delivering the Leading Judgment)

This is an appeal by the Appellant challenging the Judgment of the lower court delivered by Hon. Justice C.O. Ogisi in the High Court of Justice Owa-Oyibu Judicial Division of Delta State.

The claims of the Respondent (Plaintiff at the lower court) in this appeal, can be found in the Amended Statement of Claim on pages 31 -33 of the record of the appeal. Paragraph 14 thereof provides as follows:-

“14. Whereof, Plaintiff brings this action against the Defendant claiming as follows:-

(1) The sum of three million, five hundred and thirty-six thousand, six hundred and twenty-eight naira, fifty-four kobo (N3, 536, 628.54k) being Defendant’s indebtedness to the Plaintiff as at 30th December, 2006.

(2) AN ORDER directing the Defendant to be paying Plaintiff 30% interest rate per annum on the same N3, 536, 628.54K with effect from 1st January, 2007 until the debt is fully liquidated.”

Or

ALTERNATIVELY; an order directing the Defendant to vacate and deliver up possession of the building situate and known as No. 41, Iwezue Street, Boji-Boji Owa in Ika North/East Local Government Area of Delta State to the Plaintiff forthwith in order to give effect to the irrevocable power of attorney donated by the Defendant to the Plaintiff, stamped and registered with the Funds Registry Asaba on 2nd April, 2001 with Reg. No. DT002097806.

The Appellant in his defence filed a further amended statement of defence which can be found at pages 43 – 46 of the records.

The summary of the facts in this appeal is as follows:-

The Plaintiff now Respondent before this court brought an action against the Appellant as seen from their Amended statement of claim. The Appellant in defending the suit filed a further amended statement of defence on the 8th of May, 2008, in reaction to the amended statement of claim and amended reply filed by the Respondent on the 21st of January, 2008.

The Appellant testified and called no witness and tendered exhibits D1 -D12. The Respondent called one witness and tendered exhibits P1 -P23.

The major substance of the relief of the Respondent at the lower court in their amended statement of claim dated 17th of March, 2008 is that the Appellant opened an account in the business name of Nwagod Ventures Nig with account No. 10059 on 5th April, 1995 which signature card was tendered as exhibit P1.

On the 10/3/01 the Appellant applied for an overdraft of N100,000 and the money was granted to him at an interest rate of 30% per annum which overdraft was secured with a landed property situate at No. 41 Iwezue Street, Boji-Boji Owa. The Appellant deposited with the Respondent the Deed of Conveyance of the property and prepared a power of attorney which was signed and registered and a letter of approval was sent to the Appellant which is Exhibit P7. The overdraft was to be paid in three months and the Appellant paid the overdraft in good time.