Ozoemena Ugwokeh-omene V. Stanbic Ibtc Bank Plc & Anor (2013)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

RITA NOSAKHARE PEMU, J.C.A. (Delivering the Leading Judgment)

The Claim, the subject matter of this appeal was commenced by Writ of Summons dated 16th of September 2008 shown at pages 1-2 of the Record of Appeal.

In it, the Appellant (Claimant in the Court below) claims against the Respondents (1st and 2nd Defendants in the Court below) jointly and severally as follows:

(i) Special Damages in the sum N5,026,039.23k (Five Million, Twenty-Six Thousand, Thirty-Nine Naira, Twenty-Three Kobo) against the 1st Defendant being the sum illegally debited to the Claimant’s Investment Margin Facility Account Number CA72200047843 on May 24, 2007.

(ii) Interest on the sum N5,026,039.23k (Five Million, Twenty-Six Thousand, Thirty-Nine Naira, Twenty-Three Kobo) from the 25th of May, 2007 at the rate of 18% per annum until Judgment.

(iii) General Damages in the sum of N200,000,000.00 (Two Hundred Million Naira Only) against the 1st and 2nd Defendants for breach of trust, fraud and misrepresentation.

(iv) Cost of this action.

But in an amended Statement of Claim filed on the 23rd of June 2009, Relief (iii) was substituted and a new relief was added as relief (IV).

They are:

Relief (iii) Exemplary Damages in the sum of N100,000,000.00 (One Hundred Million Naira Only) against the 1st and 2nd Defendants for fraudulent withdrawal of the sum of N5,026,039,23k (Five Million, Twenty-Six Thousand, Thirty-Nine Naira, Twenty-Three Kobo) from the Claimant’s Investment Margin Facility Account, fraudulent sale of Claimants’ Zenith International Bank Plc shares worth N3,000,000.00 (Three Million) and breach of trust.

(iv) Aggravated Damages in the sum of N100,000,00.00 (One Hundred Million Naira Only) against the 1st and 2nd Defendants for fraudulent representation; dishonest concealment of material facts, manipulation and falsification of Claimants’ Investment Margin Facility Account statement and Claimant’s stocks broking account – pages 18-20 of the Record of Appeal.

Pleadings were filed and exchanged and trial proceeded. However, at the point where the Respondents were to enter their defence, the Appellant applied for leave to discontinue proceedings in the court because of the statement of the learned trial Judge, to the effect that the suit will be better handled by the multi door court house, where experts will sit to consider the claims of both parties – pages 146, lines 7-8; 14 and 19-23 of the Record of Appeal.

Upon this application by the Appellant, the Respondents filed their respective written submission. On the 30th of September 2010, the lower court dismissed the suit – pages 183 to 184 of the Record of Appeal.

Dissatisfied, the Appellant has appealed that Ruling of the 30th of September 2010, delivered by O. A. Adefope Okogie J. of the High court of Justice, Lagos State.