Stanbic/ibtc Chartered Bank Plc & Anor V. Mrs. Nkem M. J. Chigbo (2013)

LawGlobal-Hub Lead Judgment Report – COURT OF APPEAL

ABUBAKAR DATTI YAHAYA, J.C.A.(Delivering the Leading Judgment)

This is an appeal against the Ruling of the trial High Court of the FCT, Abuja, delivered on the 23rd of March 2009, dismissing the Preliminary Objection to the Jurisdiction of the court, filed on the 2nd of July 2009. The respondent herein, was the plaintiff at the lower court and took out the Writ of Summons on the 12/3/09. In the Statement of Claim, she claimed against the defendants, now appellants, jointly and severally, as follows: –

(i) The sum of N10,000.00 being the sum Chief Frank Chigbo invested in the Investment Margin Facility he entered into with the defendants, which sum was still intact as at September 21, 2007 when he died.

(ii) The sum of N3,154,000.00 (less the defendants’ charges on the out standings), being the proceeds accruing to the late Chief Frank Chigbo on the investment as at February 2008 when the letters of administration were presented to the defendants,which proceeds are calculated as follows: –

Guaranty Trust Bank 200,000 shares at N36.02k

per share = N7,240,000.0

Union Bank 240,000 shares at N44.00k

per share = N8000,000.00

Diamond Bank 150,000 shares at N21.52k

per share = N2,228.000.00

Zenith Bank 100,000 shares at N49.38k

per share = N4,938,000.00

First Bank 150,000 shares at N54.86k

per share = N8,229,000.00