Universal Trust Bank Nigeria Ltd V. Alhaji Adams Ajagbule & Anor (2005)

LawGlobal-Hub Lead Judgment Report

ABBA AJI, J.C.A.

This is an appeal against the decision of Justice E. A. Komolafe of the Ondo State High Court, sitting in Owo, delivered on the 17th day of December, 2003.

The plaintiffs/respondents (hereinafter simply referred to as the respondents) claim against the defendant/appellant are as follows:-

“1. A declaration that any attempt on the part of the defendant to sell by way of public auction or otherwise the 1st plaintiff’s property at No. 31 Mariatun House (formerly No. 40) Asewa Street, Clerks Quarters, Owo, in Ondo State, which the 2nd plaintiff mortgaged with the defendant bank is unconstitutional, illegal, ultra vires, null and void.

A declaration that the 35% interest now being charged per annum by the defendant on the overdraft facility granted to the 2nd plaintiff, plus 12% interest on excess advised credit limit is unconstitutional, illegal, ultra vires, null and void.

N5,000,000.00 (Five million naira) being general damages for the illegal sealing of the plaintiff’s business premises at No. 28A Ondo Road, Akure, in Ondo State.

N20,000.00 (Twenty thousand naira) being loss of earning per day for the illegal sealing of the said plaintiffs business premises at Akure, from the 3rd day of August, 1999, until when the said premises is unlocked by the defendant or until when judgment is delivered.

An order compelling the defendant to produce and make available to the plaintiffs, the plaintiffs current account 1 number 0050045005 and current account 2 number 0050045021, which the plaintiffs opened with the defendant bank at its Akure branch in Ondo State.

Court to give judgment on the plaintiff’s indebtedness to the defendant as disclosed in the said statement of accounts in the said account numbers 005004005 and 0050045021.”

Pleadings were duly filed and exchanged by the parties.

The appellant filed a counter-claim to the respondent’s claim claimed as follows:-

(1) The sum of N2,762,569.37 being the outstanding debt on account number 0050045005 as at 30th July, 1999, payable to the defendant.

(2) The sum of N1,544,118.63 being outstanding debt as at the 5th day of August, 1999, payable to the defendant.

In the instant case, the 1st respondent is the Chairman and Director of the 2nd respondent company. The 2nd is a customer to the appellant bank and maintained two current accounts at the appellant’s branch in Akure, Ondo State.