CHIEF ISRAEL ARIBISALA V. TALABI OGUNYEMI
June 10, 2025CHIEF BERTHRAND E. NNONYE V. D. N. ANYICHIE
June 10, 2025Legalpedia Citation: (2005) Legalpedia (CA) 15125
In the Court of Appeal
Thu Feb 3, 2005
Suit Number: CA/B/125/2002
CORAM
PATRICK IBE AMAIZU JUSTICE, COURT OF APPEAL.
OBASEKI, JUSTICE SUPREME COURT
PARTIES
1. ACCORD VENTURES LIMITED2. OLADIPUPO O. SOFOWORA3. RYMOND O. MARAIYESA ? APPELLANTS
NIGERIA DEPOSIT INSURANCE CORPORATION(RECOVERED OF COMMERICAL BANK OF AFRICA) ? RESPONDENTS
AREA(S) OF LAW
SUMMARY OF FACTS
The Appellant applied for and received a loan from the Commercial Bank of Africa, Ikeja, Lagos. The Bank later became distressed and the respondent was saddled with the responsibility of recovering the debt owed to the Failed Bank. The Respondent as Plaintiff initially filed for recovery of the debt with interest at 21%, before the defunct failed Banks Tribunal, which was taken over and concluded by the Federal High Court Benin Division at the dissolution of the failed Bank Tribunal. The Trial Court entered judgment for the respondent and ordered the appellants to pay the accrued sum of N 1, 451, 827.16 and the outstanding part of the agreed interest rate of 21% per annum. Aggrieved, the Appellant has appealed to this Court.
HELD
Appeal Dismissed
ISSUES
? Whether the respondent is allowed in Law to charge post closure interest or any interest at all on behalf of a failed Bank.
RATIONES DECIDENDI
CASES CITED
STATUTES REFERRED TO
Failed Bank (Recovery of Debts) and Financial Malpractices in Banks Decree (now Act) 1994
