FOINTRADES LIMITED & ANOR V.UNIVERSAL ASSOCIATE COMPANY LIMITED & ORS
June 24, 2025KAYODE V J.A. ODUTOLA
June 24, 2025Legalpedia Citation: (2001) Legalpedia (SC) 11190
In the Supreme Court of Nigeria
Fri May 25, 2001
Suit Number: SC.9/2001
CORAM
ABUBAKAR BASHIR WALI , JUSTICE, SUPREME COURT
ANTHONY IKECHUKWUIGUH, JUSTICE, SUPREME COURT
ALOYSIUS IYORGYER KATSINA-ALU , JUSTICE, SUPREME COURT
AKINTOLA OLUFEMI EJIWUNMI , JUSTICE, SUPREME COURT.
PARTIES
CENTRAL BANK OF NIGERIA APPELLANTS
RESPONDENTS
AREA(S) OF LAW
SUMMARY OF FACTS
The respondents sued and got judgment against the appellant at the trial court. The appellant sought an injunction at the court of appeal to stay execution pending appeal and leave to for extension of time within which to appeal; the Court of appeal refused all. The appellant has further appealed to the Supreme Court.
HELD
The appeal was allowed
ISSUES
(1) Whether the applicant has set forth good and substantial reasons for failing to seek leave to appeal within the prescribed period.(2) Whether leave to appeal ought to be granted in favour of the Applicant.(3) Whether the applicant is entitled to an order of injunction restraining the respondents from executing the judgment sought to be stayed by this appeal.
RATIONES DECIDENDI
STAY OF EXECUTION PENDING APPEAL
“The first is the long settled principle that the victorious party should not be denied of the fruits of his victory. And the other principle being that where it is evident that the party who has lost in the lower court is challenging upon very good ground, the order made in favour of the victorious party before an Appellate Court, then an order for the stay of the execution of that judgment may be made”. (Per Ejiwunmi JSC).
STAY OF EXECUTION PENDING APPEAL
“It must be remembered that before an application of this kind could succeed, the applicant must satisfy the Court that there are good and satisfactory reasons for not filing his application timeously. It must also be shown that the applicant has good substantial and arguable grounds of appeal”. (Per Ejiwunmi JSC).
CASES CITED
1. Ibodo & Ors. v. Enarofia & Ors. (1980) N.S.C.C. 195;2. University of Lagos v. Olaniyan (1985) 1 N.W.L R. (Pt.1) 156.3. Obikoya v. Wema Bank Ltd. (1989) 1 NWLR (Pt. 96) 157.,(1989) 1 SC. (Pt.1) 132.4. Wilson v. Church No.2 (1879) 12 Ch. D. 454 5. Vaswani Trading Company v. Savalakh & Company (1972) N.S.C.C. 692?
STATUTES REFERRED TO
None
