CORAM

PARTIES

ECOBANK NIG PLC APPELLANTS

NAVY COMMODORE HARRY NGONADI? RESPONDENTS

AREA(S) OF LAW

SUMMARY OF FACTS

The Appellant alleged that the Respondent is a customer of and maintained an account with it in consequence of which he was granted a mortgage loan facility in September, 2007, upon an application made by him for the purchase of a property situate at No 11, Kasumu Ekemode Street, Victoria Island, Lagos State. The Appellant consequently assigned the debt element of the mortgage facility to the Assets Management Corporation of Nigeria (AMCON) on 6th April, 2011 on the ground that the Respondent reneged on the terms of the loan agreement. Meanwhile, the Respondent earlier raised a complaint that excess charges/interest were placed on his account by the Bank which excess interest was subsequently reversed from the total debt attributed to the Respondent on his account and the new indebted figure less the excess interest element was communicated to the Central Bank of Nigeria (CBN). The Appellant filed an action at the High court of Lagos State, Commercial/Fast Track Division to nullify the assignment and recover excess charges while at the same time negotiating and settling the said debt with AMCON during the pendency of the suit. The court after consideration of the arguments of the both parties entered judgment in favor of the Respondent. The Appellant being dissatisfied with the judgment has lodged the instant appeal before this court challenging the decision of the trial court.

HELD

Appeal Allowed

ISSUES

?    Whether the assignment of Respondents debt to AMCON by the Appellant was illegal unlawful and negligent in law and in fact.?    Whether the Respondent is entitled to a refund of N6,235,169.74(six million two hundred and thirty five thousand one hundred and sixty nine Naira seventy four kobo) as ordered by the lower court?    Where the Respondent placed on any sufficient evidence before the lower court to warrant the grant of general damages in the sum of the N l m for negligence.?    Whether the lower court properly evaluated critical evidence and resolved questions of law placed before the court for determination.”

RATIONES DECIDENDI

CASES CITED

STATUTES REFERRED TO

Asset Management Corporation Act, 2010Banks and Other Financial Institutions Act (BOFIA),Land Use Act

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