JOHN HOLT & CO. LTD VS JONAS N. EZEUKO
August 9, 2025A.O. OBIKOYA VS THE REGISTRAR OF COMPANIES AND OFFICIAL RECEIVER OF POOL HOUSE GROUP (NIGERIA) LTD.
August 9, 2025Legalpedia Citation: (1975) Legalpedia (SC) 11183
In the Supreme Court of Nigeria
Fri Apr 18, 1975
Suit Number: SC. 378/1973
CORAM
YEKINI OLAYIWOLA ADIO (Read the Leading Judgment), JUSTICE, SUPREME COURT
GEORGE S. SOWEMIMO, JUSTICE, SUPREME COURT
OLUKAYODE ARIWOOLA, JUSTICE, SUPREME COURT.
PARTIES
OYEBISI AFOLABI USENFOWOKAN APPELLANTS
RESPONDENTS
AREA(S) OF LAW
SUMMARY OF FACTS
The plaintiff claimed that he was the rightful of the property in dispute as he purchased it from one Onashile who was the previous owner and had mortgaged the property to Barclays bank by way of an equitable mortgage for a security of £10,000. He did not obtain a conveyance from Onashile and filed no caution in the Lands Register. The Bank sold the property to the defendant who, on the other hand, took the precaution to register their title.
HELD
The Supreme Court held that plaintiff acquired no interest in the purported sale for which he sought a declaration and the defendants were the owners of the property as duly registered under the law.
ISSUES
The nature of the right, title and interest of Onashile in the property at No. 47 Idumagbo Avenue, Lagos, which the respondents bought in 1965 and in respect of which they got a Certificate of Purchase issued by the Court.
RATIONES DECIDENDI
CLAIM UNDER EQUITABLE MORTGAGE
“It must be appreciated that once an equitable mortgage has been created on a property the mortgagors interest is only to demand by way of right to an equity of redemption that the title deed be released to him on payment of the loan advanced so that if any interest was ever sold to the plaintiff/appellant it could only be the interest which at the material time the mortgagor himself has.” Per G. S. SOWEMIMO, JSC
CASES CITED
Kadiri vs. Olusoga (1956) 1 FSC
STATUTES REFERRED TO
Registration of Titles Act Cap 181
